MTN Nigeria saw its profit after tax rise by 165.9% to $259 million (N355.5bn) for the quarter ended 31 March 2026, supported by disciplined cost management and increased network investment.
This performance reflects a resilient business model despite a complex operating environment, says Karl Toriola, CEO of MTN Nigeria.
The Nigerian subsidiary of the MTN Group remains a primary revenue driver for the parent company.
In the current reporting period, service revenue surged by 41.8% to $ 1 billion (N1.5 trillion), while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 68.1% to $604 million (N828.3bn).
The first quarter of 2026 underscores the strength of execution in an evolving environment, according to Toriola.
While geopolitical tensions drove energy prices and inflationary pressures, these were partly mitigated by a relatively stronger naira, which closed at N1,387 per dollar.
MTN's total subscribers increased by 6.5% to 89.5 million, while active data users rose by 9.5% to 55 million.
Data traffic grew by 22.9%, with average usage per subscriber rising to 14.3GB. To support this momentum, the company invested $284 million (N390.3bn) in capital expenditure (capex) excluding leases, prioritising network capacity.
Toriola says the revenue segment performance reflects strong underlying demand.
Data revenue increased by 56.2%, supported by a 5.5 percentage point rise in smartphone penetration to 66.2%. Home broadband remains an important growth opportunity for the telco.
A multi-technology strategy across fibre-to-the-home (FTTH) and fixed wireless access enables the company to serve a broad range of customer needs, with FTTH remaining a key investment priority, says Toriola.
Voice revenue grew by 22.5%, supported by subscriber growth and targeted customer value management initiatives. digital revenue increased by 12.1%, driven by mobile advertising and rich media services.
Enterprise revenue declined by 5.9%, which Toriola attributes to a higher comparative base following service-bundle optimisation in 2025.
This optimisation was a deliberate strategy to protect long-term value, while fixed connectivity and converged solutions continued to deliver growth, he says.
MTN Nigeria's fintech revenue increased by 77.9%. Excluding Xtratime, core fintech revenue increased by 190.6%, supported by higher deposit balances and stronger adoption of advanced services.
According to Toriola, performance across these segments increases confidence in the strategy and its capacity to deliver long-term growth.
The company will continue to prioritise network investment and customer experience to remain positioned for future growth opportunities.
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