IHS Nigeria, a branch of IHS Holding Limited, alongside MTN Nigeria, has announced the extension of their Master Lease Agreements for Nigerian towers until December 2032. The updated contract, disclosed on Wednesday, encompasses around 13,500 tenancy agreements. This renewal includes approximately 2,500 MTN Nigeria tenancies that were originally set to expire at the end of 2024 and into 2025.
Under the revised terms, IHS Towers, a leading independent provider of shared communication infrastructure, will extend 1,430 tenancies, incorporating new collocations. The refreshed contracts introduce new financial terms designed to offer a balanced approach between local and foreign currencies, and include a diesel-linked component.
This agreement highlights the critical role of IHS’s infrastructure and the strong operational partnership with MTN Nigeria, which serves about 79 million subscribers.
The new terms feature a dollar component with annual adjustments based on the US Consumer Price Index, a naira component linked to the Nigerian Consumer Price Index, and a new diesel cost-indexed element to mitigate the effects of fluctuating diesel prices and foreign exchange rates.
Sam Darwish, Chairman and CEO of IHS Towers, expressed his enthusiasm about renewing the deal with MTN Nigeria, emphasizing it as a major achievement. He noted that this renewal completes the update of all tower Master Lease Agreements in Nigeria, reflecting the strengthened bond between the two firms.
Darwish acknowledged the challenges in emerging markets and praised the extended partnership as a significant step in expanding mobile connectivity in Nigeria amid global and local economic conditions.
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