MTN Nigeria’s $2.2 billion bid to acquire IHS Towers’ Nigerian business has cleared its first major regulatory hurdle, but final approval remains contingent on a set of conditions the telecommunications giant must satisfy before the deal can be fully consummated.

The Nigerian Communications Commission granted MTN Nigeria an Approval-in-Principle in mid-July 2026, subject to safeguards covering corporate governance, existing commercial contracts, market access, and future investment commitments. The regulator was explicit that the conditional approval does not constitute a final green light.

“The approval was granted on the clear understanding that MTN Nigeria would comply with these conditions immediately, and that final approval would only be granted upon confirmation of such compliance by the Commission,” said Nnena Ukoha, NCC Director of Public Affairs.

The conditions reflect the regulator’s determination to prevent MTN’s ownership of IHS infrastructure from distorting competition in Nigeria’s telecom market. Specifically, the NCC has stipulated that the transaction must not confer any exclusivity on MTN Nigeria over IHS towers, a critical safeguard given that IHS operates thousands of towers currently used by MTN and competing operators including Airtel, Globacom, and 9mobile. Furthermore, existing contracts must not be amended as a consequence of the acquisition, ensuring rival operators retain access to the infrastructure on current terms.

Additionally, MTN Nigeria must submit an investment plan with clear and measurable milestones, giving the NCC a mechanism to monitor whether the acquisition delivers sustained infrastructure investment rather than simply consolidating MTN’s market position.

The NCC’s conditional approval runs alongside a separate clearance from the Federal Competition and Consumer Protection Commission, which requires MTN to sell up to 30 per cent of the Nigerian component of IHS to local Nigerian investors at market prices over time. MTN has confirmed it is comfortable with that condition.

MTN Group is seeking to acquire the remaining shares of IHS Towers in a transaction that values the company at approximately $6.2 billion, with MTN’s proposed purchase representing approximately $2.2 billion. IHS shareholders approved the transaction in August 2026.

The deal still requires regulatory reviews in other IHS markets, including South Africa, Côte d’Ivoire, Cameroon, and Zambia. Consequently, MTN expects the transaction to close in the second half of 2026, meaning the Nigerian regulatory conditions must be satisfied promptly if that timeline is to hold.

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