IHS CEO Sam Darwish sells $710,000 shares after MTN $6.2 billion deal

Sam Darwish, a U.S.-Nigerian telecom entrepreneur who doubles as chairman and CEO of IHS Holding Ltd, has sold $710,000 worth of shares in the telecom infrastructure group under a pre-arranged trading plan, according to filings with the U.S. Securities and Exchange Commission.

The structured share sales come weeks after MTN Group’s proposed all-cash acquisition of IHS Towers, announced on Feb. 17, 2026, which values the company at roughly $6.2 billion in enterprise value.

Planned sale tied to compensation
The March 18 transaction involved 86,793 ordinary shares sold at a weighted average price of $8.18. The sale was executed under a pre-arranged stock trading plan, a mechanism widely used by corporate executives to pre-schedule stock transactions and mitigate insider trading concerns.

Regulatory filings show the shares were sold primarily to cover tax obligations linked to the vesting of restricted stock units, a common feature of executive pay structures. The transactions were executed within a narrow price range between $8.16 and $8.19.

Despite the disposal, Darwish retains direct ownership of more than 400,000 shares and holds an additional 12.7 million shares indirectly through trusts, maintaining significant exposure to the company’s long-term performance.

Executives maintain significant holdings
Separate filings show other senior executives also reduced their holdings under similar structured plans. Mohamad Darwish, CEO of the company’s Nigeria operations, sold shares worth about $132,000, while Chief Financial Officer Stephen Howden disposed of approximately 39,600 shares.

Following the transactions, both executives continue to hold substantial stakes, underscoring alignment with shareholder interests.

IHS growth remains strong
In 2025, IHS Towers posted a 3.6% year-on-year revenue rise to $1.58 billion, fueled by 10% organic growth from colocation, lease amendments and new sites, with the remainder a result of foreign exchange (“FX”) resets and power indexation. This revenue excludes revenue of $193.5 million for the Latam segment now presented within discontinued operations.

The structured share sales come as IHS Holding continues to expand its footprint across emerging markets, particularly in Africa, where demand for telecom infrastructure and connectivity solutions is rising. Darwish’s retained holdings signal sustained confidence in the company’s long-term growth trajectory, even as routine equity monetization remains part of executive compensation frameworks.

Darwish’s IHS growth story
Founded in 2001, IHS Towers grew under Darwish from a small Nigerian telecom infrastructure firm into a global leader managing more than 39,000 towers across Africa, Latin America, and the Middle East. The company serves as a key backbone for mobile connectivity in several fast-growing emerging markets.

Over two decades, Darwish oversaw expansion through strategic tower acquisitions, network build-outs, and long-term lease agreements with major mobile operators. His leadership established IHS as one of the most closely watched independent telecom tower operators for global investors.