MTN Group is preparing for a second public offer in Nigeria as it looks to reduce its stake in its local unit from 76 percent to 65 percent. According to CEO Ralph Mupita, this move aligns with the company’s long-held goal of increasing Nigerian ownership in MTN Nigeria.
“We have potentially a sell-down in Nigeria at some point… approximately 11 percent,” Mupita said during a media roundtable. “Over time, we would want more Nigerians owning the company, and we are prepared to sell down to 65 percent.”
The upcoming offer follows MTN’s initial retail public offering in 2021, where the group sold 575 million shares. That round was oversubscribed, resulting in the eventual allocation of 661.25 million shares, including a 15 percent greenshoe option. The move had lowered MTN’s holding in MTN Nigeria to 75.6 percent.
At the time, over 126,000 local investors took part, including pension funds representing about 6.5 million contributors. Although the group signalled in 2022 that it planned to drop its holding to 65 percent, it has waited until now to move forward
MTN’s latest financial performance may present some challenges. Despite growing revenue by 36.03 percent to N3.36 trillion in 2024, the company posted a staggering N400.44 billion loss after tax—a 192.25 percent jump from N137.02 billion in 2023.
The losses have been blamed on Nigeria’s tough economic climate. Sky-high inflation and the sharp devaluation of the naira have hit operating costs hard and reduced investor value, with MTN Nigeria slipping behind its South African counterpart as the Group’s top earner.
However, Mupita remains optimistic. He told journalists the group expects a “V-shaped recovery” in Nigeria, driven by tariff adjustments, a streamlined operational structure, and key economic reforms.
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