Nigeria being a late entrant in the telecommunications industry has not affected it economic growth, but despite that, the country’s growth in telecommunications industry has been a subject of diverse debate. In October 2023 the telecommunications industry experienced a 0.19% growth in Active Voice subscriptions while telecom-density stood at 102.49% with internet subscriptions increasing by 0.60% compared to September In November of the same year, the industry also experienced a 0.46% growth inActive Voice subscriptions. Also telecommunication operators activated 1.57 million mobile subscribers, as active mobile users in Nigeria in February rose to 219.7 million from 218.1 million in January; however a recent report from March to April 2024 showsa great decline to the number of Subscribers. Moreover, it is not the growth of the industry at the disposal of the subscribers that should be celebrated, but the growth of the industry at the rate in which it serves the best interest of the consumers as stated under the various international and local regulation or legislation to which the work has come to critically analyse and provide a solution where necessary for the best interest of all who is engaged in telecommunications industry. Keywords: Telecommunications industry; Nigeria; subscriber growth; consumer protection

The recent acquisition of Mono by Flutterwave with only stocks and without any cash is historic and monumental because it is the first of its kind in Nigeria’s Mergers and Acquisitions landscape. Etched against this background, this article examines the steps to structuring all stock deals in Nigeria, which are preliminary negotiations and confidentiality agreements, conducting due diligence, determination of valuation methodologies and exchange ratio,approval by shareholders, approval by regulatory bodies, and post-merger integration. While all-stock deals bear similarities with all-cash deals or deals which are a mixture of stocks and cash, their particular nuances must be paid attention to, especially within Nigeria’s complex legal and regulatory frameworks. For instance, while the Investments and Securities Act of 2025 only provides for all-stock acquisition by public companies, the Companies and Allied Matters Act of 2020 makes this provision for all companies without drawing any line of distinction. The article employs the doctrinal method of research, and relevant laws, regulatory guidelines and global best practices in M&A deals in Nigeria are all well-analysed and examined. All-stock deals directly affect the stakes of shareholders within a company and may, given the precedent laid down by Flutterwave, become more popular within Nigeria. This article, therefore, seeks to make up for the knowledge gap in this area through the analysisconducted. Keywords: All-stock deals, merger and acquisition, Investment and Securities Act of 2025,Company and Allied Matters Act of 2020, Federal Competitions and Consumers’ ProtectionAct of 2019.