General News
MTN Nigeria Posts N707.5bn H1 Profit, Declares N26 Interim Dividend
MTN Nigeria Communications Plc has reported a strong financial performance for the first half of 2026, recording a 70.6 per cent increase in profit after tax to N707.5 billion, driven by sustained growth in data usage, improved operational efficiency, robust cash generation and a more stable foreign exchange environment.
The telecommunications company, in its unaudited financial results for the six months ended June 30, also announced an interim dividend of N26 per ordinary share, subject to applicable withholding tax, following what it described as resilient commercial performance despite continued macroeconomic challenges.
The dividend will be paid on Sept. 7, 2026, to shareholders whose names appear in the company’s register as of Aug. 20.
The company reported that service revenue rose by 25.9 per cent to N3.0 trillion, while total revenue also increased by 25.9 per cent to N2.99 trillion during the review period.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 39.2 per cent to N1.67 trillion, with EBITDA margin improving from 50.6 per cent to 55.9 per cent, reflecting tighter cost management and operating efficiencies.
Basic earnings per share also rose by 70.6 per cent to N33.70, while free cash flow surged by 73.9 per cent to N712.7 billion, highlighting stronger operating cash generation and disciplined capital allocation.
Chief Executive Officer of MTN Nigeria, Karl Toriola, said the company’s first-half performance demonstrated the resilience of customer demand and the effectiveness of its operational strategy.
“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation.
“This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment,” Toriola said.
According to him, Nigeria’s improving macroeconomic conditions, particularly the relative stability of the naira, supported business planning and helped ease some operating cost pressures.
The naira closed the first half of 2026 at N1,380 to the U.S. dollar, compared with N1,530 during the corresponding period in 2025.
On customer growth, MTN Nigeria added 4.9 million new subscribers during the first six months of the year, increasing its customer base by 8.9 per cent to 92.2 million.
Active data users also rose by 9.3 per cent to 55.7 million, reflecting continued smartphone adoption and growing demand for internet services.
The company said data revenue remained its strongest growth driver, rising by 38.4 per cent to N1.70 trillion.
Network data traffic increased by 25.8 per cent, while average monthly data usage per subscriber rose by 15.2 per cent to 14.8 gigabytes, supported by smartphone penetration of 66.4 per cent.
Voice revenue also remained resilient, increasing by 12 per cent to N993.5 billion, despite changing customer communication habits and increased adoption of internet-based messaging platforms.
Digital services revenue grew by 20.9 per cent to N58.5 billion, while other service revenue increased by 26.1 per cent.
However, fintech revenue declined by 7.2 per cent to N77.2 billion, largely due to the temporary suspension of the company’s airtime and data credit service during the second quarter.
Despite this, MTN reported that its underlying mobile money business remained strong, with MoMo wallets increasing by 88.8 per cent to five million, while mobile money revenue grew by approximately 132 per cent.
The company said it had resumed airtime and data credit services and expects stronger fintech performance in the second half of the year.
To support future growth, MTN invested N620.5 billion in capital expenditure, excluding leases, representing a 1.2 per cent increase over the previous year.
The investments were directed toward expanding network capacity, extending coverage and accelerating home broadband deployment through fibre-to-the-home and 5G fixed wireless access technologies.
Toriola said the operator remained committed to strengthening customer experience while maintaining disciplined capital allocation.
He noted that the company ended the period with a positive net cash position of N116.3 billion, having completely eliminated its outstanding foreign currency loans, thereby reducing exposure to exchange rate volatility.
The CEO also disclosed that retained earnings nearly doubled to N793.1 billion, while shareholders’ equity rose by 69.6 per cent to N930.6 billion, despite payment of a N314.6 billion final dividend in May.
Beyond financial performance, Toriola said MTN invested N1.4 billion through the MTN Foundation in programmes promoting digital inclusion, youth empowerment and national development.
He added that the company contributed N622.6 billion in taxes and levies to government during the period, underscoring its role in supporting economic growth.
He said the company’s financial resilience had also been recognised through Agusto & Co.’s upgrade of MTN Nigeria’s long-term credit rating to Aaa, while GCR maintained its AAA rating with a stable outlook.
Looking ahead, Toriola expressed confidence in Nigeria’s long-term growth prospects, citing increasing data demand, expanding smartphone adoption, growing broadband opportunities and the continued evolution of digital financial services.
He said MTN would continue investing in network expansion, digital platforms and customer experience while focusing on sustaining service revenue growth of at least the low-20 per cent range and maintaining EBITDA margins in the mid-to-high-50 per cent band.
The company also reaffirmed its commitment to strengthening its fintech business through improved customer experience, deeper rural penetration and the ongoing structural separation of the unit, subject to regulatory approvals.
According to Toriola, the strategy is expected to enhance balance sheet flexibility, improve funding efficiency and position the fintech business for long-term growth.
Breathe Life Foundation partnered with Teach Nigeria Fellow, Ms Bunmi Rotimi, to deliver a respiratory health awareness session for over 200 senior students of Cleggs Girls High School, Surulere, Lagos.
The session equipped students aged 15–19 years with practical knowledge about the risks associated with smoking, vaping, and shisha, while challenging the misconception that shisha is a safer alternative to cigarettes or other substances.
Through an engaging and interactive discussion, students explored the influence of peer pressure and learned practical strategies for making healthier, more informed lifestyle choices.
They also gained a better understanding of common environmental triggers of asthma and other respiratory conditions, including cigarette smoke, generator fumes, bush burning, mosquito coil smoke, candles, charcoal, and firewood.
The session highlighted an important reality: young people may not always recognise how seemingly routine lifestyle choices and environmental exposures can gradually affect their respiratory health, quality of life, and long-term wellbeing.
For Breathe Life Foundation, this reinforces the importance of shifting the conversation from treatment to prevention through awareness and education. By equipping young people with the knowledge to identify risks and make healthier choices early, the Foundation is helping to build a generation that is more conscious of – and better prepared to protect – its respiratory health.
Breathe Life Foundation is dedicated to advancing respiratory health, an often-neglected public health priority. Healthy lungs are essential to life, yet respiratory diseases remain among the world’s leading causes of death and disability, even though many are preventable and treatable.
Nigeria’s technology retail landscape reached another significant milestone on Monday, August 3, 2026, as global technology giant ASUS, in partnership with Konga, officially commissioned its first flagship experience store in West Africa.
Strategically located at 16 Otigba Street, Computer Village, Ikeja, Lagos; the heartbeat of Nigeria’s technology ecosystem, the state-of-the-art facility represents a major investment in customer experience, product accessibility, and digital innovation.
The launch also reinforces Konga’s growing reputation as a preferred gateway for leading global technology brands into the Nigerian market.
The landmark event attracted Dr Kingsley Tochukwu Udeh, SAN, minister of Innovation, Science and Technology, who officially commissioned the store.
Also in attendance were the Chairman of Zinox Group, Leo Stan Ekeh; Chief Operating Officer of Konga, Dave Omoregie; VP Omni-channel & Commercial Planning, Melvin Onochie; and Head of Marketing and Communications at Konga Group, Victor Oluwaleye.
The ASUS team was led by E.EMEA General Manager, Aaron Tsai, alongside Business Development Manager, Sunnie Chen; Sales Manager, Mohammed Kazim; Gaming Product Manager, Joy Chen; Marketing Manager, Adeola Odeleye; and Sales Specialist, Williams Okenna.
The Honourable Minister described the facility as a defining achievement for Nigeria’s digital economy, noting that it is far more than the opening of a retail outlet.
He called it a strong vote of confidence by a global technology brand in Nigeria’s innovation, science, and technology ecosystem and the immense potential of its market.
He noted that his presence underscored the Federal Government’s commitment to fostering stronger collaboration between the public and private sectors, describing such partnerships as essential to achieving Nigeria’s ambition of building a one-trillion-dollar economy driven by private enterprise and enabled by government.
The Minister paid tribute to Leo Stan Ekeh, describing him as one of the foremost architects of Nigeria’s digital transformation.
He announced that Ekeh had recently agreed to champion the Federal Government’s Youth and Students in Innovation initiative, a flagship programme aimed at equipping young Nigerians with entrepreneurial and technology skills.
According to him, Ekeh’s decades of visionary entrepreneurship have played a pivotal role in shaping the country’s technology ecosystem and attracting prominent technology companies into the Nigerian market.
Using the occasion to address the international business community, the Minister encouraged global investors and brands to look beyond establishing commercial operations in Nigeria and actively partner with the government in driving national development.
He assured investors of the Federal Government’s commitment to creating an enabling environment that safeguards investments and delivers sustainable returns.
Speaking at the event, ASUS E.EMEA General Manager, Aaron Tsai, expressed appreciation to partners, government representatives, and customers for their support.
He explained that the flagship store was conceived to provide consumers with direct access to authentic ASUS products, and expressed confidence that the partnership with Konga will further accelerate the brand’s growth and strengthen customer engagement in the region.
The experience centre features dedicated sections showcasing ASUS’ complete portfolio of premium laptops, gaming devices, AI-powered PCs, and cutting-edge innovations. A standout attraction is an interactive digital display that allows visitors to explore ASUS’ latest technologies virtually before making purchase decisions, creating a more engaging and informed customer journey. Plus, every ASUS device purchased through the flagship store or online on Konga comes with a special one-year replacement warranty at no extra cost.
In his remark, Chief Operating Officer of Konga Group, Dave Omoregie, said the flagship store reflects Konga’s deliberate strategy to give Nigerian consumers a seamless blend of online and offline retail.
He noted that Konga’s logistics network, payment infrastructure, and nationwide retail footprint uniquely position the company to support global brands like ASUS at scale, while ensuring customers enjoy authentic products backed by reliable after-sales service.
According to him, the partnership demonstrates what becomes possible when world-class technology brands trust Nigerian platforms to deliver exceptional experiences, adding that Konga remains committed to setting the operational standard for authentic technology retail across the country.
The launch further reinforces the enduring partnership between ASUS and Konga, built on shared values of innovation, authenticity, and customer satisfaction.
It also highlights Konga’s continued evolution beyond traditional e-commerce into a comprehensive omnichannel technology ecosystem that combines online convenience with physical retail experiences.
For Nigerian consumers and businesses, the new ASUS Flagship Experience Store represents more than a retail outlet; it is a symbol of confidence in Nigeria’s technology market. It highlights Konga’s commitment to bridging the gap between global technology brands and Nigerian consumers. With its robust logistics infrastructure, digital payment solutions, and nationwide physical retail presence, Konga continues to set the standard for authentic, accessible, and reliable technology retail across Africa.
The flagship store opening featured guided product demonstrations, immersive technology experiences, exclusive launch-day offers and customer engagement activities celebrating this historic milestone.
Customers can begin shopping immediately at the ASUS Flagship Experience Store, located at 16 Otigba Street, Computer Village, Ikeja, Lagos. Visitors can explore authentic ASUS products, experience live product demonstrations, receive expert guidance, and access dedicated Starlink customer-support services.
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.
The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP, the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.
“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
SERAP described the Auditor-General’s findings as a serious breach of public trust.
“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.
“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.
“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.
“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.
Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.
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