The mergers & acquisitions that shaped Nigeria’s corporate landscape in H1

After several years of subdued corporate dealmaking driven by economic uncertainty, Nigeria witnessed a resurgence in mergers and acquisitions (M&A) during the first half of 2026 as companies pursued acquisitions, strategic partnerships, and cross-border expansion to strengthen their competitive positions.

The transactions, spanning banking, telecommunications, consumer goods, and capital markets, underscore how businesses are adapting to a rapidly changing operating environment characterised by tighter regulation, technological disruption, higher capital requirements, and the search for economies of scale.

Unlike previous years when many companies focused primarily on survival, the first six months of 2026 showed that corporate boards were increasingly using mergers and acquisitions as strategic tools to expand market share, access new customers, diversify revenue streams, and improve operational efficiency.

Analysts say the deals also reflect growing confidence in the Nigerian economy following improving macroeconomic stability and renewed investor appetite for quality assets.

“The recent wave of transactions is less about distressed sales and more about strategic positioning,” said an investment analyst. “Companies are looking beyond organic growth because acquisitions can provide immediate scale, stronger distribution, and access to new markets.”

Below is a breakdown of the major deals announced during the first half of the year.
MTN Group’s proposed acquisition of IHS Towers’ stake
The largest transaction announced during the period came from MTN Group, which unveiled plans to acquire a 74.3 percent stake in IHS Towers at a proposed price of $8.50 per share.

The proposed acquisition represents one of the biggest infrastructure plays in Africa’s telecommunications sector.

Ralph Mupita, MTN Group president and chief executive officer, described the acquisition as a strategic move to strengthen the company’s long-term position in Africa’s digital economy.

“This proposed transaction is a pivotal step in further strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth,” Mupita said.

The rationale extends beyond ownership. Mobile network operators across Africa are increasingly seeking greater control over critical infrastructure as data consumption accelerates and network expansion becomes more capital-intensive.

Owning a controlling interest in tower infrastructure would allow MTN to improve network planning, reduce long-term leasing costs, enhance service quality, and accelerate the rollout of next-generation connectivity technologies.

The transaction would also reduce dependence on third-party infrastructure providers while giving MTN greater flexibility in managing operating expenses.
For IHS Towers, the deal provides stronger financial backing from its largest customer and creates opportunities for long-term infrastructure investment.

Legend Internet and Spectranet merger
Broadband providers Legend Internet Plc and Spectranet agreed to merge under a unified corporate structure, marking one of the most significant consolidations in Nigeria’s internet services market.
The business combination, estimated with a market value of about N80 billion, is expected to be completed in the second quarter of 2026, subject to regulatory approvals, including from the Federal Competition and Consumer Protection Commission and Nigerian Communications Commission.

The broadband industry has become increasingly competitive, with operators facing rising infrastructure costs, expensive foreign exchange requirements for equipment imports, and growing customer expectations for faster internet speeds.

By combining operations, the merged entity expects to achieve economies of scale, reduce duplicated operating costs, and optimise its network infrastructure.

The transaction also enables both companies to combine customer bases, strengthen spectrum utilisation, and compete more effectively against larger telecommunications operators that have expanded aggressively into fixed broadband services.

Zenith Bank’s acquisition of Paramount Bank Kenya
Zenith Bank received regulatory approval to acquire Paramount Bank in Kenya, reinforcing the lender’s regional expansion strategy.

For Zenith Bank, the acquisition provides an immediate foothold in East Africa without the lengthy process of building operations from scratch. Kenya remains one of Africa’s largest and most sophisticated banking markets, serving as a gateway into the East African Community.

Rather than relying solely on organic expansion, acquiring an existing bank provides Zenith with established customers, experienced personnel, regulatory licences, and operational infrastructure.

The transaction also supports the bank’s ambition of becoming a leading pan-African financial institution while diversifying earnings outside Nigeria. Cross-border acquisitions have become increasingly attractive for Nigerian banks seeking new growth opportunities as domestic competition intensifies.

Champion Breweries acquires the Bullet brand

Champion Breweries Plc has completed the acquisition of the Bullet brand portfolio from Sun Mark, giving the Nigerian brewer a foothold in 14 African markets and accelerating its push beyond beer into faster-growing beverage categories.

The transaction, first announced in August 2025, transfers ownership of Bullet’s trademarks, formulations, and commercial rights through an asset carve-out.

The brands will sit in a newly incorporated Netherlands entity majority-owned by Champion Breweries Plc, with Vinar N.V., the majority shareholder of Sun Mark, retaining a minority stake.

For the Uyo-based brewer, known for Champion Lager and Champ Malta, the deal marks a shift from a largely regional brewing business to a broader consumer drinks platform with continental reach.

Bullet products are already distributed across 14 African markets. In Nigeria, Bullet Black is positioned as a leading ready-to-drink alcoholic beverage, while Bullet Blue has built a presence in the energy drink segment in several countries.

United Capital acquires stake in NGX Group
United Capital Plc acquired a five percent equity stake in NGX Group, highlighting increasing strategic investments within Nigeria’s financial services ecosystem.
Unlike traditional acquisitions aimed at securing operational control, the investment strengthens United Capital’s relationship with Nigeria’s capital market infrastructure.

As one of the country’s leading investment banking and wealth management firms, United Capital stands to benefit from closer alignment with the exchange that underpins much of its business.

The investment also reflects confidence in the long-term growth prospects of Nigeria’s capital markets, especially as new listings, fixed-income activity and retail investor participation continue to expand. For NGX Group, attracting institutional shareholders enhances ownership quality and supports market development.

Unity Bank and Providus Bank merger
The merger between Unity Bank and Providus Bank crossed its final legal hurdle after receiving clearance from the Supreme Court, paving the way for one of Nigeria’s most significant banking consolidations.

The merger is primarily driven by the banking sector’s recapitalisation programme, which has significantly increased minimum capital requirements for commercial banks.

Rather than independently raising fresh capital in challenging market conditions, the combination enables both institutions to create a stronger balance sheet capable of meeting regulatory requirements.

Beyond compliance, the merger offers significant operational benefits, including a larger branch network, a broader customer base, improved technology integration, and greater lending capacity.

The combined institution is expected to become more competitive, particularly in retail banking, SME financing, and digital financial services.