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MTN’s proposed buyout of the IHS Towers shares it does not already own has advanced, but final clearance and completion are not confirmed by the public information available as of 3 October 2026. BusinessDay reported that Nigeria’s NCC gave approval-in-principle subject to market-access and other safeguards; separately, ECOWAS’s regional regulator said prior authorisation was required.
What has happened so far?
| Date | Stage | What it establishes |
|---|---|---|
| 5 February 2026 | Preliminary discussions | IHS said talks with MTN about a possible acquisition of the remaining shares were ongoing, non-binding and not agreed. It cautioned that this was not a transaction announcement. |
| 17 February 2026 | Offer announced | MTN said IHS’s board had accepted its offer, subject to required approvals and a planned delisting. Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy commented on sector sustainability, investor confidence and infrastructure investment; that statement was context, not approval of the deal. |
| 11 August 2026 | ECOWAS notification | The ECOWAS Regional Competition Authority (ERCA) said it had received notification and that the transaction required its prior authorisation. |
| 26 August 2026 | Nigerian approval-in-principle reported | BusinessDay reported that the NCC had granted approval-in-principle in mid-July, subject to safeguards, and that final clearance depended on compliance. |
The February 5 statement describes an earlier negotiation stage, not a reversal of MTN’s later announcement. The Ministry’s remarks likewise do not amount to regulatory clearance.
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What is MTN proposing to buy?
MTN announced an offer of US$8.50 per IHS share, with the stated aim of acquiring the shares it did not already own, reaching 100% ownership and taking IHS private, subject to approvals and delisting. MTN Nigeria’s audited financial statements describe the parent’s agreement as an all-cash purchase of the remaining 75% of IHS’s ordinary shares. MTN said its intended acquisition of IHS’s African tower portfolio would follow announced disposals of its Latin American assets.
MTN presented the acquisition as a way to “strengthen and reintegrate its ownership of critical digital infrastructure across Africa.” That is the company’s rationale, not evidence that the deal has produced those outcomes.
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What does “fair access” mean in this deal?
BusinessDay reported that the NCC’s transaction-specific safeguards cover corporate governance, existing commercial contracts, market access and future investment. The report does not set out a detailed access regime or establish that the conditions have been met. It is secondary reporting of the NCC’s approval-in-principle, not an NCC notice confirming final approval.
“Fair access” also appears in a separate NCC policy context. In a 8 July 2026 release, the commission discussed work toward a fair and transparent, cost-based framework for sharing ducts under the Dig Once Policy. That broader infrastructure-sharing work is not evidence of a condition imposed on MTN’s IHS acquisition.
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- Z SCALE 1/220: These detailed cell tower models are perfectly scaled at 1/220 for Z scale model layouts and dioramas.
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Which approvals matter, and are they the same?
| Regulatory layer | What the cited material says | What it does not establish |
|---|---|---|
| Nigeria: general ownership rules | The NCC and Corporate Affairs Commission state that a proposed transfer of at least 10% of a communications licensee’s share capital needs an NCC Letter of No Objection before the ownership change is effected and registered. The NCC’s general FAQ says a change above that threshold is not effective until Final Approval, which follows applicable fees and settlement of outstanding regulatory obligations. | These are general rules, not the deal-specific safeguards reported by BusinessDay, and they do not show that MTN has received final approval. |
| Nigeria: this transaction | BusinessDay reported NCC approval-in-principle, conditional on compliance with the safeguards it described. | Approval-in-principle is not proof that the conditions were satisfied or that final clearance was issued. |
| ECOWAS: regional review | ERCA said prior authorisation was required because the transaction involves businesses in more than one ECOWAS member state and would give MTN sole control of IHS. ERCA described the proposal as “the acquisition by MTN of the remaining shares in IHS, over which MTN currently holds a minority interest, thereby resulting in MTN acquiring sole control of IHS.” | A Nigerian approval-in-principle does not establish that ERCA or any other required authority has authorised the deal. |
Has the takeover closed?
The available public information does not confirm that Nigeria issued final clearance or that the transaction closed by 3 October 2026. BusinessDay’s latest transaction-specific account cited here says final clearance depended on compliance; ERCA’s August notice says its prior authorisation was required. Neither statement establishes completion.
Quick Recap
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