MTN Nigeria has increased its capital expenditure, excluding leases by 248.0 per cent to N757.4 billion as the company accelerated network and fibre investments across the country.

Detailed in its financial results for the nine months ended September 30, 2025, MTN also reported a Profit After Tax (PAT) of N750.2 billion marking a huge turnaround for the company.

Analysis of the result showed that this represented a 245.7 per cent rebound from a N514.9 billion loss recorded in the same period last year, driven by robust data growth, fintech expansion, and improved macroeconomic stability.

The company’s performance was buoyed by a strengthened naira, easing inflation, and disciplined cost management that doubled operating margins. Total service revenue surged 57.5 per cent year-on-year to N3.7 trillion, while EBITDA more than doubled to N1.9 trillion, with margins expanding by 15.1 percentage points to 51.4 per cent.

Chief Executive Officer of MTN Nigeria, Karl Toriola, said: “We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This milestone demonstrates strong operational momentum and disciplined execution, supported by a more favourable macroeconomic environment and prudent financial management.”

Further, MTN Nigeria’s data business continued to be its dominant growth engine. Data revenue soared 73.2 per cent year-on-year to N1.98 trillion, supported by rising smartphone penetration (now at 65.1 per cent), expanded 4G capacity, and a 36.3 per cent surge in data traffic. Average data usage per subscriber climbed to 13.2GB per month, while the company’s home broadband user base grew to four million, up 281,000 in Q3 alone.

Voice revenue also rose by 41.9 per cent to N1.35 trillion, reflecting both subscriber growth and new pricing strategies. On the digital and fintech front, fintech revenue jumped 72.5 per cent to N131.6 billion, with active MoMo wallets expanding to 2.9 million. MTN said customer deposits grew by 80.5 per cent compared to December 2024, while its agent and merchant networks expanded by 73.6 and 42.6 per cent respectively, underscoring its drive to deepen financial inclusion.

“Fintech remains a critical growth area that drives inclusion and long-term value,” Toriola said, noting that recent initiatives have begun to rebuild momentum across MTN’s mobile money ecosystem.

The telecom giant also returned to financial health after several quarters of FX-induced strain. Retained earnings swung to a positive N142.7 billion from a N607.5 billion deficit in December 2024, while shareholders’ equity improved to N293.1 billion, reversing last year’s negative position.

MTN explained that its capital investments were directed towards capacity expansion, fibre rollout, and a new data centre development. The company also reported progress on the 110-kilometre Enugu–Onitsha Expressway, now 50 per cent complete under the Federal Government’s Road Infrastructure Tax Credit (RITC) scheme. In July, it secured an additional N23 billion tax credit to offset future tax liabilities starting in 2026.

To strengthen network efficiency, MTN entered a spectrum lease agreement with T2 Mobile (formerly 9mobile) covering 20MHz of frequency bands for three years. The move, part of a broader infrastructure-sharing initiative, is expected to support capacity expansion and improve service quality nationwide.

MTN’s enterprise business delivered 28.6 per cent growth, supported by increased adoption of fixed connectivity and cloud services. The launch of MTN Cloud, powered by the new Dabengwa Tier III Data Centre, has positioned the operator as a leading digital transformation partner for Nigerian businesses.

Looking ahead, MTN Nigeria expects to sustain strong momentum into the final quarter of the year.

“We are confident in the resilience of our business model and our ability to manage emerging risks. Our focus remains on disciplined execution, cost efficiency, and creating long-term value for all stakeholders,” Toriola added.