MTN Nigeria Announces Acquisition of additional 10HMz Spectrum

MTN Nigeria Communications Plc disclosed earlier today that it had acquired additional 10HMz Spectrum from Intercellular Nigeria Limited. Do note that the newly acquired 10HMZ spectrum is in the 800MHz band.

In a corporate action that was sent to the Nigerian Stock Exchange which was seen by Business Elites Africa, the telco explained that the Nigerian Communications Commission (NCC) approved the transaction and approved the frequency to MTN.

The additional 10HMz Spectrum is expected to help improve improve MTN’s network coverage and ultimately improve customer experience, in accordance with the company’s commitment to deliver excellent service quality.

“Through this acquisition, we will be better positioned to support the deepening of broadband penetration in the country. The added resources will also added resources will also greatly impact our customers’ experience providing even better internet connectivity. It is our goal to keep finding ways to grant everyone to a better connected world,” said MTN Nigeria’s Chief Executive Officer, Karl Toriola.

Recall that MTN Nigeria recently released its blow-out, impressive full-year 2020 financial statement. As Business Elites Africa reported, the telco’s operating revenue for the period under review rose by 15.1% to N1.3 trillion, even as profit for the period stood at N205.2 billion. A final dividend of N5.90 for every 2 kobo ordinary share was proposed by the company’s Board, thereby bringing the total dividends the telco would be paying for the year ended December 2020 to N9.40

MTN Nigeria Communications Plc is a subsidiary of South Africa-based MTN Group Ltd. In Nigeria, the telco leads other telecom services providers. One year after listing on the Nigerian Stock Exchange in 2019, MTN Nigeria saw its market capitalisation jump by 61.8% to N3.4 trillion as at December 2020, as against N2.1 trillion a year earlier. During the year under review, active mobile subscribers on the MTN network increased by 12.2 million new users to 76.5 million. Active data users also increased by 7.4 million to 32.6 million.

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