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CEO: MTN Nigeria ‘sell-down’ begins before end of 2021

CEO: MTN Nigeria ‘sell-down’ begins before end of 2021
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Mr Ralph Mupita, MTN Group President and CEO says the sale of shares in its local unit to Nigerians is expected to begin before the end of 2021.

South Africa’s MTN Group, which owns MTN Nigeria, has listed the largest mobile network operator in the country on the local stock exchange as part of deals reached with the Nigerian government in the wake of fines imposed on the company.

The MTN Group CEO has again reassured the Nigerian government it intends to keep faith with plans to sell MTN Nigeria shares to Nigerians.

“MTN Group anticipates that the first part of that sell-down to locals will be done before the end of 2021, with follow-on sell-down processes in 2022”, the company says in a statement when Mupita and Felleng Sekha, MTN Chief Group Regulatory and Corporate Affairs Officer, today met with Mr. Muhammad Haruna Manta, the new Nigeria High Commissioner to South Africa, at the MTN Group Headquarters in Johannesburg.

During the meeting, Mupita briefed the High Commissioner of meetings held with President Buhari and other officials in Abuja in June 2021, including Vice President Osinbajo, Minister Pantami, NCC EVC, Professor Danbatta and CBN Governor Godwin Emifiele. 

MTN Group says there will be “follow-on sell-down processes in 2022” on MTN Nigeria, after the one expected to begin before the end of the year. 

“MTN Group President commented on plans to accelerate rural coverage in Nigeria as well as plans to increase shareholding amongst Nigeria individuals and institutions of MTN Nigeria”, according to the statement. 

The High Commissioner commended MTN for the plans to accelerate rural coverage to ensure that no Nigerian is left out of the digital economy, as well as to broaden local ownership of MTN Nigeria.

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