MTN Nigeria to Sell 60% Fintech Stake for N152bn

MTN Nigeria Communications Plc has announced plans to sell a 60 percent stake in its fintech subsidiaries—MoMo Payment Service Bank and Y’ello Digital Financial Services (YDFS)—in a N152.06 billion transaction involving its parent company, MTN Group. The proposal is expected to be presented to shareholders for approval at the company’s Annual General Meeting scheduled for April 30, 2026.

The disclosure was contained in an information document and Frequently Asked Questions (FAQ) circulated to shareholders ahead of the meeting, outlining the structure and purpose of the transaction.

Under the arrangement, MTN Group, through MTN Group Fintech B.V., will acquire majority ownership of the fintech subsidiaries, while MTN Nigeria will retain a 40 percent stake. The deal is part of MTN Group’s broader “Ambition 2030” strategy aimed at strengthening its position in connectivity, fintech, and digital infrastructure across Africa.

MTN Nigeria explained that the transaction will be executed through a combination of fresh capital injection into the fintech businesses and a secondary acquisition of shares from MTN Nigeria. The assets will then be transferred into a new holding company to be registered with the Central Bank of Nigeria, establishing a 60:40 ownership structure between MTN Group Fintech and MTN Nigeria.

READ ALSO:

• US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel
• Police Arrest Two Suspects Over Killing of 17-Year-Old UTME Candidate
• Police Arrest Two Suspects Over Killing of 17-Year-Old UTME Candidate

The company stated that an independent fairness opinion conducted by KPMG valued the transaction at N95.5 billion, describing it as fair and reasonable. The valuation also represents a 2.1 times premium over the fintech units’ carrying value as of December 2025.

MTN Nigeria noted that the fintech subsidiaries, while fully funded by the company so far, now require additional capital to support their expansion in Nigeria’s fast-growing digital financial services sector. It said the restructuring will enable MTN Group to inject further investment to accelerate growth and improve service delivery.

The company added that the move is expected to allow MTN Nigeria to strengthen its balance sheet, focus on its core connectivity business, enhance service quality, and sustain shareholder returns over time.

Shareholders were assured that their existing holdings in MTN Nigeria will remain unchanged if the transaction is approved, while they will still retain indirect exposure to the fintech business through the company’s 40 percent stake.

MTN also disclosed that the fintech subsidiaries are currently operating at a loss. However, it said separating them from core telecom operations is expected to improve overall financial performance, enhance cash flow, and support potential dividend stability in the medium term.

If approved at the AGM, MTN Nigeria said it will proceed with all required regulatory and legal processes, including approvals from the Central Bank of Nigeria and other relevant authorities. The company expects the transaction to be completed on or before December 31, 2026.

MTN Nigeria to Sell 60% Fintech Stake for N152bn

US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel 

Fuel prices in the United States have climbed sharply, with the national average for gasoline prices rising to $4.23 per gallon, the highest level since July 2022, driven by rising crude oil costs and renewed global supply concerns.

Data from the American Automobile Association (AAA) shows that as of April 29, 2026, the price of regular unleaded petrol increased significantly across most US states, reflecting tightening supply conditions in global energy markets.

The latest jump represents a 21-cent increase in just one week, equivalent to about 5%, marking the steepest weekly rise in gasoline prices in recent months. Analysts say the sudden spike highlights the volatility in the global oil market and its direct impact on retail fuel costs.

Energy market reports also indicate that US crude oil prices have crossed $100 per barrel, a key psychological threshold that often signals higher fuel prices for consumers in the short term.

The surge in oil prices is being linked to ongoing geopolitical tensions affecting global supply routes, including disruptions in major maritime corridors critical for crude transportation. These developments have raised fears of tighter global supply.

READ ALSO:

• Police Arrest Two Suspects Over Killing of 17-Year-Old UTME Candidate
• Police Arrest Two Suspects Over Killing of 17-Year-Old UTME Candidate
• Iran’s Currency Crashes to Record Low of 1.8 Million per Dollar Amid US Blockade

Earlier in the month, gasoline prices had briefly eased to around $4.02 per gallon following a temporary stabilisation in global tensions. However, renewed uncertainty in international negotiations and supply chain disruptions has reversed those gains.

Market analysts note that the breakdown in diplomatic progress and continued instability in key oil-producing regions have contributed to fresh upward pressure on global oil prices.

The rise in crude oil above $100 per barrel is expected to further increase refinery costs, potentially leading to additional increases in petrol prices in the coming weeks, especially as seasonal demand strengthens in the US.

For consumers, the latest increase translates into higher transportation costs, adding pressure to household budgets already affected by inflation in food, housing, and services.

Economists warn that sustained high oil prices could prolong inflationary pressure in the US economy, depending on how global supply conditions evolve in the coming weeks.

US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel

Dangote Refinery Raises Petrol Price to ₦1,275 Per Litre

The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, deepening concerns over another nationwide increase in fuel prices as marketers brace for higher depot and retail costs.

Industry pricing data and market sources confirmed on Wednesday that the refinery raised its petrol loading price from ₦1,200 per litre to ₦1,275 per litre, while its coastal supply price climbed to ₦1,215 per litre.

A senior refinery official confirmed the adjustment, saying: “Yes, the increase of PMS to ₦1,275 per litre is true. Coastal price is ₦1,215.”

The latest increase comes just weeks after previous adjustments by the refinery and has already triggered reactions across Nigeria’s downstream petroleum market, with marketers anticipating corresponding increases at filling stations nationwide.

The situation became more tense after reports emerged that the refinery temporarily suspended its Proforma Invoice (PFI) processing system on Tuesday evening, disrupting normal product loading and supply scheduling.

Sources familiar with operations at the refinery disclosed that the suspension took effect around 4:00 p.m., affecting the processing of orders for both petrol and Automotive Gas Oil (AGO), commonly known as diesel.

Industry operators said the disruption immediately affected loading activities and created uncertainty among depot owners, fuel marketers, and logistics operators dependent on Dangote Refinery supplies.

Market analysts noted that interruptions within the refinery’s loading system could tighten product availability in the short term and further increase pressure on fuel prices across the country.

The latest development has also triggered anxiety among independent marketers and petroleum distributors, many of whom are now reviewing pricing templates in anticipation of higher operational and replacement costs.

Industry stakeholders warned that rising ex-depot prices usually translate into increased transportation costs, logistics expenses, and eventual pump price adjustments at retail stations.

READ ALSO:

• Kachikwu Celebrates Court Victory, Says ADC Hijack Plot Failed
• Police Rescue 5 Gateway Polytechnic Students After Gun Battle With Kidnappers
• ASP Nuhu: Viral Delta Police Shooting Raises Questions Over Officer’s Past

Some marketers further expressed concern that the suspension of sales and invoice processing could temporarily affect supply volumes in parts of the country if not quickly resolved.

The downstream petroleum market has remained highly volatile in recent months following deregulation of the sector and fluctuations in foreign exchange rates.

The increase in petrol prices also coincides with a sharp rise in global crude oil prices, driven largely by escalating geopolitical tensions around the Strait of Hormuz, one of the world’s most critical oil shipping routes.

As of Wednesday morning, Brent crude traded at approximately $114.80 per barrel, reflecting a 3.15 per cent increase, while West Texas Intermediate (WTI) crude rose to about $103.40 per barrel, up by 3.49 per cent.

Energy analysts say the surge in international crude prices has significantly increased feedstock and replacement costs for refiners globally, including the Dangote Refinery.

The rising cost of crude oil is expected to continue putting pressure on refined petroleum products such as petrol, diesel, and aviation fuel.

Economic observers have warned that another increase in petrol prices could worsen inflationary pressures across Nigeria, especially in transportation, food distribution, manufacturing, and logistics sectors.

Transport operators in some cities have already hinted at possible fare increases if fuel prices continue to rise.

The development also comes amid growing concerns over rising energy costs in Nigeria’s aviation sector, where operators have recently raised alarm over increasing Jet A1 aviation fuel prices.

Despite the latest pricing concerns, the Dangote Refinery remains one of the biggest players in Nigeria’s energy market and Africa’s largest single-train refinery.

The refinery has increasingly become a major supplier of refined petroleum products within Nigeria and neighbouring African countries, helping reduce dependence on imported fuel products.

Industry analysts say the refinery’s pricing decisions now significantly influence Nigeria’s downstream petroleum market due to its growing supply dominance.

Meanwhile, marketers and industry stakeholders are awaiting further clarification from the refinery on when full product sales and invoice processing operations will resume.

Dangote Refinery Raises Petrol Price to ₦1,275 Per Litre