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MTN Nigeria’s share-sale growth story has a dollar-cost tag

By David Whitehouse
Posted on Tuesday, 29 June 2021 06:52, updated on Tuesday, 17 August 2021 11:56

Lagos, October 30, 2018. . REUTERS/Afolabi Sotunde

MTN Nigeria's plan to sell a 14% stake to Nigerian investors is likely to find buyers – but retail investors may be wary of the currency risk that hangs over growth plans.

The sale is likely to happen in the “short to medium term,” MTN Nigeria CEO Karl Toriola said this month. Parent company MTN Group, Africa’s largest wireless carrier, has a 78.8% stake in MTN Nigeria.

Toriola is aiming for two million retail investors, which would make the company the most widely-held stock on Nigeria’s stock exchange.

MTN Nigeria plans to invest $1.5bn in the next three years to expand broadband access across Nigeria, in line with the government’s national broadband plan.