MTN Nigeria secures approval to cancel 7.5bn unissued shares

The Nigerian Communications Commission (NCC) has renewed MTN Nigeria’s operating spectrum and licence in Nigeria for another 10 years from September.

Recall that the NCC had earlier in August denied renewing the operating licence of MTN Nigeria.

But MTN in a statement signed by its company secretary, Uto Ukpanah, said that the NCC approved the renewal of its Unified Access Service (UAS) Licence and Spectrum licence for wireless local loop in the 900MHz and 1800MHz band.

According to the notice, these licences which expired on 31st of August, 2021, have now been renewed for a further ten-year period, starting from 1st of September, 2021. In addition, the regulator (NCC) acknowledged the receipt of the sum of N7.16 billion for the spectrum licence, and N374.6 million for the UAS licence in settlement of their invoices for the period 1st of September 2021 to 31 August, 2031.

The spectrum underpins MTN’s data network and telecom coverage in Africa’s biggest economy.

Commenting on the renewals, the CEO of MTN Nigeria, Karl Toriola said: ‘’Renewing our licences for another ten years is very important to our business and enables us to continue to provide services to ensure the benefits of a modern connected life for our prople. MTN Nigeria is delighted with its strong partnership with the NCC and looks forward to working closely with the Commission, and the Ministry of Communications and Digital Economy, to accelerate the growth of Nigeria’s digital economy.’’



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