The Nigerian Communications Commission (NCC) has granted MTN Nigeria a conditional Approval-in-Principle (AiP) for its proposed acquisition of IHS Towers’ Nigerian business, adding a key regulatory milestone to MTN Group’s planned $2.2 billion acquisition of the remaining stake in the tower company.
The approval was granted in mid-July but remains subject to MTN Nigeria meeting safeguards and regulatory conditions set by the telecom regulator, according to Nnena Ukoha, NCC’s director of public affairs.
“The Commission granted Approval-in-Principle (AiP) to MTN Nigeria in mid-July, subject to certain safeguards and regulatory conditions,” Ukoha told TechCabal in a statement on Tuesday, August 25, 2026.
The NCC said final approval will only be issued after it confirms that MTN Nigeria has complied with the conditions attached to the AiP.
Among the conditions are compliance with the NCC’s corporate governance guidelines, a requirement that existing contracts cannot be amended as a consequence of the transaction, and a prohibition on the deal conferring exclusivity on MTN Nigeria.
The regulator is also requiring MTN Nigeria to submit an investment plan with clear, measurable milestones.
The conditions highlight regulatory concerns surrounding MTN’s proposed acquisition of IHS, particularly the potential impact of combining one of Nigeria’s largest telecom operators with the country’s largest independent tower company.
MTN Group announced plans to acquire the remaining shares of IHS Towers in a transaction valuing the tower company at an enterprise value of about $6.2 billion. The proposed acquisition is worth approximately $2.2 billion and would give MTN control of IHS Towers’ operations in Nigeria and its other major African markets.