MTN Plans N640Bn Investment to Expand Broadband Access

MTN Nigeria plans to invest N640 billion (approximately US$1.5 billion) over the next three years to expand broadband access across the continent’s most populous country, in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress.

‘Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,’ said Ralph Mupita, group president and chief executive officer, MTN after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders.

These included President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Dr Isa Ali Pantami, minister of Communications and Digital Economy; Prof Umar Garba Danbatta, executive vice chairman, NCC; as well as Godwin Emefiele, governor, Central Bank of Nigeria (CBN).

The MTN Group President – who was accompanied by Tsholo Molefe, group chief financial officer, MTN ; Chairman Ernest Ndukwe, chairman, MTN Nigeria and Karl Toriola, CEO, MTN Nigeria – reiterated MTN’s support for Nigeria’s plans to secure 90% broadband population coverage by 2025. This aligns with MTN Group’s belief that everyone deserves the benefits of modern connected life and our work to extend digital and financial inclusion across Africa.

The delegation welcomed Nigeria’s plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band, which Mupita said would facilitate accelerated broadband access.

He said MTN Group’s plans to sell down 14% of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive. MTN Nigeria, in which MTN Group has a 78,8% stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of 3.4 trillion naira (US$8.2 billion).

‘To mark the 20th anniversary of MTN’s operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos,’ concluded Mupita.