MTN said the N3 trillion it realised in the first half (H1) represents revenue and not profit.

MTN Nigeria’s Chief Financial Officer, Modupe Kadri, said the clarification became necessary to set the record straight.

He said the distinction is critical to understanding MTN’s true contribution to the Nigerian economy.

Speaking during an engagement with journalists in Lagos, yesterday, Kadri stressed that the N3 trillion reflected value generated through telecommunications service offerings – including voice, data, digital solutions, enterprise services and fintech – to over 92 million subscribers nationwide.

Kadri urged Nigerians not to equate revenue with profit, stressing that a significant portion of the company’s earnings goes into taxes, operating expenses, and continued investment in network infrastructure. This emphasis on tax contribution comes as MTN Nigeria has previously been recognised for its tax compliance – receiving the Excellence in Tax Compliance award at the Africa Finance Festival 2026, and being named one of the most tax-compliant organisations and a top 20 taxpayer in Nigeria by the Federal Inland Revenue Service (FIRS).

Kadri revealed that data services account for approximately N1.7 trillion of total revenue, driven by rising smartphone penetration and surging demand for digital connectivity. He noted that MTN now has about 55.6 million active data subscribers, with average monthly data consumption approaching 15 gigabytes per customer.

“Nigeria has a youthful population and demand for digital services continues to grow,” he said.

However, the company’s fintech business faced a seven per cent revenue decline during the period, which Kadri attributed to the suspension of MTN’s NCC-regulated lending services for most of the half-year under review. He confirmed that MTN Nigeria intends to dilute its stake in the mobile money entity to 40 per cent, handing 60 per cent ownership to MTN Group Fintech, a move he framed as strategic capital allocation rather than retreat.

Kadri disclosed that MTN has invested over N1.6 trillion in capital expenditure since January 2025 to expand network capacity and strengthen service quality.

Despite these investments, service delivery is often disrupted by factors outside the company’s control, including fibre cuts, vandalism, and restricted access to network sites.

He added that MTN is working with industry stakeholders and security agencies to improve network resilience.

Kadri highlighted rising operational costs, with energy costs up 50 per cent to 80 per cent year-on-year, diesel prices up nearly 80 per cent, and transport fares rising sharply. MTN has implemented cost-efficiency measures, including renegotiating tower contracts, to manage these pressures while maintaining service quality.

Kadri disclosed that MTN Nigeria has fully repaid all foreign currency-denominated loans – eliminating forex-related debt and reducing finance costs.

He also emphasised that competition must be sustainable to allow operators to meet their obligations and continue investing.