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Naira depreciation wipes out MTN’s profit amid stellar performance
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MTN Nigeria Plc has recorded Foreign Exchange, forex loss of N740 billion in its financial year 2023, according to its report released on the Nigeria Exchange Limited, NGX, on Friday.
Consequently, the forex loss impacted negatively on its performance as it posted a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8billion in the previous year.
Against this backdrop, Mr Karl Toriola, MTN’s Chief Executive Officer, said “despite headwinds, we remain optimistic and committed. We believe in Nigeria”.
The company’s audited results for the year ended 31 December 2023, as indicated by it resulted in a loss after tax amounting to N137billion. This sharp contrast was evident compared to the restated Profit After Tax (PAT) of N348.7 billion reported in 2022.
MTN stated that the repercussions of this financial decline extended to negative retained earnings and shareholders’ equity, reported at N208 billion and N40.8billion respectively, as of December 2023.
The reports stated that adjusting for the substantial net forex loss, the restated PAT would have been N344.5billion, reflecting a 14.3 percent decrease.
The report stated, “The significant devaluation of the naira in 2023 resulted in a materially higher net forex loss of N740.4billion (2022 restated: N81.8bn), reflected within net finance costs, which resulted in a reported loss after tax of N137bn compared to a restated PAT of N348.7billion in 2022.”
On 14 June 2023, the Central Bank of Nigeria announced changes in the Nigerian forex operations, which required the immediate collapse of all segments of the market into the investor and exporter window and reintroduced the ‘willing buyer, willing seller’ model to improve forex liquidity.
This led to a 96.7 percent movement in the exchange rate since the announcement of N907/US$ (NAFEM rate) at the end of December 2023 as the market seeks an equilibrium level.
MTN said this significant movement in the exchange rate impacted its operations especially its operating expenses and net been finance costs.
“The most significant of these exposures relate to the tower lease costs, which comprised the bulk of the 45-50 percent foreign currency exposure in our operating expenses in 2023.
“Our tower lease costs are recognised in line with IFRS 16 and IAS 21, which has had several impacts on our financial performance,” the company said.
Toriola also explained: “2023 witnessed a very challenging operating environment characterized by rising inflation, currency devaluation, and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira.
These factors created severe headwinds for our customers and our business during the year.
The inflation rate increased throughout the year, reaching 28.9 percent in December 2023 – the highest reading in 18 years, with an average rate of 24.5 percent.”
The CEO said this was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4% and 257.1 % in 2023 to N1,416.8/litre and N600/litre, respectively.
To mitigate the effects of these headwinds on its operations, Toriola said the company continued to invest in network infrastructure – with a disciplined focus on value-based capital allocation and efficiencies – to enhance capacity and expand coverage.
“This enabled us to meet the rising demand for data and, coupled with compelling and competitive propositions for our customers, accelerate the growth of our commercial operations,” he said.
News
Kidnappers demand N200m to free abducted Kebbi High Court Judge
Kidnappers holding Kebbi State High Court Judge, Justice Faruku Hassan Bunza, have demanded a N200 million ransom from his family for his release, as security operatives intensify efforts to rescue him.
Kebbi State Commissioner of Police, Umar Muhammad Hadejia, disclosed the ransom demand while briefing journalists on Monday in Birnin Kebbi.
He said the police received intelligence on the demand after launching a swift response to the judge’s abduction, which occurred in the early hours of Sunday at his residence along Zogirma Road in Bunza.
According to Hadejia, the Command has deployed a combined team of police operatives to comb suspected escape routes used by the kidnappers in a bid to rescue the judge unharmed and apprehend those responsible.
He added that multiple checkpoints had been mounted along strategic routes believed to have been used by the abductors to prevent their escape.
The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of the judge and the arrest of the kidnappers.
Hadejia also confirmed the killing of a suspected kidnapper, Abdulaziz Dogo, and the arrest of another suspect, Ibrahim Abdulwahab, both residents of Ilesha in Kwara State, over the abduction of former Kebbi State Deputy Speaker, Muhammad Samaila Bagudo, on October 31, 2025.
He advised residents, particularly government officials, to avoid travelling late at night, warning that such journeys expose them to attacks by bandits and kidnappers.
The commissioner said the judge’s family informed the police that he frequently travelled at night despite repeated warnings.
He added that the family also reported that the kidnappers had contacted a registrar of the High Court in Abuja regarding negotiations over the N200 million ransom.
News
We Have the Right to Deal With Illegal Migration— South Africa Fires Back at Nigeria
Nigerian and South African diplomats held tense talks in Abuja on Monday to address a wave of xenophobic attacks against foreigners in South Africa, with both sides invoking “brotherhood” even as deep divisions emerged over responsibility and solutions.
The meeting at the Nigerian Ministry of Foreign Affairs came amid months of protests in South Africa — some violent — targeting African immigrants whom demonstrators blame for crime, unemployment and pressure on public services.
Opening the discussions, both delegations addressed each other as “brothers” and referenced Nigeria’s historic support for South Africa’s struggle against apartheid. But the pleasantries quickly gave way to sharp exchanges.
Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, accused Pretoria of complicity in the violence.
“We have records of Nigerians who have legitimate papers to remain in South Africa, yet they have been attacked,” Enikanolaiye said before the meeting went into a closed-door session.
“And we could see some mob actions in which we saw the police watching, as if they are helpless to address this situation.”
South African Minister of International Relations, Ronald Lamola, countered that the country was grappling with “criminality” linked to immigrants, including drug peddling and wire fraud.
“President Cyril Ramaphosa and the government he leads have been outspoken against any intolerance,” Lamola said.
He added that South Africa has the right to “deal decisively with irregular migration, undocumented immigrants — including acts of criminality.”
South African police say at least four foreign nationals have been killed in attacks linked to the anti-migrant protests, though some African governments repatriating citizens have reported a higher toll.
According to an AFP tally based on figures from governments evacuating their nationals, more than 160,000 people have fled South Africa, including about 1,500 Nigerians.
Nigeria and Ghana have been among the most vocal critics of Pretoria’s handling of the protests. Reports indicate that in some instances, anti-immigrant groups have stormed homes and dragged people into police vans.
Analysts say South Africa, one of the continent’s most industrialised economies, has long attracted both documented and undocumented immigrants. However, high unemployment, weak social services and rising crime have fueled resentment, with immigrants often scapegoated for broader government failures.
Vanguard report that the Abuja meeting ended without a public agreement on concrete steps to curb the violence, highlighting the challenge of balancing diplomatic ties with domestic pressure in both countries.
News
Buhari Media Office Denies PFIPC Link, Says Former President Created Only PEAC
The Buhari Media Office (BMO) has denied reports linking former President Muhammadu Buhari to the controversy surrounding the alleged Presidential Foreign Intervention Promotion Council (PFIPC), describing the claims as false and lacking any factual basis.
In a statement released on Sunday, the BMO clarified that Buhari never established any agency known as the PFIPC and did not approve a ₦1.3 billion allocation for such an organization in the 2026 Appropriation.
According to the office, the only body created during Buhari’s administration was the Presidential Economic Advisory Council (PEAC), which served as an ad hoc advisory committee focused on economic matters.
The BMO explained that the PEAC initially operated from offices assigned to the Chief Economic Adviser to the President at the Federal Secretariat. Throughout Buhari’s tenure, the council functioned without a dedicated budget line.
Instead, its activities were funded through presidential approvals issued to the Minister of Finance, while operational expenses were covered by the State House following presidential authorization.
The statement noted that the PEAC was a part-time advisory body comprising economists and financial experts who provided economic policy advice to the President. Members received no salaries, with only operational costs funded to support the council’s work.
The council was chaired by Professor Doyin Salami, CFR, before his later appointment as Chief Economic Adviser to the President. Other members included Professor Mahmuda Sagagi as Vice Chairman, Professor Ode Ojowu, Dr. Shehu Yahaya, Dr. Iyabo Masha, Professor Chukwuma Soludo, Mr. Bismarck Rewane, and Dr. Mohammed Adaya Salisu, who served as secretary.
The BMO further stated that when the current administration took office in 2023, it neither dissolved the Buhari-appointed PEAC nor renewed the appointments of its members, who considered their tenure to have ended with the expiration of the administration that constituted the council.
It also revealed that the office jointly designated for the Presidential Economic Advisory Council and the Office of the Chief Economic Adviser remained vacant after the transition of power and was only occupied years later.
Rejecting any attempt to associate Buhari with the ongoing PFIPC controversy, the media office insisted that claims suggesting the alleged agency originated under his administration are false, baseless, and unsupported by evidence.
The BMO urged Nigerians to disregard reports linking the former President to the alleged PFIPC, reiterating that the only advisory body established during Buhari’s administration was the Presidential Economic Advisory Council, which operated without a statutory budget line.
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