MTN Group has announced it is reducing shares in MTN Nigeria as it looks to attract new investors to fuel expansion plans.
Currently, MTN Group has a 75.6% stake in MTN Nigeria and it is now working to reduce that down to 65% in the medium term.
In a statement, MTN Group reiterated its commitment to the Nigerian and South African market at a bi-national conference.
South Africa and Nigeria are the two highest revenue drivers for the group making up almost two-thirds of yearly turnover.
An MTN Nigeria delegation led by chairman Ernest Ndukwe and chief executive Karl Toriola met with group chairman Mcebisi Jonas and Group President and CEO Ralph Mupita.
Jonas said the meeting was to “align” plans in the Nigerian market to group activities to lead digital solutions offering in Africa.
Mupita says: “Nigeria and South Africa are our largest operations, contributing two-thirds of the value of the Group. Supporting the strengthening of economic and business relationships between the two countries is in line with our strategic priority to create shared value.”
Ndukwe added the company intends to connect 2,000 more rural communities in Nigeria and the operator has secured spectrum to connect Nigeria to 5G.