MTN Group says it’s still committed to getting more Nigerians to own a slice of MTN Nigeria. The telecoms giant plans to reduce its stake in the local unit from 76% to 65%, but only after MTN Nigeria gets back into the green and resumes dividend payouts.
This would be MTN’s second major public offer in Nigeria. The first, in 2021, saw over 126,000 investors, including pension funds and everyday Nigerians, grab 661 million shares in what became an oversubscribed sale. That offer dropped MTN’s stake to 75.6%.
But why the pause in the first place?
In 2024, MTN Nigeria made ₦3.36 trillion in revenue, up 36% from the previous year, but still reported a ₦400 billion loss. Blame it on inflation, FX woes, and the naira’s crash. All of it pushed operating costs through the roof and knocked the company into a negative equity position.
Now, MTN Nigeria is no longer the group’s top revenue contributor (that title is back with MTN South Africa). Still, MTN Group is optimistic about 2025. Tariff hikes, a leaner operation, and an improving economy might help it bounce back.
Also Read: "Donald Trump's tariff could raise the price of your mobile data," said the MTN boss.
So what's next?
MTN says it’s still committed to the public offer but will wait until:
- MTN Nigeria returns to profitability.
- Dividend payments resume, and
- Market conditions stabilize.
If all goes well in 2025, that public offer could go live, and Nigerians might get another shot at owning a piece of the country’s biggest telco.
