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MTN Nigeria Communications PLC has notified the Nigerian Exchange Limited (NGX) and the investing public that the Nigerian Communications Commission (NCC) has approved the renewal of its first 800MHz Spectrum band licence (Channel 1) for an additional ten years, effective from 1 January 2025 to 31 December 2034.
The NCC has also approved the extension of the second 800MHz spectrum band licence (Channel 2), which expires on 31 December 2030, for an additional four years, with a new end date of 31 December 2034.
The extension aims to harmonise the tenure of the Company’s 800MHz spectrum licences so that they jointly expire on 31 December 2034 for ease of subsequent renewals.
Commenting on the transactions, MTN Nigeria CEO Karl Toriola said: “We are pleased with the successful renewal and harmonisation of our 800MHz spectrum licences, which lay a solid foundation for the ongoing delivery of 4G services to our customers. This enables us to continue to meet the demand for data and is integral to our broader strategy for enhancing connectivity.”
This will be more good news for MTN Nigeria shareholders following the recent increase in telecommunications tariffs by 50% to offset the impact of the collapse in the naira and surging inflation.
The stock surged the maximum 10% to N256.30 at Tuesday’s close in Lagos, the commercial capital. MTN stock is up 28% year to date, outperforming the broad NGX index which has risen by 0.75%.
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