Telecom
MTN Nigeria Records N790.3b Increase in Service Revenue in Half –Year Ended 30 June 2021
MTN Nigeria Communications Plc has released its unaudited results for the half-year ended 30 June 2021, as well as plans to celebrate its 20th anniversary with numerous national impact projects.
Commenting on the results, Karl Toriola, ceo, MTN Nigeria, said: “In the first half of 2021, we made good progress strengthening the resilience of the business, managing the impact of the COVID-19 pandemic and enhancing support to our people, customers and other stakeholders.
“We extended our commitment to the Coalition Against Covid-19 (CACOVID) with an additional N3 billion contribution over a two-year period, half of which has already been paid.
“This is in support of efforts to promote the health and security of Nigerians, as we navigate our way through the pandemic; and in line with our Y’ello Hope initiatives through which we provided support to our broad base of stakeholders to the value of approximately N25 billion in 2020.
“Our progress towards achieving greater business resilience is reflected in the upgrade by Global Credit Ratings (GCR) of our national scale long-term issuer rating to AAA and affirmation of our national scale short-term rating of A1+ with a stable outlook.
“This puts MTN Nigeria on the highest possible GCR scale for short-term andlong-term ratings, providing asolid platform for growth.
2021 marks the 20th anniversary of MTN’s presence in Nigeria. As we celebrate this milestone, we are pleased to announce that our Board of Directors has approved our participation in the Road Infrastructure Tax Credit (RITC) Scheme.
“This is in response to Government’s drive towards public-private partnerships in the rehabilitation of critical road infrastructure in Nigeria.
“We intend to participate in the restoration and refurbishment of the Enugu-Onitsha Expressway.
“Conversations in this regard have already commenced, and further announcements will be made in due course.
“In line with our desire to plant deeper and more permanent roots in Nigeria, we have also initiated plans to commission a purpose-built, state of the art MTN Head Office, designed to act as a central hub for our network, a catalyst for creativity and innovation, and a showcase for the flexible working structures that are driving efficiency gains in this new normal working environment.
“Aligned with our wider commitment to environmental sustainability, it will meet the highest global environmental standards, demonstrating the role of green technology in our future.
“Following MTN Group’s stated intention to sell down up to 14% of its investment in MTN Nigeria, subject to market conditions over the medium-term, MTN Nigeria’s shareholders approved an equity shelf programme at the last Annual General Meeting.
“This will facilitate a process to increase ownership of the Company by more Nigerian retail and institutional investors.
“Alongside this, we further localised our predominantly Nigerian management team with the appointment of Nigerians to two key senior positions (Chief Marketing Officer and Chief Information Officer) previously held by expatriates.
:MTN Nigeria continues to invest in improved world class services and its network, accelerating the expansion of our 4G coverage and providing home broadband. As part of our rural connectivity programme,
“we plan to connect approximately 1,000 rural communities to our network this year with additional 2,000 communities in 2022. We are delighted that these are translating into strong operational performance in line with the objectives of Ambition 2025.
“In the next 3 years, we will invest over N600 billion to expand broadband access across the country in support of Government’s Broadband Plan”.
He further said, “Operationally, our mobile subscribers closed H1 at 68.9 million, down 9.9% from December 2020.
“This was due to the regulatory restrictions on new SIM sales and activations, which was lifted on 19 April 2021.
“Although the initial run-rate of additions has been slower than usual due to new process requirements, we anticipate growth to normalise in the short-term as more of our acquisition centres are certified for SIM registration.
“Finally, our Board of Directors has approved an interim dividend of N4.55 kobo per share to be paid out of distributable net income. This represents a growth of 30% over N3.50 kobo per share paid in H1 2020.”
Operational Review
Service revenue grew by 24.1% YoY, driven by the sustained growth in data and also partly due to the lower base in comparative 2020 voice revenue that resulted from lockdowns during that period.
Voice revenue grew by 13.1%, benefitting from an 11.8% increase in traffic and our customer value management (CVM) initiatives.
The impact on voice revenue from the industry-wide suspension of new SIM registration was partly offset by higher usage in our active SIM base as well as migration to a higher quality of experience.
Data revenue continued the positive momentum from H2 2020, rising by 48.3%. This was driven by increased usage from the existing base, supported by the accelerationin our 4G rollout and enhanced network capacity following the acquisition and activation of additional 800MHz spectrum in Q1.
Data traffic rose by 83.0% YoY, while smartphone penetration was up by 5.8pp to 49.3%. Our 4G network now covers 65.1% of the population, up from 60.1% in December 2020.
Fintech revenue rose by 48.2%, driven by increased adoption of Xtratime and our core fintech services. We continue to expand our MoMo agent network and broaden our service offerings. Our registered MoMo agents increased by 121,000in H1 2021 to more than 515,000. Transaction volumeincreased by 280.8% YoY to 55.6 million in H1 2021, and our active subscriber base is now more than 6.1 million, up 180.0% YoY.
Our digital business continued to gain traction on the back of our strong partner ecosystem and the uptake of our products and services. Digital revenue rose by 61.8%, also supported by our rich media and value-added services. Our active user base rose by 38.0% to over 3.9 million, led by Ayoba – our instant messaging platform – with more than 2.3 million active users.
The enterprise business revenue increased by 6.0%, demonstrating the continued recovery from the impact of the COVID-19 lockdown and the uptake of our services by the businesses we serve. We have made significant progress in concluding the operational modalities for the new pricing framework for USSD services, which incorporates the recovery of outstanding USSD debts.
We continue to pursue and realise efficiency through cost discipline and enhanced digitisation. However, due to an accelerated site rollout, the effects of Naira depreciation on lease rental costs and Covid-19 related expenditure, operating expenses increased by 24.6%.
Our continued ability to drive operating leveragehelped to drive EBITDA growth to 27.6%, with a1.4pp expansion in our EBITDA margin to 52.7%.
Capital expenditure in the period was 39.1% higher to N186.4 billion, as we continued to invest in our network to maintain service quality and aggressively expand our footprint in terms of 4G and rural coverage. We recorded a healthy free cash flow of N230.8 billion, up by 19.6%.
Despite a 50.6% increase in core capex excluding right of use assets to N114.5 billion, capex intensity remained within target levels at 14.5%. Depreciation and amortisation rose by 17.1% and net finance costwas down by 9.8%, resulting from a lower average cost of borrowings. Overall, we recorded a PBT growth of 54.1%, also reflecting the softer base of H1 2020.
New SIM Registration Requirement
We are actively supporting the Government’s NIN enrolment programme with more than380 points of enrolment active across the country. We are working with National Identity Management Commission (NIMC) to complete bulk verification of the National Identity Numbers (NINs) collected and increase the enrolment centres to provide an access point for as many Nigerian as possible.
To this end, we have acquired over 40,000 enrolment devices, which are being configured for this purpose. As of 26 July 2021, approximately 37 million subscribers have submitted their NINs, representing around 54% of our subscriber base and 65% of service revenue. The deadline for NIN verification has been extended to 31 October 2021.
Outlook
To enable us to continue to take advantage of emerging opportunities, we have refined our strategy. The new strategy called Ambition 2025 is closely aligned with that of MTN Group and is built on four key strategic priorities: build the largest and most valuable platforms, drive industry-leading connectivity operations, create shared value and accelerate portfolio transformation.
These priorities will define our focus for the next five years. Taking advantage of MTN’s existing platforms and assets, we are well-positioned to accelerate long term growth as we continue to monitor and manage the impacts of the pandemic.
We have a clear focus on sustaining double-digit service revenue growth ahead of inflation, driving 4G and rural network expansion, as well as positioning our fintech and digital businesses for accelerated growth in order to unlock their full value. In addition, we will continue to sustain our expense efficiency programme to strengthen our financial position and support margins.
In the remainder of the year, we anticipate that the base effects will partly influence our commercial and financial trends. Although the availability of foreign exchange remains a constraint, we strive to minimise its impact on the business.
We are driving a positive culture change across the organisation to enhance productivity and further improve performance. We maintain our strong focus on deeper, proactive and inclusive engagements to drive shared value for all stakeholders, while ensuring that our activities align with and contribute to the Government’s development agenda.
Finally, emerging trends indicate a steady recovery in economic activity. However, given the ongoing uncertainties presented by the new wave of the COVID-19 outbreak and the NIN registration exercise, we remain mindful of changes to the operating environment as the rest of the year unfolds.
Titilayo Ibrahim, Nigerian businesswoman, has shared a harrowing experience of how she narrowly escaped imprisonment after a SIM card she purchased was linked to a N50 million kidnapping and murder case.
In an interview with BBC Yoruba shared on Facebook, Ibrahim narrated how a routine business transaction quickly turned into a terrifying ordeal.
According to her, the nightmare began on October 16, 2025, when a purported customer contacted her business line to purchase nightwear.
The caller, a woman, claimed her own phone was faulty and that she was using her husband’s device.
After selecting two pieces, the woman asked for directions for pickup. Ibrahim shared the location of her estate junction, but upon arrival, she was met by two men who identified themselves as police officers and immediately arrested her.
The officers accused Ibrahim of being connected to a major kidnapping operation.
They alleged that the phone number she was using had been involved in a January 2024 incident where a N50 million ransom was collected before the victim was brutally murdered.
Ibrahim desperately tried to explain that the number was innocent, stating that she had only purchased the SIM card in April 2025—months after the crime took place—and used it strictly for her MiFi device.
The officers, reportedly led by Inspector Dauda Adamu of the Force Intelligence Department (FID) in Abuja, claimed that one of the phone numbers linked to her National Identification Number (NIN) was tied to the crime.
They took her to the State Criminal Investigation and Intelligence Department, and she faced intense harassment and the threat of being detained in Akure and transferred to Abuja.
In a bid to clear her name, Ibrahim and the officers visited an Airtel office.
On October 17, 2025, the telecommunications company officially confirmed from their records that the disputed SIM was indeed purchased and activated in April 2025.
“Even after confirming it at the network office, they still didn’t believe me. They harassed me and almost sent me to prison for what I know nothing about,” Ibrahim recounted.
Despite the undeniable evidence from the network provider clearing her of any involvement, the police still confiscated her phones, took them to Abuja, and instructed her to report there.
Her revelation has sparked widespread outrage and concern online.
Many Nigerians expressed shock at the incident, pointing out the growing dangers and security risks associated with telecommunication companies recycling inactive phone numbers or the hazards of inadvertently purchasing pre-registered SIM cards.
The incident highlights the terrifying reality of how easily innocent citizens can become entangled in complex criminal investigations.
Ouranos Technologies Limited has announced the appointment of Mr. Tajudeen Ahmed as Chairman of the Board of Directors, effective 1 January 2026.
Ouranos Technologies is an enterprise technology solutions integrator, managed services provider, and innovation lab in West Africa, specialising in IT infrastructure, networking, cybersecurity, cloud computing, artificial intelligence (AI), and digital transformation solutions for organisations across banking and financial services, telecommunications, energy, manufacturing, and the public sector.
Commenting on the appointments, Mr. Mfon Okon, Managing Director of Ouranos Technologies Limited, also confirmed the appointment of Mrs. Omokunbi Adeoti and Mr. Olalekan Olabode as Non-Executive Directors, further strengthening the Board’s strategic oversight as the company continues its regional expansion and technology leadership.
These appointments mark a significant milestone in the governance evolution of Ouranos Technologies, as it deepens its focus on enterprise technology delivery, cybersecurity innovation, and strategic partnerships across Africa.
Strengthening Governance for the Next Phase of Growth
Mr. Tajudeen Ahmed brings over 25 years of leadership experience spanning consulting, banking, manufacturing, capital markets, and large-scale corporate strategy execution.
He holds a BSc. in Accounting from Ahmadu Bello University, Zaria, where he graduated as Best Student in both the Department and Faculty, and an MBA, with Distinction, from the University of Leeds, United Kingdom.
A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Mr. Ahmed has held senior leadership roles across several prominent institutions including Arthur Andersen / KPMG, Zenith Bank Plc, Skye Bank Plc, Variant Advisory Limited, and BUA Group, where he served as General Manager / Group Head, Business Development. During his tenure at BUA Group, he played a key role in the listing of BUA Foods Plc on the Nigerian Exchange (NGX) and in securing regulatory approvals for the Bundu Free Trade Zone in Port Harcourt.
He holds Fellowships of other reputable institutions, including National Institute of Credit Administration (FICA), Enterprise Risk Management Professionals (FERP), and Nigerian Leadership Initiative (FNLI); as well as memberships of the Chartered Institute of Directors Nigeria (M.CIoD), Chartered Institute of Bankers of Nigeria (ACIB and HCIB), and Institute of Chartered Secretaries and Administrators of Nigeria (ACIS). He currently serves on the Board of the Society for Corporate Governance Nigeria (SCGN).
Mr. Ahmed currently serves as Associate Director (Deal Origination) at Lead Capital Plc, where he continues to drive strategic business growth.
Experienced Leaders Join the Board
Joining the Board as Non-Executive Director, Mrs. Omokunbi Adeoti brings over 24 years of leadership experience in human capital strategy, governance, organisational transformation, and customer experience across Sub-Saharan Africa.
She currently serves as Chief People Experience Officer at Leadway Group, where she provides strategic oversight for human capital and customer experience across 11 business entities and over 4,000 employees (FTE & non-FTE) spanning insurance, pensions, health, hospitality, and asset management operations.
Mrs. Adeoti has led large-scale transformation initiatives including enterprise restructuring, HR digitisation, and group-wide customer experience optimisation, driving measurable improvements in organisational performance, employee productivity, and customer engagement.
She has also played a key role in mergers and integration programmes, as well as the deployment of enterprise HR systems, enabling operational efficiency and scalability across the Group.
A Fellow of the Chartered Institute of Personnel Management (FCIPM), Mrs. Adeoti is a member of several global professional bodies, including the HR Forbes Council and the Society for Corporate Governance Nigeria (SCGN). She has received multiple recognitions for her leadership impact, including Peak Performing Woman of the Year (2023 and 2024).
Also joining the Board is Mr. Olalekan Olabode, a seasoned finance and operations executive with over 18 years of multinational experience in financial management, strategic planning, and operational oversight across complex, capital-intensive industries.
Mr. Olabode is a distinguished Finance Executive with over 21 years of leadership at the intersection of maritime logistics, global supply chain, and corporate finance. He has held senior executive roles at prominent logistics operators where he built a reputation for turning financial complexity into strategic advantage.
He has a proven history of making high-stakes treasury decisions under pressure navigating foreign exchange volatility, managing interest rate exposure, and manoeuvring one of the most challenging currency environments in Africa.
His governance frameworks are not simply compliance exercises; they are systems architected for resilience, built on rigorous internal controls that protect value and enable bold decision-making.
What distinguishes Olalekan is his rare ability to align financial performance with long-term strategic intent translating numbers into narratives that drive boardroom conviction and organizational momentum.
He builds teams that outlast his tenure, embedding structures, accountability, and a culture of excellence that compounds over time. His investment in mentorship has produced measurable leadership depth across every organization he has led.
A Fellow of the ACCA (UK), Certified Supply Chain Professional, and Executive MBA candidate at the Kellogg School of Management, Northwestern University, Olalekan brings both the technical mastery and the executive presence to lead at the highest levels.
Corporate Governance and Legal Advisory
Supporting the Board’s governance structure is Ms. Margaret Akpoyoware (ACIS), who serves as Company Secretary.
A seasoned legal practitioner with extensive experience in corporate advisory, commercial transactions, litigation, and regulatory compliance, she previously practised with Chief Rotimi Williams Chambers and Olajide Oyewole & Co. before founding Nero’s Practice, a multidisciplinary law firm providing legal advisory services to corporate and institutional clients.
Ouranos Technologies to Drive Africa’s Digital Transformation
“The appointment of Mr. Tajudeen Ahmed as Chairman, alongside the addition of accomplished professionals such as Mrs. Omokunbi Adeoti and Mr. Olalekan Olabode to our Board, represents an important step in strengthening the governance and strategic leadership of Ouranos Technologies,” Mr Okon, Managing Director of Ouranos Technologies Limited, added.
“As organisations across Africa accelerate their digital transformation journeys, strong governance, strategic insight, and operational discipline become even more critical.
“The depth of experience our new Board members bring will support Ouranos Technologies in delivering innovative, secure, and scalable technology solutions for our customers across the region,” Mr Okon said.
The strengthened Board reflects Ouranos Technologies’ commitment to strong corporate governance, innovation, and sustainable growth.
With operations spanning Nigeria and other West African markets, Ouranos Technologies operates as an enterprise technology solutions integrator, managed services provider, and innovation lab, delivering solutions across IT infrastructure, networking, cybersecurity, cloud computing, artificial intelligence, and digital transformation for organisations across banking and financial services, telecommunications, energy, manufacturing, and the public sector.
Truecaller, the leading global platform for safe and trusted communication, today announced that it has surpassed 500 million users worldwide, marking a significant milestone in the company’s mission to build trust in communication.
Truecaller
The platform continues to see significant user growth, adding over 50 million users in 2025, and has surpassed 150 million users outside of India as demand for protection against spam, scam and unwanted communication continues to grow globally.
Truecaller also crossed 4 million paying subscribers globally earlier in the year, further strengthening one of its key revenue streams.
Crossing the 500 million mark underscores how trust has become one of the most essential layers in digital communication today.
“This is an important milestone for us, but it also says something bigger about the world we live in,” said Rishit Jhunjhunwala, CEO of Truecaller.
“More and more people need help navigating spam, scams, and unwanted communication every day. Reaching 500 million users shows the scale of that need, and the trust people place in Truecaller to help make communication safer.
“Our commitment remains focused on continuously strengthening Truecaller with smarter technology and new capabilities that protect users before, during, and after every call or message.
“Ultimately, our aim is to build a safer, more trusted communication ecosystem for everyone. We now have our sights set on the next milestone: 1 Billion users.”
With half a billion people using the platform every month, Truecaller has evolved beyond just Caller ID. It has become an essential part of how communication works safely in the digital age; a daily-use trust layer that helps people verify identities, avoid fraud, and make informed decisions about who they interact with.
Today, Truecaller operates as a global digital utility platform, embedded into everyday communication habits for hundreds of millions of people. From identifying unknown callers to preventing fraud and enabling safer messaging, the platform has become a habitual, daily-use service that supports safer interactions across the phone ecosystem.
Despite serving more than half a billion users globally, the company remains relatively lean, with a team of approximately 470 employees building and operating the platform for users around the world.
The company will continue to report the average number of monthly and daily active users on a quarterly basis in connection with its interim financial reports
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