Connect with us

News

MTN Nigeria’s Revenue Soars By 35.6% After Tariff Increase

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Kayode Sanni-Arewa

MTN Nigeria’s service revenue surged by 35.6% in March after tariff increase implemented in February.

A report by its group office in South Africa on Monday, also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.

This is as the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan.

Advertisement

It reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.

“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President & Chief Executive Officer, Ralph Mupita expressed optimism about the future.

He noted signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria.

“In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.

Advertisement

“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.

Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.

Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).

In Sudan, the group’s operational and financial performance was hampered by ongoing armed conflict in the country, Group CEO Ralph Mupita said in a statement.

Advertisement

Advertisement · Scroll to continue

MTN Group, which has 291 million customers across 16 markets in Africa, said its group service revenue decreased by 15% to 177.8 billion rand ($9.78 billion). In constant currency, group service revenue rose 14%.

It declared a final dividend of 345 cents per share, up from 330 cents.

Highlights:

Advertisement

Solid underlying performance with strong H2 financial results. Service revenue, earnings, cash flow and leverage all improved in the second half of the year
Service revenue up by 14% in constant-currency terms; down 15% in reported rand terms
MTN Nigeria’s service revenue is up by 35.6% and expected to increase in 2025 after tariff adjustments implemented in February 2025
MTN South Africa service revenue up by 3.1% with reported EBITDA margins strong at 37.4%
Fintech service revenue up by 28.5%, with transaction value up by 35% in constant currency at US$321bn
Fintech advanced services revenue (including bank tech, remittance, and payments) is up 52%
Group medium-term guidance maintained as 2025 starts on a strong footing
Dividend at 345cps increased on positive second-half momentum in earnings, free cash flow and leverage. The MTN Board anticipates paying a minimum ordinary dividend of 370cps for the 2025 financial year
In Ghana and Uganda, the firm increased local ownership in our operations. In South Africa, it extended the MTN Zakhele Futhi broad-based black economic empowerment transaction.

“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” Mupita said of the Group that celebrated 30 years of operations in 2024.

Other shared value wins included further reductions in the Group’s Scope 1 and 2 emissions, as well as widening access to broadband internet access to cover 93% of the population in its markets.

It also advanced broadband in rural and remote areas is critical to its work to extend digital and financial inclusion across Africa.

Advertisement
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

NASENI Reiterates Commitment to Healthcare Innovation

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

NaseniBy Gloria Ikibah

The National Agency for Science and Engineering Infrastructure (NASENI), has restated its commitment to strengthening Nigeria’s healthcare sovereignty through local manufacturing of medical diagnostic technologies.

The Executive Vice Chairman and Chief Executive Officer of NASENI, Khalil Suleiman Halilu, affirmed this while hosting participants of the Harvard University-led Science of Defeating Malaria programme at a closing dinner in Abuja, following their visit to the NASENI-TROMENT Biotechnologies Factory, where they commended the facility’s role in advancing disease control and healthcare innovation in Africa.

The delegation, led by Professor Dyann F. Wirth of Harvard University and comprising about 85 global health professionals, scientists and policymakers, toured the state-of-the-art facility and described it as a significant step towards combating malaria and other infectious diseases across the continent.

Advertisement

Speaking at the dinner, the NASENI boss noted that the commendation further validated the vision behind the NASENI-TROMENT Biotechnologies Factory, a strategic project initiated 18 months ago to reduce Nigeria’s dependence on imported diagnostic kits and strengthen local healthcare manufacturing capacity.

He explained that the facility is designed to produce up to 600 million diagnostic kits annually, enough to meet about 80 per cent of Nigeria’s diagnostic testing needs while creating opportunities for export to other African countries and global markets.

The factory manufactures rapid diagnostic tests (RDTs) and in-vitro diagnostic (IVD) products under the N-CheckUP brand for diseases and conditions including malaria, hepatitis B and C, HIV, typhoid, syphilis, COVID-19, pregnancy and blood glucose monitoring.

According to Halilu, the project aligns with NASENI’s broader mandate of deploying science, technology and innovation to address national challenges, create jobs and build industrial capacity.

Advertisement

He expressed appreciation to Professor Wirth and members of the Harvard delegation for their recognition of the progress made at the facility and reaffirmed NASENI’s commitment to developing innovative solutions that improve lives and position Nigeria as a leading healthcare manufacturing hub in Africa.

The Science of Defeating Malaria programme, which was held in Abuja from June 7 to 13, brought together global experts committed to advancing strategies for malaria elimination and strengthening public health systems worldwide.

Continue Reading

News

Obi Slams Court Ruling Deregistering ADC, Accord, Three Other Political Parties

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Kayode Sanni-Arewa

Ex-Labour Party presidential candidate, Peter Obi, has condemned the recent judgment of the Federal High Court in Abuja ordering the deregistration of five political parties, including the African Democratic Congress (ADC) and the Accord Party.

Justice Peter Odo Lifu of the Federal High Court reportedly directed the Independent National Electoral Commission (INEC) to immediately deregister the affected parties over alleged constitutional breaches in a ruling delivered on Monday, June 15.

Reacting to the judgment, Obi described the decision as another troubling development that could further erode public confidence in Nigeria’s democratic institutions and the judiciary.

Advertisement

In a statement released on Monday, the former Anambra State governor argued that the court’s decision should be reversed, warning that weakening institutions for political purposes could have far-reaching consequences for the country.

According to Obi, the controversy surrounding the removal of former Chief Justice of Nigeria, Walter Onnoghen, had earlier raised concerns about the independence and sanctity of Nigeria’s institutions.

He noted that while investors can manage security and policy risks, uncertainty in the rule of law and perceptions of judicial vulnerability to political influence remain major deterrents to investment.

Strong economies are built on trust. Investors can manage security risks, policy risks, and even market risks. What they fear most is uncertainty in the rule of law and a judiciary that is perceived to be vulnerable to political pressure,” Obi stated.

Advertisement

The former presidential candidate lamented that many Nigerians have lost faith in institutions meant to protect them, adding that businesses increasingly prefer contracts governed by foreign jurisdictions due to greater confidence in their legal systems

Obi further argued that the judgment ordering the deregistration of the ADC and other political parties would further diminish public trust in the nation’s legal system.

“The Federal High Court judgment ordering the de-registration of the ADC and other political parties is just one of those activities that further reduces the common man’s trust in our legal systems. It should be reversed,” he said.

He pledged to work towards restoring the dignity, independence, and integrity of the judiciary, emphasizing the need for a justice system that is impartial, accessible, and respected by all.

Advertisement

“The common man must have a voice. The business community must be protected from legal uncertainty and intimidation. Justice must be impartial, accessible, and respected by all,” Obi added.

He also called on judges, senior advocates, legal luminaries, and lawyers across the country to defend the rule of law and safeguard Nigeria’s democratic institutions.

“To our judges, legal luminaries, senior advocates, and lawyers: this is your moment. Rise, defend the rule of law, take back your country,” he urged.

Obi concluded his statement with his popular refrain: “A New Nigeria is Possible.”

Advertisement

The ruling has continued to generate debate among legal and political stakeholders, with many awaiting further reactions from the affected parties and the electoral commission.

Continue Reading

News

BREAKING: Gunmen storm NIPSS Kuru, kill two soldiers Police Officer

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…as elite policy institute fends off night raid

By Kayode Sanni-Arewa

The National Institute for Policy and Strategic Studies, NIPSS, came under heavy attack on Monday night, June 15, 2026, as suspected attackers tried to breach Nigeria’s foremost policy school near Jos.

Two soldiers and one police officer were reportedly killed before security forces repelled the assault.

Advertisement

The attack began around 11:00 p.m.

Armed men attempted to force their way into the institute and reach the residential quarters where course participants were lodged, according to initial report by NewsmakersNG.

Sources said the slain police officer was the orderly attached to a retired Deputy Inspector-General of Police. The two soldiers died in the exchange of fire that followed.

But the attackers were stopped. Security operatives stationed at NIPSS mounted swift resistance and blocked access to the participants’ wing.

Advertisement

“No participant was abducted because the security forces successfully repelled the attackers before they could enter the residential area,” a source familiar with the incident was quoted to have said.

—NIPSS confirms incident, urges calm—

In a press release issued early Tuesday, June 16, the institute confirmed a “security incident occurred in the vicinity of the Institute in the early hours of today.”

Management said the situation was “promptly brought under control through the swift response of security personnel and relevant security agencies.”

Advertisement

“There is currently no threat to the safety of participants, staff, residents, or facilities of the Institute, and normal activities are continuing as scheduled,” said Dr. Osime Samuel, mni, Head of Public Affairs.

The institute stressed that investigations were ongoing and it would be “premature to speculate on the nature, scope, or outcome of the event.”

NIPSS said it could not confirm details circulating on social media.

“We urge members of the public and the media to rely on official communications from the Institute and relevant security agencies,” the statement added.

Advertisement

–Manhunt begins, motive unclear–

As of press time, authorities had not released an official statement on the motive behind the attack.

Security has reportedly been reinforced around the institute as investigations and manhunt operations commenced.

NIPSS Kuru trains Nigeria’s top bureaucrats, military officers, and policy strategists. An attack on the institute is an attack on the country’s policy brain trust. That it was targeted at night, with participants inside, has raised fresh fears about insecurity reaching Nigeria’s elite institutions.

Advertisement

For now, the guns are silent. The participants are safe. But three security men paid with their lives to keep it that way.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News