MTN Nigeria has delivered its strongest financial performance in years, posting ₦5.2 trillion in service revenue for the year ended December 31, 2025, a 55.1% year-on-year increase, largely driven by a 74.5% surge in data revenue.
The result marks a decisive turnaround for Nigeria’s largest telecom operator after a turbulent 2024, when foreign exchange losses pushed the company to a ₦400.4 billion loss. In 2025, profit after tax climbed to ₦1.1 trillion, while earnings per share rebounded to ₦53.07 from a negative ₦19.05 the previous year.
The rebound has restored MTN Nigeria’s ability to reward shareholders. The Board proposed a final dividend of ₦15, following a ₦5 interim dividend in Q4 2025, bringing the total dividend for the 2025 financial year to ₦20 per share, subject to shareholder approval.
“2025 marked a significant turning point in our business performance and resumption of dividend payments,” Karl Toriola, MTN Nigeria CEO, said. “In the period, we returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds.”
Data becomes MTN’s growth engine
Data has firmly overtaken voice as the backbone of MTN Nigeria’s revenue. According to the company’s audited results, data revenue rose to ₦2.78 trillion, supported by an 11.6% increase in active data users to 53.2 million and a 34% jump in data traffic. Average monthly data usage per subscriber climbed 20% to 13.1GB, while smartphone penetration reached 66.1%.
This shift reflects a broader structural change in Nigeria’s telecom market. As smartphone adoption deepens and streaming, fintech, and remote-work tools become more mainstream, demand for high-speed connectivity continues to grow.
MTN responded by more than doubling its capital expenditure (excluding leases) to ₦1 trillion, investing in network expansion, radio densification, fibre-to-the-home rollouts, and a new data centre.
The operator also secured a three-year spectrum lease with T2 Mobile and expanded 4G population coverage to 84.6%, reinforcing its quality-of-service advantage.
Beyond connectivity, MTN Nigeria is pushing deeper into fintech and digital infrastructure. Fintech revenue rose 79.7%, while active MoMo wallets grew 30.8% to 3.7 million. Customer deposits increased sharply, boosting float income and signalling growing trust in its payments ecosystem.
Victoria Fakiya – Senior Writer
Techpoint Digest
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The company also began monetising its Dabengwa Data Centre and onboarding customers to its MTN Cloud marketplace, positioning itself to serve enterprise and public-sector demand as digital transformation accelerates.
Improved macroeconomic conditions also played a critical role in the turnaround. The naira strengthened to ₦1,436 per dollar at year-end, compared to ₦1,535 in 2024, while inflation moderated relative to the previous year. The company reported a net foreign exchange gain of ₦90.3 billion, compared with a ₦925.4 billion loss in 2024, after reducing foreign currency exposure and settling outstanding letters of credit.
With its 2025 results, MTN Nigeria has regained its footing after a challenging year and enters 2026 on firmer ground.
