Leading mobile operator, MTN Nigeria is eyeing an investment of N640 billion in the next three years to expand broadband access across the country.
The ambitious move is in line with the Federal Government’s 2020-2025 National Broadband Plan.
MTN Group President and Chief Executive Officer, Ralph Mupita, revealed this after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders.
“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,” he said.
These included President Muhammadu Buhari; Vice President Yemi Osinbajo; Minister of Communications and Digital Economy, Dr. Isa Ali Pantami; Executive Vice Chairman, NCC, Prof. Umar Garba Danbatta, as well as Central Bank of Nigeria’s (CBN) governor, Godwin Emefiele.
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% broadband population coverage by 2025. This aligns with MTN Group’s belief that everyone deserves the benefits of a modern connected life and the 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 plans to sell down 14% of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive. MTN Nigeria, in which MTN Group has a 78.8% stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of N3.4 trillion (US$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,” Mupita concluded.