MTN's Acquisition of IHS Towers Gets Conditional Nod from Nigeria Regulator

Nigeria’s telecommunications regulator, the Nigerian Communications Commission (NCC), has granted MTN Nigeria a conditional Approval-in-Principle (AiP) for its proposed acquisition of IHS Towers’ Nigerian business. This represents a significant milestone in MTN Group’s broader plan to acquire the remaining 48% stake in IHS Towers for $2.2 billion, valuing the entire tower company at approximately $6.2 billion.

The NCC approval, issued in mid-July but not publicly announced until Tuesday, August 25, is contingent on MTN meeting several safeguards and regulatory conditions. These include adherence to corporate governance guidelines, maintaining existing contractual arrangements with third parties, preventing exclusivity for MTN’s competitors, and submitting an investment plan with measurable milestones.

The acquisition would give MTN control of IHS Towers’ extensive portfolio across Nigeria and other African markets. In Nigeria alone, IHS operates 15,848 tower sites – more than half of its total African footprint – which support multiple telecom operators including MTN’s competitors.

This regulatory clearance follows conditional approval from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC), which requires MTN to sell down up to 30% of the acquired IHS Towers stake to local investors on commercial terms. The FCCPC condition aims to address competition concerns by ensuring continued access to critical infrastructure for rival operators.

According to MTN Group CEO Ralph Mupita, the company has completed engagements with both regulators and expects to close the acquisition in the second half of 2026. While this represents a major hurdle cleared, final approval remains subject to ongoing reviews in South Africa, Côte d’Ivoire, Cameroon, and Zambia – where IHS also operates significant assets.

The NCC’s conditions underscore regulatory scrutiny surrounding infrastructure consolidation in Nigeria’s telecom sector, particularly the need to safeguard competition and ensure fair access for all operators. The investment-plan requirement will allow regulators to monitor MTN’s commitments post-acquisition.