As part of a sweeping, pan-African corporate reorganisation, MTN Group officially advanced its structural separation framework in Nigeria today. Following a successful shareholder vote at the Annual General Meeting, Nigeria now officially joins Ghana and Uganda in implementing the same structural separation on a phased, country-by-country basis. The telecommunications group, which indirectly owns 76.40% of MTN Nigeria, is actively pursuing its “Ambition 2030” strategy to become the continent’s leading Connectivity, Fintech, and Digital Infrastructure platform.
The structural shift was officially approved at today’s AGM. The passed proposal outlines a shared ownership structure where a new financial holding company will be created. Both MTN Group Fintech and MTN Nigeria will now transfer their respective stakes into this new entity, resulting in a 60% and 40% shared ownership split, respectively. Crucially, this new Holding Company is required to be registered directly with the Central Bank of Nigeria (CBN).
This restructuring serves dual regulatory and strategic economic purposes. Strategically, the creation of the Nigeria Fintech HoldCo provides a dedicated vehicle capable of attracting future strategic investors, which simplifies capital calls for a business sector known for its significant near-future funding requirements. The newly approved dedicated capital structure will allow the fintech subsidiaries to aggressively target rural penetration, agent network expansion, and broader financial inclusion.
From a regulatory and operational standpoint, the unbundling clears up historic policy grey areas. By approving the proposed transaction, shareholders have ensured that MTN Nigeria will fall solely under the NCC’s regulatory purview, which the board notes will eliminate ambiguity and ensure strict clarity in compliance. Simultaneously, the new HoldCo anchors the digital finance push firmly under the direct oversight of the CBN.
Following standard corporate governance protocols for related party transactions on the Nigerian Exchange, interested persons undertook to abstain from voting on the resolution today. With the general mandate now firmly granted by the shareholders, MTN Nigeria will proceed with the necessary legal steps, with management aiming to finalise the continent-wide strategic alignment locally by December 31, 2026.
