MTN Nigeria has entered a new phase of growth after successfully removing all its foreign currency loans, strengthening its financial position and preparing for fresh investments in network expansion and digital services.
The country’s largest telecommunications company announced that its first-half 2026 financial results show a remarkable recovery from the challenges it faced in recent years, particularly during the period of severe foreign exchange volatility that weakened many Nigerian businesses.
According to the company, the elimination of foreign currency debt is one of its biggest achievements. By removing these loans, MTN has reduced its exposure to exchange rate fluctuations, making its finances more stable and giving it greater flexibility to invest in future growth.
Chief Financial Officer, Modupe Kadri, said the company’s financial transformation goes beyond the impressive figures reported in its latest results. He explained that retained earnings have almost doubled, shareholders’ equity has continued to improve, and the balance sheet is now much stronger than it was just a few years ago.
The improved financial health follows years of deliberate efforts by the company to reduce financial risks, improve operational efficiency, and rebuild investor confidence after the naira’s depreciation significantly affected its balance sheet.
With a stronger financial foundation, MTN invested more than N620 billion during the first six months of 2026 to improve its network infrastructure across Nigeria. The investment focused on increasing network capacity, expanding coverage, improving service quality, rolling out more fibre infrastructure, and accelerating the growth of home broadband services.
Chief Executive Officer of MTN Nigeria and Vice President for Francophone Africa, Dr. Karl Toriola, said the latest results represent much more than higher profits. According to him, they reflect the company’s continued commitment to building the digital infrastructure needed to support Nigeria’s growing digital economy.
He noted that demand for internet connectivity continues to rise as more Nigerians depend on digital services for communication, education, entertainment, financial transactions, and business operations. To meet this growing demand, the company plans to continue investing heavily in modern telecommunications infrastructure.
Financially, MTN delivered a strong performance during the first half of the year. Service revenue increased by 25.9 percent to N3 trillion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 39.2 percent to N1.7 trillion.
Profit after tax also recorded significant growth, increasing by 70.6 percent to N707.5 billion. The company generated N712.7 billion in free cash flow, giving it enough financial strength to support future investments while rewarding shareholders.
Following the improvement in its finances, MTN’s board approved an interim dividend of N26 per share, marking a return to shareholder payouts after dividends were suspended during the company’s financial restructuring.
The recovery represents a major turnaround from 2024, when currency instability placed enormous pressure on the company’s finances and weakened its capital position. Since then, management has focused on strengthening the business, reducing debt, and positioning the company for sustainable long-term growth.
Kadri said the stronger balance sheet now gives MTN the confidence to invest aggressively while continuing to deliver value to investors.
Looking ahead, MTN plans to expand its 5G network, increase fibre deployment, grow home broadband services, and strengthen its fintech business as demand for digital financial services continues to increase across Nigeria.
The company said its ambition is no longer limited to remaining Nigeria’s largest telecommunications provider. Instead, it aims to become Africa’s leading digital solutions platform by offering a wider range of technology-driven services that support individuals, businesses, and the country’s digital transformation.
With stronger finances, zero foreign currency debt, and renewed investment in infrastructure, MTN believes it is well-positioned to drive the next stage of Nigeria’s digital economy while creating long-term value for customers, investors, and the broader economy.
