MTN Group to invest $1.6 billion in Nigeria
South Africa Telecommunications giant MTN Group, said it would invest the sum of $1.6 billion in Nigeria after it resolved a legal case with the government.
This happened, in a statement issued late on Wednesday, the company said it planned to invest the sum of $1.6 billion, or roughly 580 billion Naira, over three years in its network, infrastructure and operations in Nigeria.
Earlier this month, MTN Nigeria appeared before a Federal High Court in Lagos, Nigeria to formally discontinue its legal action against the Attorney General of the Federal Republic of Nigeria and Minister of Justice (the “AGF”).
This follows from the decision of the AGF to hand the matter over to the relevant regulatory authorities. MTN applied, to have the legal action struck out, which request was granted by the court.
MTN remains committed to meeting its fiscal responsibilities and contributing to the social and economic development of Nigeria in collaboration with all stakeholders.
An Wednesday, MTN delegation represented by Chairman of MTN Group, Mcebisi Jonas; Chairman of MTN Nigeria, Dr. Ernest Ndukwe; MTN Group CEO, Rob Shuter and MTN Nigeria CEO, Ferdi Moolman met with His Excellency President Muhammadu Buhari of Nigeria.
They also met with key government officials including Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami; Governor of the Central Bank of Nigeria, Godwin Emefiele and Attorney General and Minister of Justice Abubakar Malami.
As part of its ongoing commitment to Nigeria, MTN announced a capital investment programme of $1.6 billion (approximately N580 billion) over the next three years to strengthen and expand its network and operations in the country.
The news was shared during a statement by President Buhari, whereby he reaffirmed that the Federal Government of Nigeria is committed to providing an enabling environment for businesses to succeed.
He went on to say that the government is also looking at ways to increase the level of security across critical national infrastructure, noting that it would guarantee seamless service delivery and also facilitate investments throughout the country.
The President expressed that he was pleased with MTN’s support of Nigeria’s digital inclusion programmes and its
commitment to growing the telecommunications industry across the region.
Commenting on the news, Chairman of MTN Group Mr Mcebisi Jonas said, “We are steadfast about our investments in Nigeria, particularly over the next three years as we aim to strengthen and expand our network and systems.
We are fully aligned with the strategic agenda of the Nigerian government and are committed to strengthening the digital economy of the country,” he continued.
“Financial inclusion and access to funding and digital services all become easier when our continent is powered by connectivity.
The benefits of a connected continent are far reaching, making a positive impact across Africa.
We cannot achieve this goal on our own, and are working on strengthening relationships with our key partners to extend access to comprehensive and affordable solutions to all,” said Rob Shuter, MTN Group President and CEO.