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.

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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.

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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

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

The Nigerian Naira opened trading on Tuesday, April 28, 2026, with cautious stability against the US Dollar, as the official exchange rate and parallel market rate continued to reflect a wide gap amid persistent foreign exchange pressure.

In the Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,360 per $1, showing slight intraday movement between ₦1,359 and ₦1,360 during early trading hours. The relatively stable opening suggests controlled liquidity conditions in the official market.

Transactions tracked on the FMDQ Securities Exchange indicated that trading remained within a narrow range as banks and institutional investors adjusted positions based on demand and supply. The market continues to operate under the “willing buyer, willing seller” framework, which guides price discovery in the official FX window.

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The Central Bank of Nigeria (CBN) is maintaining oversight of the foreign exchange market, with ongoing efforts aimed at improving dollar liquidity and reducing pressure from unmet demand. Analysts note that recent interventions targeting FX backlog clearance and supply support to key sectors have helped limit extreme volatility.

However, the black market (parallel market) continues to show significantly higher rates due to strong retail demand for dollars. In major cities including Lagos, Kano, and Port Harcourt, the dollar is trading between ₦1,480 and ₦1,495 per $1, depending on transaction size and location.

The widening gap between the official exchange rate and the parallel market rate remains a major concern for economic analysts, as it reflects ongoing shortages of foreign exchange in formal channels.

Market observers say several factors are influencing today’s exchange rate movement, including Nigeria’s oil revenue inflows, which remain the country’s primary source of foreign exchange earnings. Additional pressure is coming from demand for imports, manufacturing inputs, foreign education payments, and medical travel abroad.

The clearance of outstanding FX obligations to airlines and multinational companies is also shaping liquidity conditions in the market. Meanwhile, global market sentiment and investor appetite for emerging market currencies continue to play a role in short-term naira movements.

Despite continued pressure, analysts say the naira has shown relative stability in the official window, suggesting that current policy measures are helping to prevent sharper depreciation.

Market expectations for the rest of the trading week indicate that the naira may remain within a similar range unless there is a major shift in FX inflows or new intervention from the Central Bank of Nigeria. Attention remains on closing rates later in the day to determine the overall direction of the currency.

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand