Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said Wednesday the government plans a detailed assessment of MTN Group’s purchase of IHS Towers. The move aims to safeguard national security, consumer interests and long-term industry health.

Tijani signed a personal statement outlining the decision. He stressed the telecommunications sector’s critical role in national security, economic growth and social inclusion. The ministry will work with regulatory authorities to evaluate the deal’s effects, according to the statement.

“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, social inclusion, and to ensure strategic actions by private sector operators are in line with the market development agenda under the renewed hope policy directions of the President, the ministry will undertake a thorough assessment,” Tijani wrote.

The objectives stay focused. Officials want to shield consumers from any adverse impacts of market consolidation. They also seek to protect investments and maintain sector sustainability.

Tijani highlighted recent strides under President Bola Ahmed Tinubu’s administration. Over the past two years, the government has pushed policy reforms and stakeholder engagement. These efforts have boosted profitability for major operators, spurred infrastructure spending and stabilized operations.

“Recent financial results announced by key operators indicate a return to improved profitability, increased investment in telecoms infrastructure and operational stability across the sector,” the minister noted. Such gains show the sector’s resilience and the value of ongoing reforms.

The IHS Towers deal marks a significant shift in Nigeria’s telecom landscape. MTN, Africa’s largest mobile operator by subscribers, agreed in September to acquire IHS Towers for $137 million in cash, plus the assumption of about $403 million in debt. The transaction values IHS at roughly $770 million including debt.

IHS operates more than 40,000 towers across several African and Latin American countries. In Nigeria, its infrastructure supports MTN and rival networks like Airtel Africa and Globacom. The acquisition would give MTN direct control over a key part of its passive infrastructure, potentially cutting costs but raising monopoly concerns.

Tijani reaffirmed the government’s dedication to a transparent policy framework. This approach aligns with plans to build a strong digital economy. Nigeria, with over 220 million people, relies heavily on telecoms for mobile money, e-commerce and government services.

Regulators have not yet set a timeline for the review. The Nigerian Communications Commission and other bodies will join the process. Industry watchers expect the assessment to examine competition levels, pricing and network expansion commitments.

MTN Nigeria shares dipped slightly on the Nigerian Exchange following news of the review. The company has not commented publicly on the government’s plans. IHS Towers, based in London with operations centered in Nigeria, also stayed silent.

Past deals in the sector faced similar scrutiny. In 2022, regulators blocked a proposed tower sale amid foreign exchange concerns. Tijani’s statement signals continuity in protecting local interests amid global telecom shifts.