By Martins Azuwike
When MTN Nigeria officially rolled out its services in Nigeria on May 16, 2001 with the first commercial GSM call in the country at Maritime House, Apapa, it was underpinned by a focused commitment to make its lines and other valuable services available to every hand and home that desired and could afford them. That bold launch has since transformed Nigeria’s telecom market, making it beneficial to many. It’s now a buzzing market, from whichever angle it is viewed.
To build momentum after the launch, the company commenced full commercial rollout in major cities like Abuja, Lagos and Port Harcourt, which market analysts refer to as the ALP business triangle in Nigeria.
And today? MTN Nigeria Communications Plc remains not only a cash-minting machine, but also a profit engine by any metric.
What’s more, the company’s Q3 (third quarter) 2025 financial results for the period ended September 30, 2025 recently released affirms this to the hilt.
Highlights of performance over the business period further attest to this. Mobile subscribers grew by 11per cent to 85.4 million during the period, unlocking service revenue that also leaped by 57.5 per cent to a humongous N3.7 trillion, underpinning a cashflow of N742.6 billion buoyed by a 38.5 per cent growth. In tandem, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 123 per cent to a bouncy N1.9trillion. To be sure, EBITDA implies a financial metric applied to assess a company’s operating performance devoid of the influence of financing and accounting decisions.
What the performance means? A strong performance underpinned by a return to dividend payment. What’s more, there’s an interim dividend payment of N5 per 2 kobo ordinary share approved by the Board of Directors to be paid to shareholders whose names appear in the company’s Register of Members as at the close of business on November 20, 2025, subject to the appropriate deduction of withholding tax, according to the company’s secretary, Uto Ukpana, a Fellow of the Chartered Institute of Secretaries (FCIS).
MTN Nigeria’s Chief Executive Officer, Karl Olutokun Toriola’s heart is lifted by the cheery result as demonstrated by his statement: “We are pleased to report that MTN Nigeria has restored its positive earnings and shareholders’ equity positions. This is a significant milestone that demonstrates strong operational momentum and disciplined execution. Supported by a more favorable macroeconomic environment and price adjustments, the outcome was driven by the delivery of our strategic and commercial initiatives, commitment to efficiency and prudent financial management.”
While Data revenue grew by 73.2 per cent during the business period, and Voice revenue and Digital revenue respectively delivered 41.9 per cent growth, it was 72.5 per cent for Fintech revenue, indicating a broad-based revenue growth by the company.
The company reports an upsurge in data, which it asserts, is driving strong business momentum, with active data subscribers hitting 51.1 million, spurred by a 12. 8 per cent growth. Home broadband subscribers also increased by 34 per cent to 4 million, and while data traffic growth hit 36.3 per cent, smartphone penetration peaked at 65.1 per cent.
Karl Toriola is not alone in the feel-good spirit now loud in MTN Nigeria’s world. The company’s CFO, Modupe Kadri shares in this, and says: “We delivered broad-based revenue growth with momentum accelerating in Q3. Growth was double-digit across all key revenue segments, underscoring the strength and diversification of our portfolio. Our robust topline growth and expense efficiency initiatives drove improvements in margins and strong cashflow generation. As a result, we achieved positive retained earnings of N142. 7 billion and shareholders’ equity of N293.1 billion, marking a significant turnaround for our business.”
It was a simple way to state that margin recovery was underpinned by strong topline growth and sustained cost efficiency, as EBITDA margin showed 36.3 per cent in 2024, and 51.4 per cent in 2025 to print a 15.1 percentage point growth.
The profile of the company’s capital expenditure (CAPEX) over the period showed N217.6 billion in 2024 and N757.4 billion in 2025 or 248 per cent. Capex intensity was also 20.3 per cent in 2025 compared to 9.2 per cent in 2024.
In addition, debt metrics hovered within cherished covenant levels. For instance, net debt to EBITDA printed 0.1 times versus a covenant maximum of 2.5 times, while interest cover was 18.9 times versus a covenant minimum of 5 times.
To cap up the juicy outcome showing on the company’s performance dashboard, the CEO painted a clear picture of what to expect when the business year runs its full course. He stated: “In the final quarter of the year, our priority is sustaining the strong momentum from the first nine months. We will execute with discipline, leveraging diverse revenue streams and a strengthened balance sheet to navigate market dynamics and capture growth opportunities. With a more stable macro environment we aim to close the year stronger while positioning MTN Nigeria for long-term success and creating enduring value for all stakeholders.”
Timeline of MTN’s entry into Nigeria’s telecoms market
• January 2001: MTN secured one of GSM licenses in Nigeria after paying $285 million to acquire the rights
• May 16, 20001: MTN made the first-ever GSM in Nigeria to mark the beginning of its operations call
• August 2001: MTN began full commercial rollout in major commercial cities like Abuja, Lagos and Port Harcourt
Impact and Growth
• MTN officially launched its GSM network in Nigeria on August 16, 2001, pioneering mobile connectivity in the country.
• The company has since grown to become one of Africa’s largest telecom providers, connecting more than 85 million people and accounting for about half of the total number of active subscribers in Nigeria alone.
• MTN has invested more than $10 billion in total in Nigeria’s digital infrastructure since commencing operations in 2001.
Describing a company as a cash-minting machine is an indication that it consistently generates large amounts of revenue or profit, frequently with high efficiency and minimal risk.
In its operations there are visible traits. It is highly profitable, maintains scalable operations, efficient systems, and strong market position, especially in competition for market and customer share. It also manifests low volatility with predictable revenue streams that are resilient to market oscillations.
