Sam Darwish, the U.S.-Nigerian founder of IHS Towers, is seeing his personal fortune grow as the telecom infrastructure company he founded enjoys a significant stock market rebound.
The market value of his 3.9% stake in the New York-listed tower operator, which amounts to about 12.9 million shares, has climbed to over $93 million.
This represents a notable recovery, adding millions to his wealth in recent weeks and reversing earlier losses seen in the year.
The surge reflects renewed investor confidence, with IHS shares gaining over 148% since the beginning of 2025, a performance that would turn a $100,000 investment made in January into roughly $248,000 today.
This renewed optimism is fueled by the critical role tower operators play in meeting the growing demand for data and mobile connectivity across emerging markets.
Investors are reassessing African infrastructure assets, and IHS Towers, as one of the world’s largest independent tower operators with over 39,000 sites, is a prime beneficiary.
The company’s strong performance in its largest market, Nigeria, has been a key driver.
In its third-quarter earnings report, IHS posted a 10.6% revenue increase in Nigeria, a result Darwish himself credited to the Nigerian government’s efforts to stabilize the economy and strengthen the currency.
This performance, combined with expansion in Latin America and the Middle East, reinforces the strength of the business model Darwish launched in Lagos back in 2001.
