MTN Nigeria has revealed plans to invest 640 billion naira -approximately US$1.5 billion over the next three years to expand broadband access across the country.
The telecom company noted that the move is in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy- Ambition 2025: Leading digital solutions for Africa’s progress.
Ralph Mupita, president and chief executive officer, MTN Group, stated this after a three-day visit to Abuja and Lagos, where he met a number of key stakeholders.
According to him, “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”
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 he said aligns with MTN Group’s belief that everyone deserves the benefits of a modern connected life and our 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 noted that 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.
He added that MTN Nigeria, in which the 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 3.4 trillion naira (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,” concluded Mupita.
During the 3 day visit, Mupita and his team paid courtesy calls to President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications and Digital Economy Dr Isa Ali Pantami; Executive Vice Chairman Prof Umar Garba Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.
