EXCLUSIVE: How Mafab, IHS Deals Could Make Tinubu A Major MTN Shareholder – Telecom Sources

Nigerian telecom players Mafab Communications and MTN Group are reportedly involved in a multi-faceted deal that could see President Bola Tinubu become a significant shareholder in MTN. According to telecom insiders, a series of transactions involving the two companies are part of a larger arrangement designed to achieve this goal. These transactions include Mafab's potential transfer of its 5G spectrum assets to MTN Nigeria.

Mafab, one of the two original 5G spectrum license winners in Nigeria, is reportedly in talks to transfer its 100MHz block in the 3.5GHz band and 2x20MHz allocation in the 2.1GHz band to MTN Nigeria. The financial terms of this proposed transaction have not been disclosed, but regulatory approval from the Nigerian Communications Commission (NCC) is required. If approved, the deal could be completed as early as October 2025.

The sources also allege that this Mafab transaction is linked to MTN Group's proposed $6.2 billion acquisition of IHS Towers, another major player in Nigeria's telecom market. This IHS takeover is subject to approval by the Federal Competition and Consumer Protection Commission (FCCPC), which has conditionally approved the deal only if MTN sells up to 30 percent of the Nigerian component of IHS to local Nigerian investors at market prices over time.

The alleged connection between Mafab and Tinubu stems from Mafab Communications' original 5G spectrum acquisition, which is now under scrutiny. Allegations suggest that Mafab's financing for its NCC licence was funneled through Alpha Beta Consulting LLP, a company frequently associated with Tinubu in past investigations. However, these claims have not been independently verified by SaharaReporters.