LAGOS — In one of the most dramatic financial turnarounds in African corporate history, MTN Nigeria Communications Plc has rebounded from a staggering loss in 2024 to post a record-breaking profit after tax of ₦1.11 trillion for the 2025 financial year.
This recovery, announced on February 27, 2026, follows a turbulent 2024 where the telecom giant grappled with massive foreign exchange (FX) losses.
The 2025 results signal a “reset” for the company, characterized by a stabilized Naira, explosive data demand, and a return to its status as Nigeria’s premier dividend-paying stock.
Financial Highlights: From Red to Green
MTN’s 2025 performance was driven by a 54.9% surge in total revenue, which hit ₦5.20 trillion, fueled largely by the country’s accelerating digital shift.
| Metric | FY 2024 (Loss) | FY 2025 (Profit) | Change (%) |
| Total Revenue | ₦3.36 Trillion | ₦5.20 Trillion | +54.9% |
| EBITDA | ₦1.31 Trillion | ₦2.74 Trillion | +108.9% |
| Profit After Tax | (₦400.4 Billion) | ₦1.11 Trillion | +377.9% |
| Earnings Per Share | (₦19.05) | ₦53.07 | +378.6% |
| Free Cash Flow | ₦388 Billion | ₦1.22 Trillion | +215.5% |
The Three Engines of the Rebound
1. Data Becomes the Crown Jewel
For the first time in the company’s history, data revenue (₦2.78 trillion) has officially overtaken voice as the primary income stream. Active data users grew to 53.2 million, with average monthly usage spiking to 13.1 GB per subscriber. This shift confirms that Nigeria has moved from a “calling nation” to a “browsing nation.”
2. The FX “Flip”
In 2024, a crashing Naira resulted in a ₦925 billion FX loss. In 2025, a more stable exchange rate (averaging ₦1,436/$) and aggressive reduction of dollar-denominated debt allowed MTN to record a net FX gain of ₦90.3 billion.
3. Fintech & MoMo Momentum
MTN’s fintech revenue jumped 79.7% to ₦191.3 billion. With active MoMo PSB wallets growing to 3.7 million, the company is successfully converting its massive subscriber base into a financial services powerhouse, challenging traditional banks for the “unbanked” market.
Shareholder Rewards: The Dividend Holiday is Over
In a major relief for investors, the Board has proposed a final dividend of ₦15 per share. When combined with the ₦5 interim dividend paid in late 2025, the total payout for the year reaches ₦20 per share.
- Qualification Date: April 8, 2026
- Payment Date: On or around May 5, 2026
“2025 marked a significant turning point… We returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds.” — Karl Toriola, CEO, MTN Nigeria
Future Outlook: The ₦1 Trillion Infrastructure Bet
MTN didn’t just bank its profits; it reinvested them. The company more than doubled its Capital Expenditure (CAPEX) to ₦1 trillion in 2025. This investment was funneled into:
- Expanding 5G coverage and 4G densification.
- Laying thousands of kilometers of new fibre optics.
- Securing a three-year spectrum lease with T2 Mobile to enhance network resilience.
MVP On The NGX
MTN Nigeria enters 2026 as the most valuable company on the Nigerian Exchange (NGX). By cleaning up its balance sheet and doubling down on data infrastructure, the company has insulated itself against the “macroeconomic shocks” of the past.
For shareholders, the ₦1.11 trillion profit isn’t just a number—it’s the return of a reliable cash cow.
