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.
Guinness Nigeria has officially begun rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.
The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.
The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.
The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.
Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.
“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”
He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.
The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.
To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.
With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.
National Information Technology Development Agency (NITDA) has expressed readiness to deepen collaboration with Nigerian universities to promote research, innovation and technology-driven solutions to local challenges.
NITDA, UniAbuja
NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated this when the management of Yakubu Gowon University, formerly the University of Abuja (UniAbuja), led by its Vice-Chancellor, Prof. Hakeem Fawehinmi, paid a familiarisation visit to the agency’s headquarters in Abuja.
Abdullahi said stronger collaboration between NITDA and tertiary institutions was essential to building a robust innovation ecosystem, developing practical skills and positioning Nigeria for technology-driven economic growth.
He stressed the need for increased investment in research, particularly in emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, cybersecurity and cloud computing.
“We need to invest more in in-depth research with universities to build a robust research ecosystem that will help us develop solutions.
“Research will focus on harnessing AI, IoT, blockchain, cybersecurity and cloud technology, among other emerging technologies, to improve our lives and grow our digital economy,” he said.
The DG described universities as critical talent factories required to achieve Nigeria’s digital transformation aspirations.
“NITDA has a vision to make Nigeria a digitally empowered nation. You (UniAbuja) are the talent factory, and we cannot achieve our vision without talented Nigerians.
“The only way to achieve that is by working with institutions like yours. So, we need to build talent,” he said.
Abdullahi also advocated the integration of AI education across disciplines in tertiary institutions, saying students needed practical digital skills to remain relevant in the evolving world of work.
“We can work together to explore ways of introducing AI across the board as a general study course in tertiary institutions.
“Elements of AI should be included in every field of study to equip our students with the hands-on skills for navigating the real world,” he said.
According to him, NITDA is already collaborating with key education sector stakeholders, including the Federal Ministry of Education, National Universities Commission (NUC), National Board for Technical Education (NBTE) and National Commission for Colleges of Education.
He said the agency was also working to promote digital literacy programmes across all levels of education to ensure that graduates acquire skills relevant to industry requirements.
Earlier, Fawehinmi said the university’s visit was aimed at seeking NITDA’s partnership and support in strengthening digital infrastructure and technology-based training at the institution.
He expressed appreciation for NITDA’s contributions to the Digital Geoscience Centre at the university.
The Vice-Chancellor said the university was willing to collaborate with NITDA on joint research, capacity-building initiatives and innovation programmes capable of contributing to Nigeria’s socio-economic development.
“We could go into partnership with you to provide data, collaborative engagements, staff exchanges and joint research hubs, so that we can produce high-level human resources.
“The university is committed to serving as a strategic academic partner to NITDA by providing academic expertise required to advance your national digital transformation initiatives,” he said.
The proposed collaboration is expected to strengthen the link between academic research and industry needs while creating opportunities for technology innovation, skills development and practical solutions to Nigeria’s socio-economic challenges.
A New Mexico court has ordered Meta, the parent company of Facebook and Instagram, to pay $567 million to address the alleged harms caused to young people by its social media platforms.
Meta
The ruling by Judge Bryan Biedscheid came in the second phase of a landmark trial concerning the impact of Meta’s platforms on children and teenagers.
The judge said $420 million of the amount would be dedicated to treatment services for young people, while the remaining funds would support awareness and prevention programmes, screening services and other related costs over the next five years.
The latest financial order comes on top of $375 million in civil penalties awarded against Meta in March after a jury found that the company knowingly harmed children’s mental health and concealed information about child sexual exploitation on its platforms.
During the second phase of the trial, prosecutors asked the court to order fundamental changes to Meta’s platforms, including measures to reduce addictive features, improve age verification and prevent child sexual exploitation through stronger privacy settings and increased oversight.
The court subsequently ordered Facebook and Instagram to introduce banner notifications and informational screens explaining their safety features, recommended practices and tools for addressing inappropriate comments.
The platforms must also regularly display the information, while an educational campaign in New Mexico will be subject to review by the state.
New Mexico Attorney General Raúl Torrez said the ruling sent a clear message that technology companies could be held accountable when their product designs knowingly exposed children to risks.
“Today’s decision is a victory for every parent who has worried about what social media is doing to their child and every child who deserves to grow up safer online,” Torrez said in a statement.
Meta said it would appeal the ruling.
“We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content,” the company said.
The company said it remained confident in its record of protecting teenagers online and would continue to defend itself against what it described as claims that misrepresented the facts.
On age verification, the court said federal children’s privacy laws restricted Meta’s ability to apply certain verification tools to children under 13.
The court cited the Children’s Online Privacy Protection Act (COPPA), which limits the collection of personal information from children under 13.
Rather than imposing a blanket age-verification requirement exclusively on Meta, the judge ordered the company to continue improving its age-assurance tools in New Mexico.
The tools include the use of artificial intelligence to estimate users’ ages based on signals such as their social connections and the type of content they post and consume.
Meta was also ordered to attempt to develop a dedicated model for predicting whether users are under 13 within the next two years.
Additionally, the company must request proof of age from Facebook and Instagram users in New Mexico whom it estimates to be under 13.
Where Meta determines that a user is under 13, or under 18 but cannot determine a specific age, it must treat the user as being under the applicable age threshold until the user verifies their age.
The court further ordered Meta to partner with schools or a child-safety organisation to establish a reporting portal through which school officials can flag users suspected to be under 13.
Meta must also delete personal information it has collected from users under 13 and submit progress reports twice a year detailing its compliance with the court-ordered measures.
The ruling comes as Meta faces thousands of lawsuits from families alleging that children have been harmed by social media use.
The company is also preparing for another trial in California amid the growing litigation over the impact of social media platforms on young people.
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