IHS Towers, Africa’s biggest telecom tower firm, saw its shares spike by 9.7% on the New York Stock Exchange (NYSE) on May 7—its busiest trading day in nearly two years. Over 3 million shares changed hands, driven by growing investor confidence as Nigeria’s telecom giants return to profitability.
The firm’s strong ties to Nigeria are a key factor—MTN Nigeria and Airtel Nigeria together contribute 57% of its revenue, with the country accounting for over half of its earnings. With the Nigerian Communications Commission (NCC) raising tariffs and telcos ramping up 4G and 5G expansion, IHS’s infrastructure is becoming more valuable.
The company’s stock has jumped over 51% since January, outperforming tech peers, and recently hit its highest price since September 2023. CEO Sam Darwish also increased his personal stake by $7.75 million in May, signalling strong internal confidence.
Despite past challenges like forex volatility and site vandalism, IHS is securing long-term contracts and planning to build 500 new towers in 2025—many aimed at boosting rural internet coverage in Nigeria.
