MTN Nigeria invested N1 trillion in network expansion in 2025 as the telecoms operator staged a strong financial recovery from the foreign exchange pressures that weighed on its performance a year earlier.
The capital expenditure, more than double the previous year’s spending, went into expanding fibre infrastructure, deploying additional base stations and strengthening network capacity nationwide, the company said in its audited results for the year ended December 31, 2025.
The investment drive coincided with a return to profitability. MTN Nigeria posted a profit after tax of N1.1 trillion, reversing the financial strain of 2024 when it suspended dividend payments and slipped into negative equity.
Chief Executive Officer, Karl Toriola, described 2025 as a pivotal year for the company.
“During the year, we invested N1tn in network expansion and modernisation, more than double the prior year’s capital expenditure. This investment translates to additional base stations, deeper fibre rollout, expanded capacity and improved network resilience across the country because sustaining critical digital infrastructure requires disciplined capital allocation and a deliberate long-term approach,” he said.
Subscriber growth remained steady. MTN’s total subscriber base rose by 7.9 percent to 87.3 million, while active data users increased to 53.2 million. Data traffic surged 34 percent, reflecting rising demand for digital services.
“We are mindful that in a period of economic pressure, expectations from customers are heightened. When Nigerians purchase data or rely on our network for work, education, financial services or daily communication, they expect reliability, fairness and continuous improvement. That expectation is both legitimate and central to our responsibility,” Toriola noted.
Financial performance strengthened across key metrics. Service revenue climbed 55.1 percent to N5.2 trillion, while earnings before interest, tax, depreciation and amortisation more than doubled to N2.7 trillion. Earnings per share improved to N53.07 from a negative N19.05 in 2024.
Chief Financial Officer Modupe Kadiri attributed the turnaround to balance sheet restructuring, disciplined capital allocation and lower foreign exchange exposure.
“A year ago, MTN Nigeria was in negative equity. Today, we are declaring a N20 total dividend for the 2025 financial year,” Kadiri said.
The board approved a final dividend of N15 per share, subject to shareholder approval, bringing the total payout for 2025 to N20 per share, including an interim dividend of N5 already paid.
The company generated N1.2 trillion in free cash flow and restored shareholders’ equity to N548.7 billion, with retained earnings closing at N400.4 billion,signalling improved financial stability.
Toriola stressed that profitability would continue to fund long-term infrastructure development.
“Profit, in our context, is not an end in itself. It is the mechanism that enables continued investment in network quality, broader coverage and enhanced customer experience,” he said.
