Wednesday , September 28 2022
MTN Group Plans to Reduce its Shares to 65% in Nigeria Subsidiary  

MTN Group Plans to Reduce its Shares to 65% in Nigeria Subsidiary  

As part of its commitment towards economic growth, MTN Group has disclosed its plan to reduce its shareholding in its Nigeria Subsidiary to 65%.

The Group President and CEO Ralph Mupita made this disclosure during an official visit.

Mupita who underscored the importance of MTN’s operations in Nigeria and South Africa to the overall health of the Group said: “Nigeria and South Africa are our largest operations, contributing two-thirds of the value of the Group. Supporting the strengthening of economic and business relationships between the two countries is in line with our strategic priority to create shared value.

“MTN Group owns 75.6% of MTN Nigeria and continues to work towards further broadening the local shareholder base, subject to market conditions and regulatory approvals. Over the medium term, we aim to reduce our shareholding to approximately 65%.”

MTN Group last week committed to support a bi-national conference for businesses operating in South Africa and Nigeria during the first visit to its South African headquarters of the chairman of MTN Nigeria, the Group’s biggest operating company.

The commitment was made to Nigerian High Commissioner to South Africa H.E. Muhammed Haruna Manta when he met with the MTN Nigeria delegation, led by MTN Nigeria Chairman Ernest Ndukwe and MTN Nigeria CEO Karl Toriola, at MTN Group headquarters in Fairland. MTN Group Chairman Mcebisi Jonas and Group President and CEO Ralph Mupita hosted the visit.

Jonas said the trip from the Group’s Nigerian colleagues was productive: “It has been a fruitful two days in which, together with our Nigeria team, we were able to unpack our plans in Nigeria and how these align to the Group’s strategic intent of providing leading digital solutions for Africa’s progress.”

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Ndukwe said MTN Nigeria was committed to Nigeria’s socioeconomic development: “MTN Nigeria believes that we should not only provide a service to customers, but also deepen connectivity access as well as drive financial inclusion. To this end, for 2022 MTN Nigeria intends to ensure the connectivity of an additional 2 000 rural communities and has secured 100 MHz of 3500 spectrum to enable Nigeria’s move to 5G.”

Toriola elaborated on his operation’s role in creating shared value: “MTN Nigeria is committed to supporting the economic development of the country through driving public-private partnerships and initiatives such as CACOVID, the AU vaccine initiative and the construction of the Enugu-Onitsha Expressway.”

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