IHS Towers has struck an agreement to renew and extend all Nigeria tower master lease agreements until December 2032.

The contract renewal covers approximately 13,500 tenancy contracts. Financial terms of the agreement were not disclosed.

Around 2,500 MTN Nigerian tenancies had been due to expire at the end of this year and 2025. IHS confirmed that under new terms, it will renew 1,430 tenancies (including new colocations).

It looked as if rival tower company American Tower was going to strike a deal with MTN, a telco that has more than 79 million customers in Nigeria.

A few months later IHS offered improved terms to see off American Tower, a move which now seems to have been successful.

According to IHS, the renewed and extended contracts include new financial terms that provide "what the parties believe to be a more sustainable split between local and foreign currency," plus a new diesel-linked component.

"This marks a significant milestone for IHS Towers as it has completed the renewal of all tower MLA’s in Nigeria, a testament to the deepened relationship between the two companies," said Sam Darwish, chairman & CEO, IHS Towers.

"We are cognizant of the challenges faced in emerging markets and are proud to extend our relationship into the next decade, working together to navigate global and local macro conditions while broadening mobile connectivity in Nigeria through our critical infrastructure.”

IHS owns 16,000 towers in Nigeria, of which 14,600 are leased by MTN. Around 13 percent of MTN's portfolio is with ATC, while 80 percent is with IHS.

In February, IHS also tied down Airtel Nigeria to an agreement extension in the country.

As part of the renewed terms of that deal, Airtel also committed to take 3,950 tenancies over the next five years, with the majority expected over 2024/2025, and extend the term of its existing tenancies covering around 6,000 tenancies until December 2031.

IHS operates around 40,000 towers across 10 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Rwanda, South Africa, and Zambia.