MTN Nigeria invests ₦202.4bn in Q1, holds AGM amid profit surge
BY MOTOLANI OSENI
MTN Nigeria Communications Plc has announced a major financial turnaround, investing a record ₦202.4 billion in capital expenditures during the first quarter (Q1) of 2025 and posting ₦133.7 billion profit after tax, a sharp reversal from the ₦392.7 billion loss recorded in Q1 2024.
The announcement came as the company held its 2025 Annual General Meeting (AGM) in Lagos, where shareholders endorsed its performance and reaffirmed confidence in its strategic direction.
This ₦202.4 billion investment—the telecom operator’s highest-ever quarterly capital outlay—was deployed towards expanding network capacity, enhancing data speed, and improving overall service quality across Nigeria to meet rising demand for digital connectivity.
Chairman of the Board, Dr. Ernest Ndukwe (OFR), praised the company’s resilience, stating, “Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.”
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MTN Nigeria Chief Executive Officer, Dr. Karl Toriola, noted that despite the macroeconomic headwinds of 2024, including currency devaluation and soaring costs, the company doubled down on innovation and customer-focused strategies, which helped restore its growth trajectory.
However, the company ended 2024 with a ₦400.4 billion net loss, largely driven by ₦740.4 billion in foreign exchange losses. This led to negative retained earnings and the inability of the Board to recommend a final dividend, in line with regulatory requirements.
Chief Financial Officer, Modupe Kadri, remained upbeat about the company’s outlook, citing strong Q1 results, a 40.5 per cent rise in service revenue, 65.9 per cent EBITDA growth, and renewed investor confidence.
At the AGM, shareholders approved all resolutions, including the adoption of the 2024 financial statements, re-election of directors, and ratification of remuneration policies.
MTN Nigeria said it remains committed to driving digital inclusion, enhancing network infrastructure, and delivering long-term value for its stakeholders, while banking on expected tariff reviews, easing inflation, and currency stability to consolidate its rebound in 2025.
