IHS Towers and MTN Nigeria have renewed their tower lease agreements for another eight years. The new deal extends all leases until December 2032 and covers about 13,500 tenancy contracts.
This move ensures that MTN can continue using IHS Towers’ infrastructure for its network.
The updated agreements include new financial terms. These terms involve payments in both local and foreign currencies and include a component tied to diesel costs. This helps both companies manage costs related to fuel and currency fluctuations.
MTN Nigeria’s CEO, Karl Toriola, is pleased with the deal, as it will help reduce network costs and improve the company’s financial position.
IHS Towers’ CEO, Sam Darwish, is also happy with the extension, marking it as a key milestone in their partnership and a commitment to expanding mobile services in Nigeria.