MTN Nigeria Expected To Invest N640bn On Broadband Expansion In 3yrs

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Telecommunications giant, MTN Nigeria plans to invest N640 billion naira ($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. The resident and chief executive officer, MTN Group, Ralph Mupita, disclosed this during his three-day visit to Abuja and Lagos, in which he met a number of key stakeholders, including President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications and Digital Economy, Dr Isa Ali Pantami;  Executive Vice Chairman Prof Umar Garba Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.

Mupita declared that the investment is part of Ambition 2025: Leading digital solutions for Africa’s progress, and stressed that “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.”

The MTN Group president, who was accompanied by MTN Group chief financial officer, Tsholo Molefe; MTN Nigeria chairman, Ernest Ndukwe and MTN Nigeria CEO, Karl Toriola – reiterated MTN’s support for Nigeria’s plans to secure 90 per cent broadband population coverage by 2025.

This aligns with MTN Group’s belief that everyone deserves the benefits of a 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 plan to sell down 14 per cent of MTN Nigeria to Nigerian investors would happen as soon as conditions were conducive.

MTN Nigeria, in which MTN Group has a 78,8 per cent stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of N3.4 trillion ($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.

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