Over the next three years, MTN Nigeria expects to invest nearly US$1.5 billion to expand broadband connectivity across Nigeria. The investment plan supports MTN’s Group strategy, Ambition 2025: Leading Digital Solutions for Africa’s Progress, and the Federal Government’s 2020-2025 National Broadband Plan.
MTN Nigeria’s Group President and Chief Executive Officer, Ralph Mupita, said Nigeria is one of the company’s most important markets after a three-day visit to Abuja and Lagos, during which he spoke with several key players. “Through digital transformation, the Group has had a proud history of partnering with Nigeria and Nigerians to create quicker and more inclusive growth,” Mupita added.
He stated, “MTN Group’s plans to sell 14 per cent of MTN Nigeria to Nigerian investors was well advanced, and would take place as soon as conditions were favourable. MTN Nigeria, in which the MTN Group owns 78.8 per cent, aimed to have the most extensive retail shareholder base on the Nigerian Exchange (NGX), with a market capitalization of US$ 8.2 billion.
Mupita, who was joined by MTN Group Chief Financial Officer Tsholo Molefe, MTN Nigeria Chairman Ernest Ndukwe, and MTN Nigeria CEO Karl Toriola, reaffirmed the telco’s support for Nigeria’s goal to achieve 90 per cent internet penetration by 2025. It aligns with MTN Group’s philosophy that everyone deserves the benefits of modern connected life and efforts to increase digital and financial inclusion in Africa. In addition, the delegation applauded Nigeria’s intentions to sell 500 megahertz (MHz) of 5G spectrum, divided into five blocks of 100 MHz in the 3500MHz band, which Mupita said would speed up broadband accessibility.