General News
MTN Nigeria’s AGM Highlights Strong Q1 2025 Performance and Future Growth

MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.

The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.
This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.
The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.
“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.
“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”
Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.
“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.
“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”
However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.
Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.
Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.
“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”
During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.
The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.
General News
NUPRC Warns of Counterfeit, AI-Generated Appointment Letters

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has cautioned the public against fake recruitment offers and fraudulent employment letters circulating in the agency’s name.

Eniola Akinkuotu, head of Media and Corporate Communications of the Commission, stated that NUPRC has received reports of counterfeit and AI-generated appointment letters bearing names not known to the regulator.
The Commission also said fraudsters have been extorting money from jobseekers by promising placement within the agency.
NUPRC has reported the incidents to law enforcement and said investigations are underway.
The regulator reiterated that there is no ongoing recruitment exercise and warned members of the public not to make any payments for supposed job offers.
“Whenever the Commission decides to recruit, the process will be conducted strictly in accordance with extant laws and government regulations,” the statement said.
The Commission urged jobseekers to verify any purported offer and to rely only on official NUPRC communications for recruitment information.
The warning follows growing concerns about the misuse of digital tools, including artificial intelligence, to fabricate apparently authentic documents that can deceive the public.
General News
Africa50 Secures Fresh Capital, Strategic Partnerships to Accelerate African Infrastructure

Africa50, the pan-African infrastructure investment platform, has secured new investment commitments and strategic partnerships with international investors and Tanzanian institutions aimed at mobilising capital for infrastructure development across Africa.

The agreements, announced at the 2026 Infra for Africa Forum in Dar es Salaam, include a US$20 million commitment from British International Investment (BII) to Africa50’s Infrastructure Acceleration Fund (IAF), as well as partnerships covering natural gas, electricity transmission and healthcare infrastructure in Tanzania.
The latest commitments bring the IAF’s total capital commitments to approximately US$330 million.
Under one of the major agreements, Africa50, Tanzania Petroleum Development Corporation (TPDC) and TAQA Arabia will develop the first phase of a small-scale liquefied natural gas (LNG) project designed to distribute domestic natural gas to industrial and transportation customers across Tanzania.
Africa50 is partnering with TAQA Arabia and TPDC on the project, providing project development, investment and financial structuring expertise to develop a bankable model that could be replicated in Tanzania and other markets.
Mussa M. Makame, Managing Director of TPDC, said the partnership demonstrated Tanzania’s commitment to leveraging its natural gas resources to support national development.
“As a gas supplier to this project, TPDC will work with the project partners to broaden domestic access to cleaner, reliable energy and create greater value for the Tanzanian economy,” he said.
Pakinam Kafafi, CEO of TAQA Arabia subsidiary Rosetta Energy Solutions, said the LNG project would convert Tanzania’s gas resources into reliable energy for industry, communities and transportation.
“This project will turn Tanzania’s abundant gas resources into reliable energy for industry, communities and transport, strengthening energy security and accelerating industrialization,” she said.
Africa50 also signed a Memorandum of Understanding (MoU) with Tanzania Electricity Supply Company (TANESCO) to collaborate on electricity transmission Public-Private Partnerships (PPPs).
The partnership is expected to facilitate Tanzania’s first Independent Power Transmission (IPT) project, drawing on Africa50’s experience with its IPT project in Kenya.
Engineer Timoth Mgaya, Acting Managing Director of TANESCO, said the partnership would help Tanzania attract private capital and strengthen its transmission infrastructure.
“Partnering with Africa50 provides Tanzania with strategic project-development and financing expertise as we unlock private capital for Africa’s transmission infrastructure,” he said.
The agreement, he added, would contribute to the development of East Africa’s power market while supporting industrialisation, economic integration and inclusive growth.
In the healthcare sector, Africa50 and Tanzania’s Ministry of Health signed an MoU to expand access to renal care and dialysis services for patients suffering from kidney diseases.
The partnership is expected to provide healthcare infrastructure, reliable medical equipment, experienced operators and long-term investment to strengthen the country’s capacity to deliver life-saving renal services.
Meanwhile, BII’s US$20 million investment in the IAF makes the UK development finance institution the latest Limited Partner in the fund.
BII and Africa50 also signed an MoU to deepen cooperation and identify opportunities for co-investment and further mobilisation of capital into African infrastructure.
The IAF invests in equity and quasi-equity opportunities across power, transport and logistics, water and sanitation, digital infrastructure and social infrastructure.
The fund leverages Africa50’s relationships with African governments, corporates and project developers to deploy capital into infrastructure projects with strong commercial and development potential.
Leslie Maasdorp, Chief Executive Officer of BII, said the partnership would help mobilise additional capital into sustainable infrastructure across Africa.
“Africa’s infrastructure needs are significant, but so are the opportunities,” Maasdorp said. “By combining our expertise, networks and capital, we can help unlock investment that drives growth, creates jobs and improves lives.”
Alain Ebobissé, Group CEO of Africa50, said the new partnerships reflected the organisation’s evolution from a project development institution into a major infrastructure investment platform.
“Africa50 was created to develop bankable projects, mobilize finance for investments in Africa’s infrastructure and accelerate delivery,” he said.
According to Ebobissé, the organisation is now positioned to scale up infrastructure investment by translating the vision of African leaders into commercially viable projects capable of attracting capital from both African and international investors.
The agreements were announced as Africa50 marked its 10th anniversary under the theme, “A Decade of Economic Impact: From Vision to Delivery.”
General News
MTN Engages UNILAG, YABATECH Students on Careers in Technology, Finance, Cybersecurity

MTN Nigeria, leading technology company, recently hosted undergraduates from the University of Lagos (UNILAG) and Yaba College of Technology (YABATECH) for an immersive career engagement session, at the MTN Rooftop Plaza, Ikoyi, Lagos.

MTN
The event exposed students to career opportunities across cybersecurity, finance, internal audit and forensic investigations while providing practical insights into the skills required to succeed in today’s workplace.
The session was designed to bridge the gap between academia and industry by helping students better understand the diverse career paths available within the telecommunications and technology sector.
The engagement brought together students studying Economics, Banking and Finance, Cybersecurity and Accounting, providing an opportunity to interact directly with professionals from various business functions.
Through presentations and discussions, participants gained a deeper understanding of the competencies, experiences and continuous learning required to build successful careers in a rapidly evolving business environment.
The engagement comes at a time when technology-related roles, including cybersecurity specialists, are among the world’s fastest-growing occupations, according to the World Economic Forum’s Future of Jobs Report 2025.
During the visit, the students met with senior cybersecurity and forensic professionals who shared insights into their respective fields and discussed emerging trends shaping the future of work.
The sessions also highlighted the wide range of career opportunities available across different fields, demonstrating that success in the industry is not limited to any particular course of study.
Undergraduates were also introduced to the evolving nature of the audit profession, as data analytics, artificial intelligence and cybersecurity are becoming increasingly important areas of focus for internal auditors.
During a session on building a meaningful career in Internal Auditing, undergraduates were encouraged to approach their professional journeys with purpose, continuous learning and a commitment to personal growth.
The session emphasised that career success extends beyond securing employment and involves developing relevant skills, understanding one’s strengths and intentionally pursuing opportunities that align with personal values and long-term goals.
Speaking during the engagement, Chief Internal Audit and Forensic Services Officer, Ibe Kalu Etea, represented by the General Manager, Internal Audit and Forensics, Wasiu Ibrahim, encouraged the undergraduates to remain open to opportunities beyond their academic backgrounds and focus on developing transferable skills. “Students can take any career path they want to. You can upskill and transition into a different career, even if it is not what you studied in school.
“Do not let your course of study determine your career path. Focus on building relevant skills, staying curious and continuously learning because opportunities exist across many fields,” he said.
The Undergraduates also participated in an interactive question-and-answer session, where they sought guidance on career development, workplace expectations and professional growth.
The initiative reflects MTN Nigeria’s commitment to nurturing future talent by connecting young people with industry leaders and equipping them with the knowledge, exposure and confidence needed to navigate their career journeys.
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