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National Security First: FG Scrutinises MTN’s Historic $6.2 Billion Buyout of IHS Towers

Business Desk

ABUJA — The Federal Government has moved to intervene in the massive consolidation of Nigeria’s telecommunications backbone, announcing a rigorous “strategic review” of MTN Group’s plan to acquire IHS Towers.

In a statement released on Tuesday, February 17, 2026, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, confirmed that the government is evaluating the $6.2 billion transaction to ensure it aligns with Nigeria’s national security and digital development goals.

The deal, which would see MTN buy back the very infrastructure it sold over a decade ago, would effectively hand the continent’s largest mobile operator total control over nearly 29,000 towers in Africa—a move the government says cannot happen without oversight.

The transaction expects to close by the end of 2026, but the “Renewed Hope” administration’s review could introduce new conditions or “divestment requirements” before final approval. For now, the message from Abuja is clear: private sector giants may sign the checks, but the government still holds the keys to the kingdom.

The Deal: Reintegrating the Backbone

MTN Group currently holds a 24.7% stake in IHS Towers but has reached a formal agreement to purchase the remaining 75.3% in an all-cash deal. The Valuation: The transaction values IHS Towers at approximately $6.2 billion. The Exit: Upon completion, IHS Towers will delist from the New York Stock Exchange (NYSE) and become a private, wholly owned subsidiary of MTN. The Goal: MTN CEO Ralph Mupita stated the move will “internalise margins,” improve cost predictability, and strengthen the group’s financial position as digital infrastructure becomes essential to Africa’s growth.

The Government’s “Red Flag”

While the markets reacted positively to the merger, the Federal Ministry of Communications is taking a more cautious stance. Minister Tijani emphasized that telecommunications infrastructure is a “critical pillar” of the national economy that impacts everything from financial services to social inclusion.

“To ensure strategic actions by private sector operators are consistent with national objectives, the Ministry will undertake a thorough assessment of this development,” Tijani stated.

The government’s review focuses on three main concerns: Market Monopoly: Will one operator owning the majority of the nation’s towers stifle competition from smaller telcos? National Security: Can the primary gateway for Nigeria’s digital data be entirely consolidated under a single private entity? Consumer Protection: Will this consolidation lead to higher costs for other network providers that currently rent space on IHS towers, eventually trickling down to the average Nigerian?

    Industry Context: The Great U-Turn

    This deal represents a massive strategic reversal in the industry. Ten years ago, telecom operators across emerging markets sold their towers to specialist firms like IHS to reduce debt. Now, in 2026, MTN is leading the charge to bring those assets back “in-house.”The acquisition is also dependent on IHS successfully completing the sale of its Latin American tower and fibre operations, which was also announced this February.

    What Happens Next?

    The transaction expects to close by the end of 2026, but the “Renewed Hope” administration’s review could introduce new conditions or “divestment requirements” before final approval. For now, the message from Abuja is clear: private sector giants may sign the checks, but the government still holds the keys to the kingdom.