MTN Nigeria has paid ₦545.89 billion in interim dividends to more than 203,000 shareholders, following a sharp recovery in profitability and cash generation.
The company paid ₦26 per share on 7 September to investors who held the stock as at 20 August. After the 10% withholding tax, shareholders received ₦23.40 per share.
The interim payout is already higher than the ₦419.91 billion MTN Nigeria paid in dividends for the full 2025 financial year, highlighting the scale of the company's financial recovery.
MTN Nigeria's profit after tax rose 70.6% to ₦707.5 billion in the first half of 2026, while service revenue increased 25.9% to ₦3 trillion. Data revenue, now the company's largest revenue stream, rose 38.4% to ₦1.70 trillion, with active data users reaching 55.7 million.
"We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation," said Karl Toriola, chief executive officer of MTN Nigeria.
The return to stronger profitability follows two difficult years for the operator. MTN Nigeria reported a ₦137 billion loss in 2023 after the naira's devaluation significantly increased the cost of foreign-currency liabilities.
The company subsequently reported a larger loss after tax in 2024 amid continued foreign-exchange pressures.
ITWeb Africa reported last month that MTN Nigeria's return to profitability in 2025 and the continued stabilisation of the naira had improved its financial position. The company also recorded strong growth in subscribers and data users during the first half of 2026.
Toriola said MTN remained focused on Nigeria's "long-term structural growth opportunity", citing rising data demand, smartphone adoption, underpenetrated home broadband and accelerating enterprise digitalisation .
MTN Nigeria spent ₦620.5 billion on network infrastructure during the first half of 2026, while free cash flow increased 73.9% to ₦712.7 billion.
The stronger financial performance reflects the continuing shift in Nigeria's telecommunications market from voice towards data, while increased cash generation gives MTN Nigeria greater scope to invest in its network and return capital to shareholders.
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