Telecom
MTN Nigeria Posts N514.9Bn Loss as Subscribers Drop in Q3

MTN Nigeria Communications Plc has reported a loss after tax of N514.9 billion for the nine months ending September 30, 2024, driven largely by the naira’s devaluation.

Despite recording a Q3 profit after tax of N4.1 billion, MTN’s Profit After Tax (PAT), adjusted for net forex loss, was down 59.2% to N118.5 billion, reflecting the ongoing currency challenges.
The telecom giant’s half-year results previously reported a loss of N519.1 billion, with the recent figure reflecting a slight decrease.
Additionally, MTN’s total subscriber base fell by 0.9% to 77.0 million as the regulatory-driven National Identification Number-SIM linkage led to the deregistration of certain Subscriber Identity Modules (SIMs).
In contrast, active data users rose by 5.1% to 45.3 million, while active mobile money (MoMo PSB) wallets declined by 21.8% to 2.8 million.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped by 5.3% to N860.2 billion, with the EBITDA margin shrinking by 14.9 percentage points to 36.3%.
Karl Toriola, CEO, MTN Nigeria described the results as “resilient,” attributing the performance to the company’s adaptability despite high inflation, naira depreciation, and regulatory constraints.
He noted that inflation averaged 32.8% during the period, up from 24.5% in 2023, prompting the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate by 8.5 percentage points to 27.25%, impacting funding costs.
As part of efforts to shore up working capital, MTN Nigeria has launched a new commercial paper issuance, aiming to raise N50 billion under its N250 billion Commercial Paper Issuance Programme.
The Series 11 and 12 issuances are part of MTN’s ongoing debt-market strategy to address short-term financial needs.
The telecom company, which recorded a net forex loss of N740.4 billion in 2023—a sharp rise from N81.8 billion in 2022—has been significantly impacted by the naira’s depreciation.
Following the Central Bank’s decision to float the currency in June 2023, the exchange rate rose from N461.1 per dollar in December 2022 to N907.1 by December 2023, impacting earnings and dividend declarations for shareholders.
Telecom
New Investment Fund Targets Acceleration of Emerging Technology in Nigeria

The International Rescue Committee (IRC) has announced the formation of Airbel Ventures, a new humanitarian impact investing fund aimed at accelerating the introduction and scaling of breakthrough technologies in crisis-affected communities.

The fund will invest in companies whose ideas have the potential to change humanitarian response, including digital infrastructure for frontline health systems and climate-resilient agriculture.
The launch of Airbel Ventures follows a period of rapid innovation at the IRC, despite the humanitarian sector facing record funding cuts.
In the past year, the IRC’s Airbel Impact Lab has advanced more than twenty Artificial Intelligence (AI) and technology initiatives—from anticipatory action tools powered by climate and vulnerability data, to frontline service delivery using safe, orchestrated AI systems, to breakthrough diagnostic tools for emerging diseases.
Airbel Ventures’ first impact investment is in Signalytic, a company delivering solar-powered computing devices that ensure reliable electricity and connectivity for remote health facilities.
Following the investment, the IRC will pilot Signalytic’s technology with its Nigeria Health team, demonstrating the viability of next-generation digital infrastructure in humanitarian settings.
“We know breakthrough solutions already exist—what’s missing is the path to scale in humanitarian contexts,” said Dr. Jeannie Annan, Senior Vice President for Research & Innovation at the IRC and head of the Airbel Impact Lab.
Telecom
MTN Nigeria Suffers 9,218 Fibre Cuts in 2025 as Vandalism, Theft Cripple Network

MTN Nigeria, the country’s largest telecommunications operator, recorded a historic surge in network disruptions in 2025, suffering 9,218 fibre cuts as of December 31, alongside 211 base station sites affected by theft and vandalism, incidents that disrupted mobile and data services relied upon daily by millions of Nigerians.

The data was revealed by Dr Karl Toriola, chief executive officer/managing director, MTN Nigeria via a social media post titled ‘MTN Nigeria 2025 Wrapped’.
The scale of the damage highlights the growing vulnerability of Nigeria’s telecommunications infrastructure, which has come under increasing pressure from road construction activities, cable theft and deliberate acts of vandalism.
MTN said 5,478 fibre cuts occurred within just the first seven months of 2025, with 760 incidents recorded in July alone, underscoring the intensity of the challenge.
Some of the incidents had wide-ranging consequences, knocking out connectivity across multiple states simultaneously and affecting voice calls, data services, digital payments and enterprise operations.
The company described the situation as a national infrastructure problem, rather than an isolated corporate issue, given the economy’s deep dependence on mobile networks.
“These gaps were shaped by real operational challenges such as fibre cuts, theft, and vandalism. Their impact is felt directly by customers and reflected in what they tell us,” Toriola,
The disruptions were reflected in customer feedback volumes, as MTN handled an unprecedented number of complaints during the year. The operator said it resolved 1,624,263 customer complaints in 2025, spanning call centres, social media platforms, emails and physical service centres nationwide.
Despite the setbacks, MTN pointed to signs of operational resilience. The company retained its ranking as Nigeria’s best network by Ookla, returned to profitability after a challenging period, declared an interim dividend, and expanded its subscriber base to over 85 million users by September 2025.
The figures show that while Nigeria’s telecom operators continue to invest heavily in network expansion and customer service, infrastructure sabotage remains a major drag on service quality and operating costs.
MTN acknowledged that performance improvements remain a work in progress. “We are not where we want to be yet. We see you. We hear you. We exist because of you. And we will get better,” Toriola said.
As the company enters its 25th year of operations in Nigeria, Toriola said MTN is doubling down on customer-centricity, treating every piece of feedback as a guide for improvement, while also stepping up engagement with government agencies.
The CEO renewed calls for stronger regulatory and legal protections for telecommunications infrastructure, urging policymakers to classify fibre cables, base stations and other critical assets as national infrastructure and criminalise vandalism to deter repeat attacks.
Telecom
NCC Licences Six New ISPs to Challenge Telcos, Satellite Giants

Nigerian Communications Commission (NCC) has granted operating licences to six new Internet Service Providers (ISPs), effective January 1, 2026, raising the total number of authorised ISPs in the country to 231 from 225 recorded in December 2025.

NCC
The newly licensed firms are Intellvision Technologies Limited, Granet Technologies Limited, Fiber Sonic Limited, Dasol Solution Services Ltd, Boost ISP Limited, and Amazon Kuiper Nigeria Limited.
Five of these companies are headquartered in Lagos, while Granet Technologies Limited operates from Owerri in Imo State, highlighting the persistent concentration of broadband infrastructure in major commercial hubs like Lagos, Abuja, and Port Harcourt.
This development intensifies competition in Nigeria’s broadband market, which faces pressure from dominant mobile network operators such as MTN and Airtel, alongside rapid expansion by satellite providers like Starlink.
Traditional ISPs continue to grapple with shrinking customer bases, aggressive data pricing from telcos, and satellite disruptions, even as NCC data from Q2 2025 showed Spectranet, Starlink, and FibreOne controlling about 65 per cent of the 313,713 active ISP subscribers.
The inclusion of Amazon Kuiper Nigeria Limited marks a significant entry of global satellite broadband competition, building on Nigeria’s recent approvals for other low Earth orbit providers to enhance connectivity in underserved areas.
Industry analysts view the licences as a strategic push to improve internet quality amid rising demand for digital services, though geographic clustering underscores ongoing infrastructure challenges outside urban centres.
NCC’s move aligns with broader efforts to foster a competitive telecoms sector critical to Nigeria’s digital economy ambitions.
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