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MTN Says No Date Yet for IPO

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MTN Group says there is no specific date for its initial public offering yet as it is still perfecting details of the proposed listing.

A spokesperson of the company who spoke to NAN on Monday said details of the IPO will be announced at the appropriate time.

NAN reports that both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are yet to receive applications from the company for the offer.

IPO is a process through which a private company or corporation raises investment capital by offering its stock to the public for the first time.

“To clarify some matters on the IPO process, no amount/value has been given by MTN Group or MTN Nigeria regarding the IPO and there was never a statement on a ‘proposed $500m IPO,” the representative said.

“In the communication we have issued to the market, we have noted that we expected this IPO process to be concluded during 2018 and there was not a specific date given.”

NAN reports that there were reports earlier that MTN Group Ltd. was perfecting plans to raise about 500 million dollars from the sale of shares in its Nigerian business in the first half of 2018.

Standard Bank Group Ltd. and Citigroup Inc. had been advising the company on the disposal of as much as 30 percent of the Lagos-based unit on the NSE.

MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay $1 billion fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

The company recently appointed a Nigerian investment firm, Chapel Hill Denham, as lead manager for the planned sale.

It also appointed South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.


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Telecom

Legend Internet Debuts Nigeria’s First Fibre-to-the-room Service

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Legend Internet Plc has launched FTTR by Legend — Nigeria’s first Fibre-to-the-Room (FTTR) service, redefining the standard for broadband connectivity across homes and businesses.

“Being listed on NGX is just the beginning, With FTTR by Legend, we are building the infrastructure of the future, today — not just to improve connectivity, but to transform how people live, work, and create”, said Aisha Abdulaziz, CEO of Legend Internet Plc.

This groundbreaking innovation was deployed by Legend, with strategic technology support from global telecommunications leader- Huawei. The result is a seamless digital experience that meets the demands of modern living.

The launch of FTTR follows the recent signing of a Memorandum of Understanding (MoU) between Legend Internet and Huawei Technologies.

“Our collaboration with Huawei reflects our commitment to global standards and local innovation. Unlike traditional broadband that stops at the router, FTTR by Legend brings pure fibre into every room, offering zero lag, full-house coverage, and the performance needed for smart homes, remote work, creators, and tech-forward enterprises.

The collaboration is aimed at accelerating broadband infrastructure development, enhancing local capacity, and positioning Nigeria as a digital leader in Africa. Huawei brings decades of R&D in fibre optic and smart home technology to support Legend in deploying this state-of-the-art infrastructure.

Coming on the heels of its recent listing on the Nigerian Exchange Limited(NGX), Legend Internet PLC shows no signs of slowing down. The company is celebrating its public debut with a landmark product — one that delivers ultra-high-speed fibre into every room of a building, enabling uninterrupted, gigabit-speed internet at all times.

Legend Internet’s entry into fibre-to-the-room solutions is part of a broader ambition to close the digital divide in Nigeria. While FTTR by Legend is currently being offered exclusively to high-end residences, the company plans to scale and democratize access through complementary solutions over time. This aligns with Legend’s dual-market approach.

In broadband, Legend leverages fibre optics to deliver ultra-high-speed internet directly to consumers, with a focus on reliability, speed, and innovation. In fintech, the company is expanding last-mile payment infrastructure and delivering secure, scalable tools including wallets, merchant solutions, and digital financial platforms for everyday use.

Legend’s mission is clear: to power Nigeria’s digital future — through cutting-edge technology, bold thinking, and local-first execution.


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NASENI Commends President Tinubu’s Push for Local Industry Growth

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National Agency for Science and Engineering Infrastructure (NASENI) has welcomed President Bola Ahmed Tinubu’s “Nigeria First Policy,” describing it as a bold step toward accelerating Nigeria’s industrial revolution and economic growth.

NASENI

In a statement issued on Sunday, NASENI’s Executive Vice Chairman and CEO, Khalil Suleiman Halilu, commended the policy’s prioritization of locally made goods and indigenous solutions in government procurement.

He said the directive would empower local entrepreneurs, manufacturers, and technology innovators by giving them the necessary support to thrive.

“With Mr. President’s directive to the Bureau of Public Procurement (BPP) to revise and enforce guidelines in favor of local suppliers, we anticipate a significant increase in patronage of Nigerian-made products,” Mr. Halilu said.

“Government is a major buyer of goods and services, and this move will translate into increased demand across key sectors.”

Describing the policy as “forward-thinking and revolutionary,” Mr. Halilu noted that NASENI has long championed local content through its own initiatives.

He highlighted products developed by the agency, ranging from Nigerian-assembled vehicles and energy systems to smart irrigation tools and electronic devices, as evidence of the quality and competitiveness of local manufacturing.

He further referenced NASENI’s ongoing Made-in-Nigeria Strategic Focus Group meetings held across the country, aimed at driving awareness and understanding of consumer attitudes toward local products.

These forums bring together experts, regulators, manufacturers, entrepreneurs, and civil society actors to identify challenges and promote solutions for increasing local patronage.

“We are determined to be at the forefront of implementing the President’s vision,” Mr. Halilu stated. “But this is also a call to action for local producers.

“It is not enough to enjoy policy support, quality and standards must never be compromised.

“We must deliver products that compete favourably with imports and meet the needs of Nigerian consumers.”

NASENI, mandated to develop Nigeria’s science and engineering infrastructure, has been engaging stakeholders across states including Katsina, Lagos, Anambra, Delta, Kano, Kaduna, and Ogun to boost innovation, address manufacturing challenges, and encourage the adoption of homegrown solutions.

President Tinubu’s “Nigeria First Policy” directs the BPP to implement procurement reforms that prioritize local content and maintain a register of qualified Nigerian manufacturers and service providers.

Mr. Halilu concluded by affirming NASENI’s readiness to lead the charge: “We have seen the capacity and competence of our local manufacturers.

“They are ready. With the right support, we can achieve true industrialization powered by Nigerian solutions.”


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MTN Commits $10Bn to Nigeria’s Digital Infrastructure

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MTN has said since 2001, it has committed over $10 billion into deepening Nigeria’s digital infrastructure, enhancing widespread connectivity and financial inclusion.

MTN Commits $10Bn to Nigeria’s Digital Infrastructure

Despite economic headwinds, the Group said it remained committed to Nigeria’s long-term potential and the broader African Continental Free Trade Area (AfCFTA) vision.

The telecom giant said as Africa stands at the point of a profound transformation, the imperative for greater intra-continental cooperation has never been clearer.

The path to shared prosperity depends not on the progress of individual nations but on the collective strength of our commitments.

Central to this vision is the relationship between South Africa and Nigeria, two of the continent’s largest economies, and the institutions that serve as bridges between them.

MTN Group said it hosted Minister Parks Tau (SA Minister of Trade Industry and Competition) and his delegation at its Johannesburg Headquarters.

“At a time when global uncertainties are reshaping trade and technology, Africa must respond not in isolation, but in solidarity. As MTN, we see it as our duty to serve as an economic diplomatic bridge between Nigeria and South Africa — driving growth, fostering inclusion, and unlocking opportunity for the Africa’s shared prosperity,” the carrier said.

“MTN’s journey exemplifies what is possible when two great nations collaborate. As Nigeria’s largest South African investor, MTN has long viewed its presence not simply as a commercial venture but as a platform for inclusive development. Since commencing operations in Nigeria in 2001, we have invested more than $10 billion in the country’s digital infrastructure.

“Today, MTN Nigeria serves over 80 million subscribers, employs thousands directly, and supports hundreds of thousands of livelihoods across its extended value chain.

“Yet, while the economic footprint is significant, our greatest source of pride lies in the social and developmental outcomes accompanying this investment, expanded access to connectivity, enhanced financial inclusion, and the empowerment of individuals and enterprises through digital technologies.

“Still, the operating environment remains complex. Macroeconomic challenges in Nigeria, including currency depreciation, inflation, and constraints in accessing foreign exchange, have placed pressure on business continuity and investor confidence. Despite these difficulties, MTN remains firmly committed to its business case and its long-term presence in Nigeria, underpinned by a belief in the country’s enduring potential and strategic importance to the continent,” it added in an e-note at the weekend.

However, it said for South Africa and Nigeria to truly unlock their bilateral potential, a number of long-standing issues require resolution. The upcoming South Africa–Nigeria Trade and Investment Summit, to be held in Abuja later this year, will present a unique opportunity to address these concerns. The Summit serves not merely as a diplomatic engagement, but as a catalyst for policy reform, reciprocal market access, and institutional dialogue. Importantly, it should reinforce the private sector’s role in shaping practical, actionable solutions that support cross-border trade and investment.

The AfCFTA offers a historic platform to actualise these ambitions. Yet its success will depend as much on infrastructure and digital connectivity as it will on tariff liberalisation or regulatory harmonisation.

“As a pan-African operator, MTN is investing heavily in the digital foundations of AfCFTA, facilitating seamless mobile communication, enabling digital payments, and building platforms for cross-border entrepreneurship.

“We also believe that integration must extend beyond economic frameworks to include cultural exchange and people-to-people engagement. One such initiative is our MTN Media Innovation Programme, which brings emerging Nigerian media professionals to South Africa for immersive learning. Through programmes like these, we aim to cultivate not only knowledge and skills, but also enduring bonds between our nations’ future leaders,” the telco explained.


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