By Adeyemi Adepetun
Technology group, MTN, is planning to increase local ownership of its Nigerian unit, including a potential 11 per cent sell-down (76 per cent to 65 per cent ownership).

Nigeria is the group’s main source of revenue, accounting for 40 per cent of total earnings, and the business has been boosting its local holdings. The group aimed to cut its stake from 76 per cent to 65 per cent in line with its longstanding commitment to deepening local ownership.

MTN Group President, Ralph Mupita, disclosed this at a roundtable on Wednesday, according to ITWeb, a South African publication.

“The only localisation we have as MTN Group is we have potentially a sell-down in Nigeria at some point in time, approximately 11 per cent. This is something we have said long ago, that over time we would want more Nigerians owning the company, and we are prepared to sell down to 65 per cent. We are at around 76 per cent.

“We said that will only happen at a time when the company has resolved its negative equity position, is paying dividends and we think we will be able to sell-down,” he stated.