MTN Nigeria acquires additional 10MHZ spectrum

MTN Nigeria has acquired an additional 10MHz spectrum in the 800MHz band from Intercellular Nigeria Limited.

Already, the Nigerian Communications Commission has approved the transaction and assigned the frequency to MTN Nigeria.

MTN said the acquisition was aimed at significantly improving customer experience, in line with its commitment to deliver excellent service quality to its subscribers.

A statement by the firm quoted the Chief Executive Officer at the MTN Nigeria, Karl Toriola, as saying, “Through this acquisition, we will be better positioned to support the deepening of broadband penetration in the country. The 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 access to modern connected life.”

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 per cent 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.