Telecom
6.6m Nigerians Become MTN Shareholders as Telco Rakes in N111.75Bn from Offer
MTN Nigeria Communication Plc has said it now has 6.6 million Nigerians as direct or indirect shareholders as it made N111.75bn from its share offer to Nigerians.
The telecommunications company said this in a statement titled ‘Results of the series 1 offer for sale of MTN Nigeria Communications Plc ordinary shares, first public offer via digital platform in Nigeria’.
Uto Ukpanah, company secretary, MTN Nigeria stated that “The Offer was implemented by way of a bookbuild to qualified institutional investors and a fixed price offer to retail investors.
“The Offer was oversubscribed with valid applications for a total of 801.97 million units, leading to the activation of the approved 15% over-subscription clause of an additional 86.25 million MTN Nigeria shares.
“In all, 661.25 million MTN Nigeria shares were allotted. A total of 126,720 retail investors submitted valid applications and received full allotment; and institutional investors including pension funds, insurance companies, asset managers, corporates, and foreign portfolio investors that participated in the bookbuild were allotted 72.09% of their applications. This includes Nigerian pension funds representing approximately 6.5 million Nigerian contributors.
“Following the successful completion of the Offer, MTN Group’s shareholding in MTN Nigeria reduced by 3.25 percentage points, from 78.83% to 75.58%.
“In line with the innovative incentive structure of 1 free share for every 20 purchased, subject to a maximum of 250 free shares per investor, an additional 4.28 million MTN Nigeria shares will be allotted to qualifying investors who hold the shares allotted to them for 12 months till 31 January 2023”.
MTN Group adopted a unique structure in this offering by determining a fixed price of N169 per share for the retail offer through a Bookbuild to Qualified Investors that was completed on 26 November 2021.
The fixed price offer to Retail Investors was at a discount of 11% to the closing price of MTN Nigeria stock on the day the Bookbuild was completed. The Offer commenced on 1 December 2021 and was completed on 14 December 2021.
Nigerian investors across the country supported the Offer through multiple channels – Receiving Agents, Issuing Houses and PrimaryOffer (a digital application platform).
The Offer is a landmark transaction and a true reflection of Nigerian investor confidence in MTN Nigeria. It marks the first time a digital application platform was used to democratize investing in a public offer and maximize investor participation across the country.
More than 89% of retail offer subscribers applied through the Primary Offer platform (mobile and web), and 114,938 new Central Securities Clearing System (CSCS) accounts were opened by first-time investors.
Ralph Mupita, CEO of MTN Group said: “We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.
“We are proud that our Offer was the first Nigerian public offer to use the digital application platform, PrimaryOffer, which enabled wider investor participation across Nigeria.
“We thank the Nigerian authorities for their support of this Offer. We remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium.”
Commenting on the Offer, Karl Toriola, CEO of MTN Nigeria said: “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.
“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so.
“This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.
“We are pleased with the level of digital innovation we championed with this offer with the active collaboration of our lead issuing house and the various regulatory bodies. Deepening retail participation in Nigeria’s capital markets is a process, and we are off to a great start, demonstrating the role digital platforms can play in expanding access.
“I am particularly pleased that we completed this transaction in an accelerated time frame ensuring new shareholders can realize value almost immediately through participation in our 2021 full-year dividend.
“I would specifically like to thank the Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), the Nigerian Communications Commission and the wider Federal Government for the opportunity to execute this Offer.
“I thank the Securities and Exchange Commission, the Nigerian Exchange Limited, the CSCS, and all the parties involved for their support in delivering this ambitious Offer structure. I also appreciate our staff who worked tirelessly with our advisers on this project.
“Most of all I would like to thank our new shareholders for having confidence in us and in our future. We are delighted to have you on board for this journey to building a digital future together.”
Bolaji Balogun, CEO of Chapel Hill Denham, the Lead Issuing House said: “Chapel Hill Denham is honoured to have worked with MTN to complete Nigeria’s first digital and predominantly green offering.
“I wish to thank the SEC, the NGX, the CSCS, all the professional firms and other stakeholders, for delivering a big win for Nigeria’s capital markets in enabling the adoption of PrimaryOffer and this transaction marks a new and exciting future.
“Over 90% of subscribers to the Offer were first time participants in the capital markets and MTN Nigeria’s strong investment case made this possible.”
Nigerian Exchange Limited (NGX) CEO, Temi Popoola, CFA said: “NGX is proud to have worked with MTN Nigeria, Chapel Hill Denham and other parties to the transaction in advancing Nigeria’s capital market through the adoption of forward-looking technology.
“In the NGX era, we are resolute in our commitment to democratize finance in Nigeria in order to ensure every type of investor has access to public markets where they can invest in companies they believe in and reap value. With the digitised MTN Nigeria offering, we have made a tremendous stride in our plans for a full digital transformation of the Nigerian capital markets and we look forward to building on this.”
Central Securities Clearing System Plc CEO, Haruna Jalo-Waziri said: “We are excited to be part of the innovation brought by the Offer, which afforded the successful launch of PrimaryOffer digital application platform.
“This further buttresses the necessity for digital transformation, allowing market access for all categories of investors, including institutional and retail investors within and outside of the country.
“At CSCS, digital transformation has been the core of our strategic direction. We will continue to collaborate with our participants, issuers and other stakeholders to efficiently and effectively ease market access with innovative solutions through the investment cycle.”
Chapel Hill Denham Advisory Limited acted as Lead Issuing House and Bookrunner for the Offering, and Rand Merchant Bank Nigeria Limited, Renaissance Securities (Nigeria) Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited acted as Joint Issuing Houses and Joint Bookrunner.
Nigeria Computer Emergency Response Team (ngCERT) has raised alarms over a new wave of advanced cyberattacks targeting Android mobile phones through a malware campaign dubbed Tria Stealer.
The malicious software is designed to infiltrate Android devices, hijack messaging accounts, intercept One-Time Passwords (OTPs), to steal sensitive personal and financial data.
According to ngCERT, Tria Stealer spreads primarily through deceptive tactics, such as fake event invitations distributed via popular messaging platforms like WhatsApp and Telegram.
Unsuspecting users are enticed to download an infected (APK) file, often disguised as a harmless system application, to evade detection.
Once installed, Tria Stealer requests extensive permissions, including access to SMS, call logs, and app notifications.
It immediately commences data harvesting activities, sending stolen information to a Command and Control (C2) server operated via Telegram bots.
This trojan spreads through fake links, usually disguised as wedding or event invites, and tricks users into downloading malicious APK files
“Account takeover of messaging platforms. Impersonation of victim for fraudulent money transfer requests. Compromise of banking and financial applications. Identity theft and credential harvesting.”
In plain terms, if your phone is compromised, the consequences could be catastrophic.
Your financial apps are vulnerable, your reputation could be ruined by impersonation and even simple personal messages could be twisted into tools for scams.
Here’s what users should be doing now:
Don’t download apps outside the official Play Store.
Be suspicious of random invites or links, even from people you know.
Turn on 2FA for everything—banking, emails, social platforms.
Get a reputable antivirus and keep it updated.
If you run an organisation, you should already be taking this seriously.
ngCERT’s guidance says you should raise awareness, monitor mobile devices, and not let your team click on unverified links.
“Deploy network monitoring for suspicious outbound connections to known C2 domains,” it said, meaning, keep an eye on every digital door in and out.
This isn’t one of those cases where you wait to see if it affects you. By the time you realise it, it may already be too late.
MTN Nigeria is set to host the National Schools Team Chess Championship, Nigeria’s largest inter-school chess competition, scheduled to take place from June 26th to 28th, 2025, at the Ecobank Pan African Center in Victoria Island, Lagos.
The championship, organised in partnership with Ecobank and the Nigeria Chess Federation (NCF), aims to promote intellectual development, critical thinking, and problem-solving skills among young Nigerians, while also identifying and nurturing future chess champions.
The championship is open to primary, secondary, and tertiary level students, and this year’s edition will host an impressive 1,600 students from 400 schools across 36 states and the FCT.
The competition will feature team-based play, with each team comprising four players from the same school. A significant prize pool of over N40 million is at stake, with winning schools also having the invaluable opportunity to represent Nigeria internationally.
Onyinye Ikenna Emeka, Chief Marketing Officer (CMO) at MTN Nigeria, expressed the company’s commitment to the initiative, stating, “Our investment is driven by our commitment to fostering youth development, just as our shared value initiative.
“By supporting, we not only contribute to the growth but also engage with the younger demographic in a meaningful way, as we believe we are good together”.
MTN’s sponsorship of the National Schools Team Chess Championship is a natural extension of its long-standing dedication to empowering young people through various initiatives in sports, education, and skill development, including programs like MTN Champs and MTN Campus Invasion.
The company aims to establish itself as the leading driver of youth empowerment, education, and strategic thinking through chess in Nigeria.
The event will also feature the presence of Tunde Onakoya, a renowned chess master and inspiration, who will join the championship week to share his experiences and further inspire the young participants.
His involvement underscores the profound impact strategic thinking can have on transforming lives and building dreams.
Nigerian Communications Commission (NCC) has collaborated with the Association for Progressive Communications and other institutional stakeholders towards addressing challenges confronting rural network connectivity in Nigeria.
The collaboration resulted in a two-day workshop hosted in Abuja from June 3-4, 2025, to explore policy framework for enabling community networks towards bridging the digital divide and accelerating socio-economic development in Nigeria’s underserved and unserved communities.
The forum brought together regulators, community leaders, technical experts and potential foreign investors, among others, to examine policy and regulatory barriers, explore innovative funding mechanisms, ensure sustainable renewable solutions and strengthen collaboration with stakeholders.
Addressing participants at the workshop, the Executive Vice Chairman of NCC, Dr. Aminu Maida, said the workshop is important to bridging the digital divide in Nigeria and foster inclusive social economic development.
“This workshop is an opportunity for all of us to harness the expertise, insights, and experiences of diverse stakeholders present here which includes the regulators, community leaders, technical experts and potential foreign providers to address the critical challenges such as affordable devices, access, licensing, spectrum allocation, infrastructure development, sustainability and institutional monitoring,” said Maida, who was represented by the Executive Commissioner, Technical Services, NCC at the event, Abraham Oshadami.
Maida said the workshop demonstrates the Commission’s commitment to advancing digital inclusion, particularly in underserved and unserved areas. “At NCC, we recognise the transformative potential of community center networks in achieving this important goal,” he said.
The EVC said NCC was committed to “this journey and views this workshop as a catalyst for meaningful change,” stating that the expertise, perspectives and commitments will shape the future where every Nigerian, regardless of his or her status, will have meaningful access to opportunities from digital connectivity.
In her remarks, Co-manager of the Association for Progressive Communications’ Local Network (LocNet) initiative, Kathleen Diga, noted that the collaboration was to tackle identified hindrances to digital inclusion. “This is a space where we can be open and exchange ideas of possibilities, opportunities that will remain in realising values of a diversified ecosystem.”
Diga said, “I believe this workshop presents a moment in time that we can explore the bottom-up approach in local communities, small social enterprises, corporative among others, which have the ability to fill some of the digital gaps that remain unfilled,” she said, adding emphasising the need to recognise that community centre connectivity exists and they are grow throughout the global south, which, she said, are a “strategic response to digital exclusion.”
The workshop featured presentations from the NCC, the Association for Progressive Communications and other institutional stakeholders such as the Rural Electrification Agency (REA) and the Central Bank of Nigeria (CBN) all geared towards exploring a joint policy framework to address rural digital divide.
The Association for Progressive Communications is a 35-year-old international network member-based organisation encouraging digital inclusion in the unserved communities, particularly with communities in the global south and the workshop, through its LocNet initiative aimed at crafting an enabling inclusive regulatory framework for community networks in Nigeria.
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