MTN to offer 14% shares to Nigerian investors

Telecommunications giant, MTN Nigeria, will soon offer 14 per cent of its shares to over two million Nigerian retail investors.

The communications giant will also invest more than N600 billion in network infrastructure over the next three years to improve telecommunications services across the country.

The Chairman of MTN Nigeria Communications, Dr. Ernest Ndukwe, and Chief Executive Officer of the company, Karl Toriola, disclosed these during the company’s 20th anniversary celebration held on Sunday in Lagos.

Toriola restated MTN’s planned participation in the restoration and rehabilitation of the Onitsha-Enugu Expressway through the Federal Government’s Road Infrastructure Tax Credit (RITC) Scheme.

This is a response to government’s drive towards public-private partnership in the rehabilitation of critical road infrastructure in Nigeria, Toriola said.

“We’ve initiated plans for the construction of a purpose-built, state-of-the-art head office in Lagos.

“We will also be selling down 14 per cent of MTN shares to over two million Nigerian retail investors,” Toriola said.

He expressed appreciation to the government for its vision in liberalising the telecommunications sector and the robust framework developed by the regulators.

“We firmly believe that Nigeria’s digital journey is only just beginning and that the future is filled with promises.

“Working together, we can and will build the more prosperous and inclusive future we seek and empower even more Nigerian to do greater things,” the MTN chief executive said.

Also speaking at the event, Ndukwe said that MTN was also “committed to specifically expanding its rural connectivity to reach areas that were underserved” across the country.

“We plan to connect approximately 1,000 rural communities to our network this year with an additional 2,000 communities in 2022,” the MTN chairman said.

Ndukwe expressed optimism about what the future holds for Nigeria’s digital economy and looked forward to building it together with all stakeholders.

The telecommunication company launched its services on August 8, 2001, connecting about 69 million people in communities across the country to date.

MTN Nigeria currently provides services in 223 cities and towns, in more than 10,000 villages and communities, in the 36 states and the Federal Capital Territory.