A wave of mergers and acquisitions is reshaping several sectors of Nigeria's economy in 2026, with energy, telecommunications, and broadband infrastructure leading the consolidation drive.
The combined disclosed value of major deals announced, completed, or progressing through regulatory processes between January and June 2026 stands at no less than $6.5 billion, according to filings from the Nigerian Exchange, regulatory disclosures, and company announcements.
The largest transaction by far is **MTN Group's proposed acquisition of IHS Towers**, announced in February 2026. The deal, valued at approximately **$6.2 billion**, involves MTN purchasing the 75% stake in IHS it does not already own at $8.50 per share. IHS will be delisted from the New York Stock Exchange and become a wholly owned subsidiary of MTN once the transaction receives all required approvals. The acquisition is significant for Nigeria because IHS owns telecom towers used by MTN Nigeria and other mobile operators.
In the upstream oil and gas sector, **Aradel Holdings** completed its acquisition of an additional 40% stake in **ND Western Limited** for **$300 million**, increasing its ownership from 41.67% to 81.67%. The deal gives Aradel control of ND Western, which holds a major interest in Oil Mining Lease 34 in the Niger Delta, and strengthens its position among Nigeria's leading indigenous energy companies.
**MTN Nigeria Communications Plc** announced plans to sell a 60% stake in its fintech subsidiaries — **MoMo Payment Service Bank** and **Y'ello Digital Financial Services** — to MTN Group in a deal valued at **N152.06 billion (approximately $110.95 million)**. Under the arrangement, MTN Group's Fintech B.V. will take a controlling stake while MTN Nigeria retains 40% ownership. The parties will transfer their stakes into a new holding company regulated by the Central Bank of Nigeria. Completion is expected by 31 December 2026, subject to regulatory approvals.
**BlueCore Gas InfraCo** completed its acquisition of **Axxela Limited**, one of Nigeria's largest privately owned gas infrastructure companies. Although the purchase price was not disclosed, Rand Merchant Bank arranged a **$285 million debt financing package** to support the transaction, underscoring the deal's scale. The acquisition gives BlueCore control of Axxela's gas processing, transport, and distribution facilities.
In Nigeria's internet services market, **Legend Internet Plc** and **Spectranet** announced a proposed merger in March 2026 that would create a combined entity with an estimated market capitalisation of about **N80 billion**. Both companies operate fibre and wireless broadband networks across major cities. The merger has received board and shareholder approvals and is awaiting regulatory clearance.
**Access Bank Plc** continues its pan-African expansion, with its acquisition of **Finance Trust Bank** in Uganda still progressing through regulatory review. The deal, first announced in 2024, strengthens the bank's East African retail and SME banking footprint. Its value has not been publicly disclosed.
Several of these transactions remain subject to regulatory approvals in Nigeria and other jurisdictions. If completed, the MTN-IHS Towers deal would rank as one of the most significant telecom infrastructure transactions in Africa in recent years, potentially influencing infrastructure sharing, pricing, and investment decisions across the continent.
