MTN Nigeria Communications Plc, the nation’s biggest telecoms company, raked in N2.4 trillion between January and June 2025 (half year), but the firm has not been able to fix network challenges bedevilling its customers.

The telco made N2.362 trillion from data, voice, fintech, digital and other services, including N414.9 billion profit after tax within the period under review, according to its half-year financial statement seen by Economy Post.

The firm is bullish about the Nigerian economy and plans to make more investments to reap fom the nation’s growing data and voice users. “Looking ahead, we expect to sustain strong operational and financial growth momentum in the second half of 2025, supported by a more stable macroeconomic and regulatory environment, continued demand for our services, the benefit of recent price adjustments and network investments,” MTN said.

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“Given the strong momentum in our business performance, we have revised up our FY 25 guidance and now target service revenue growth of ‘at least low-50%’ and EBITDA margin of ‘at least low-50%’. With our strong operational momentum and continued focus on efficiencies, we are on track to restore positive retained earnings and net asset positions by the end of Q3 2025.

“Following the H1 acceleration of our capex deployment, we expect this to moderate in the second half, in line with our FY
2025 objective, and help drive a stronger FCF trajectory in H2. In terms of our medium-term guidance (from 2026 onwards), we target average service revenue growth of ‘at least low-20%’ and EBITDA margin in the 53-55% range based on current economic assumptions and no price adjustments. As MTN Nigeria, we remain focused on executing on our growth strategy to deliver long-term value to
our stakeholders,” the telco noted.

Tariff increase

In January 2025, the Nigerian Communications Commission (NCC), the government regulator of telecoms services, heeded to the demands of MTN, Airtel, Glo and other players to raise data and voice tariff by 50 percent.

“The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised,” NCC’s spokesman, Mr Reuben Muoka, said.

“These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage.”

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“To this end, the Commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery,” the regulator said.

Chairman of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, assured telecoms subscribers of improved services after the reviewed tariff.

In a statement on January 29, one week after the 50 percent tariff implementation began, Mr Adebayo said: “We are committed to optimizing our networks, upgrading systems, and improving service delivery. The government has also mandated us to simplify tariffs, making them more transparent and easier for subscribers to understand.”

However, the promise has not been kept.

Flurry of complaints

While MTN, Airtel, Glo and other players have raised their rates and claim they are investing in infrastructure, Nigerians are yet to feel the impact of the now expensive data and voice services.

“I have experienced more than 11 drop calls on my MTN line today alone,” said a Lagos-based fashion designer, Mr Babajide Ojikutu. “I don’t use MTN data services, but I use Smile Network. You can go for hours without getting proper network from them,” he added.

An Abuja-based business woman, Ms Ngozi Onyeweugo, who uses Airtel and Glo, complained that she often experiences drop calls and poor network services.

“It seems that this year is the worst year for the network providers. Sometimes, you will not even hear what your caller is saying. At times, you get drop calls, and sometimes browsing with their data takes time,” she said.

In Enugu, a student of one of the higher institutions, Ms Angel Obika, noted that “the data has become so expensive that I cannot afford to buy it any time I need it.”

“I buy MTN data just once in two weeks now. Yet, there is nothing special about it. Nothing has changed from before, and the network is still the way it used to be – unpredictable.”

However, Port Harcourt based Ben Nwadioku said he has noticed the difference, especially in MTN and Airtel services. He told Economy Post on the phone that services are better now.

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“I must confess that MTN’s 2GB+2GB has been good to me. Even Smile’s Unlimited data is not bad, though I think the coverage is stilll limited, which is something the new tariff should be able to take care of.

“I am optimistic that they will all improve, even though they are still struggling.”

MTN past struggles

Economy Post had reported that MTN Nigeria was technically insolvent or bankrupt as its liabilities surpassed assets in 2023. MTN Nigeria’s total assets stood at N3.189 trillion in the year ended December 2023 while total liabilities were valued at N3.229 trillion at the same period.

According to Investopedia and other accounting books, a company is deemed technically insolvent, asset deficient or accounting insolvent when its liabilities rise faster than assets or are above assets.

However, it appears to have bounced back from its 2023 and even 2024 woes, driven mainly by foreign exchange (FX) losses, fuelled by the nation’s FX instability at that time.