MTN faces shareholders’ backlash over USD-Indexed Tower Leases

MTN Nigeria’s shareholders have registered their displeasure about the company’s recent actions and how they affect their investment stakes. The firm had, in recent weeks, come under fire among other concerns over its decision to continue paying tower leasesMTN Nigeria’s shareholders have registered their displeasure about the company’s recent actions and how they affect their investment stakes.

With these losses, MTNN implemented de-risking efforts, one of which was engaging Towerco, an American company with a significant chunk of its tower leases indexed to the USD. The ongoing depreciation of the naira against the USD, with a staggering 70 per cent decline since December 2023, will more than ever further complicate the situation. Analysts predict aggregate FX losses exceeding N1 trillion for FY 2024, with significant implications for MTNN’s financial stability.

“Prioritising naira-backed tower companies with no FX indexation could mitigate future risks and ensure a more stable financial outlook for the company. MTN Nigeria’s shareholders have registered their displeasure about the company’s recent actions and how they affect their investment stakes. The firm had, in recent weeks, come under fire among other concerns over its decision to continue paying tower leases

ABA, the commercial nerve centre of Abia State was agog yesterday as the General Superintendent of Deeper Life Bible Church , Dr Williams Folorunso Williams commenced a five-day global crusade in the city.

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