South Africa’s MTN Group expects double-digit Nigeria sales growth in the medium term, above an overall average of high-single digits, as economic conditions improve and it gains subscribers from troubled competitors. As part of the fine settlement, the company agreed to list its local unit on the Nigerian Stock Exchange. Talks are also ongoing with the regulator to use spectrum gained from its acquisition of Visafone in 2016.
While MTN is highly unlikely to leave its biggest market, the company has had run-ins with the regulator and was forced to pay a $1 billion fine last year for missing a deadline to disconnect unregistered users.
“Our strategy is to grow our network and we need all the spectrum we can,” said Mupita.