径好,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- MTN puts 30% of IHS Nigeria up for sale
- OPay eyes Nigerian Exchange listing
- KOKO Networks caught in Kenya’s Tribunal logjam
MTN puts 30% of IHS Nigeria up for sale
MTN Group is looking for Nigerian investors to buy 30% of IHS Nigeria in a deal that could raise between $900 million and $1.1 billion, according to people familiar with the matter cited by Bloomberg. The move comes just days after Nigerian regulators gave conditional approval for MTN’s proposed acquisition of IHS Towers. The proposed sell-down is not optional: it is part of the conditions attached to the deal, requiring MTN to bring Nigerian investors into the local tower business.
The money is significant, but what MTN does with it is perhaps more interesting. CEO Ralph Mupita said proceeds from any sell-down would be used to pay down debt linked to the IHS transaction and that the deal would be done at a market-orientated valuation. The reported $900 million–$1.1 billion figure is not a confirmed sale price yet, and the people familiar with the discussions spoke anonymously because the details are private.
To understand why MTN is selling part of something it is trying to acquire, you have to go back to the broader IHS deal. MTN announced earlier this year that it wanted to acquire the roughly 75% of IHS Towers it did not already own, moving towards full ownership of a company that operates about 29,000 towers across Africa. Nigeria is IHS’s biggest market, with around 18,000 towers, making the Nigerian operation by far the most valuable piece of the business.
The regulatory condition effectively means MTN can take control of IHS while still leaving room for Nigerian capital to own part of the country’s tower infrastructure. Earlier this week, Nigeria’s competition authorities gave conditional approval for the transaction, with the sell-down to local investors forming part of those conditions. That creates an unusual situation: MTN is consolidating control of IHS globally while simultaneously preparing to sell a sizeable minority stake in its Nigerian arm.
For MTN, the deal could therefore kill two birds with one stone: satisfy Nigerian regulators and bring in as much as $1.1 billion to reduce acquisition-related debt. For Nigerian investors, meanwhile, it could be a rare chance to take a direct stake in critical telecom infrastructure at a time when demand for towers is growing alongside smartphone adoption and data usage. IHS’s Nigerian network sits underneath the services that millions of people use every day, so whoever buys the 30% stake isn’t simply investing in towers; they’re buying into one of the country’s most important pieces of digital infrastructure.
OPay eyes Nigerian Exchange listing
OPay is preparing to list its shares on the Nigerian Exchange (NGX), according to sources familiar with the matter cited by Nairametrics on August 27, 2026. The fintech is expected to formally announce the plan soon, although there is still no confirmed listing date, offer size, or valuation for the Nigerian listing. The move could become one of the biggest technology listings Nigeria’s capital market has seen.
What makes this particularly interesting is that OPay is also preparing for a potential US IPO targeting a valuation of about $4 billion. The company is reportedly working with Citigroup, Deutsche Bank, and JPMorgan Chase on that listing, which is expected later this year. It is not yet clear whether the NGX listing would happen at the same time as the US IPO as a dual listing or come afterwards. Either way, it would give Nigerian investors a chance to own a piece of a fintech whose business is heavily tied to Nigeria.
And there is a lot for investors to look at. OPay processed $358 billion in gross transaction value in 2025, up 115% from $166.2 billion in 2024. Its monthly active users rose from 25.1 million to 39.3 million, while revenue climbed 161% to $536.3 million. Nigeria accounted for 88.1% of that revenue, which makes the argument for a local listing fairly straightforward: much of the value being created by OPay is coming from Nigerian users, so local investors should have an opportunity to participate in that growth.
That argument has actually been gaining momentum. Earlier in August 2026, NGX Group CEO Temi Popoola called on President Bola Tinubu to support measures encouraging major companies generating significant revenue in Nigeria to list locally. He specifically mentioned fintechs such as OPay and PalmPay, amid concerns that some of Nigeria’s biggest technology companies could take their public-market debuts overseas and leave Nigerian investors watching from the sidelines. The Securities and Exchange Commission has also been modernising the local market, including moving equities to a T+1 settlement cycle from June 1, 2026.
So OPay’s possible NGX listing is bigger than just another fintech IPO. It could test whether Nigeria’s capital market is attractive enough to keep some of the country’s biggest technology companies at home while giving pension funds, institutions and retail investors exposure to a business that has already reached considerable scale. It also comes at an interesting moment for OPay: the company is reportedly targeting a $4 billion US valuation, Standard Bank has been in talks to invest ahead of that IPO, and OPay is coming off a year of strong growth. If the NGX plan materialises, the fintech could end up giving investors both a Wall Street story and a Lagos one.
KOKO Networks caught in Kenya’s Tribunal logjam
KOKO Networks is one of the businesses caught in Kenya’s latest regulatory logjam, and in its case, the delay comes at a particularly bad time. The clean-energy startup is currently under administration, yet its appeal against a Competition Authority of Kenya (CAK) decision is sitting before a Competition Tribunal that has effectively been unable to function since September 17, 2025, per BusinessDaily. KOKO is challenging a CAK decision concerning an exclusive arrangement it had with Vivo Energy for the supply and distribution of its bioethanol cooking fuel.
The KOKO dispute goes back to a partnership that was supposed to help make cleaner cooking fuel more accessible in Kenya. In 2018, Koko and Vivo Energy entered into an agreement under which Vivo would supply and support the distribution of ethanol cooking fuel through KOKO’s network. By 2019, Kenya’s competition regulator had authorised an exemption relating to the arrangement. The partnership gave KOKO access to Vivo’s fuel infrastructure, while KOKO brought its technology, smart dispensers, and distribution network to the table.
But the relationship eventually became a competition issue. The CAK investigated the arrangement, including whether the exclusivity between the two companies raised concerns under Kenya’s competition rules. KOKO subsequently challenged the regulator’s decision at the Competition Tribunal. In January 2026, KOKO approached the Tribunal seeking orders connected to the CAK decision, but the appellate body could not properly proceed because it no longer had the required quorum. Koko’s situation is even more complicated because the company itself entered administration after its clean-cooking business collapsed in early 2026.
And that is why the Tribunal’s paralysis matters beyond just one corporate dispute. Its chairperson’s term ended on September 16, 2025, while another member’s term expired in July. The institution has three members remaining but no substantive chairperson, leaving it without the quorum needed to hear and determine appeals. In a February 19, 2026, letter, Tribunal CEO Julius Mutua warned Treasury that the vacancy was creating prolonged uncertainty and potential economic losses for businesses. The Tribunal is the formal route for companies that want to challenge CAK decisions, so when it stops working, businesses can be left in limbo even when they have a legal avenue to appeal.
The timing is particularly awkward for Kenya because competition enforcement has become more aggressive and the cases reaching the Tribunal are getting bigger. In July 2025, for example, the Tribunal upheld CAK decisions involving several steel manufacturers accused of practices including price-fixing and output restrictions. Now, alongside KOKO, cases involving Carrefour, GTB, and other businesses are waiting. For Koko, though, the issue is more than an ordinary regulatory dispute: a company that has already gone into administration is still waiting for its competition appeal to be heard. The case shows how a seemingly simple government appointment can have real consequences for businesses, investors, and creditors when the institution responsible for resolving disputes is left without the people needed to do its job.
In case you missed them
- Meta agrees to pay up to $18 billion over claims Facebook and Instagram harmed children
- Intron expands its voice AI with support for multilingual African conversations
- Cross-border payments in Africa take seven days. Bani is betting on direct bank integrations to fix this
What I’m watching
- The Evolution of Technology: A Journey with Jim Al-Khalili
- The Man Who Calls BS On AI: They’re LYING About AI, 2027 Is When It All Breaks! | Ed Zitron
Opportunities
- Flutterwave is hiring for several roles. Apply here.
- Moniepoint is hiring for over 100 roles. Apply here.
- Follow Techpoint Africa’s WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a fun weekend!
Victoria Fakiya for Techpoint Africa
