MTN Group is preparing to sell an additional 11% stake in MTN Nigeria to local investors, aiming to deepen local ownership and reduce its shareholding from 76% to 65%. The move builds on its 2021 sale of 575 million shares, part of a broader strategy to localize ownership across Nigeria, Ghana, and Uganda.
Group Chairman Ralph Mupita indicated the offer will launch once MTN Nigeria’s financial position stabilizes amid a challenging macroeconomic environment. Inflation in Nigeria rose to 33.1% in 2024, with the naira depreciating significantly against the dollar.
Despite these headwinds, MTN Nigeria reported a 36.1% increase in revenue to N3.36 trillion (USD 2.1 billion) in 2024. However, the company posted a net loss of N400.43 billion and has suspended dividend payments for the year.
MTN says it remains committed to sustainable growth and will continue to adapt to economic shifts while engaging stakeholders on future developments.
Source: Extensia
