MTN Nigeria posts $518 million profit under Karl Toriola in 9M 2025

After a challenging 2024, MTN Nigeria has made a major turnaround. The telecom behemoth under Karl Toriola reported a net profit of N750.2 billion ($518.3 million) for the nine months ending Sept. 30, 2025, compared to the N513.9 billion ($355 million) loss it posted in the same period last year.

The rebound places MTN Nigeria among the most profitable companies in the country and reaffirms its status as the leading subsidiary of South Africa’s MTN Group. The return to profit reflects improved market conditions in Nigeria, where the naira has strengthened, inflation pressures have eased and foreign exchange liquidity has improved.

MTN Nigeria revenue rises 57 percent

Revenue climbed to N3.73 trillion ($2.57 billion) from N2.37 trillion ($1.64 billion) a year earlier, boosted by stronger demand for mobile and data services. Data revenue rose by 73.2 percent to N1.97 trillion ($1.36 billion), while voice revenue grew 41.9 percent to N1.35 trillion ($931 million). Subscriber numbers increased by 11 percent to 85.4 million, and active data users grew 12.8 percent to 51.1 million.

“This is a significant milestone that demonstrates strong operational momentum and disciplined execution,” Toriola said in a statement. “Supported by a more favourable 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.”

MTN Nigeria rebounds with stronger balance sheet

MTN Nigeria’s turnaround has strengthened its balance sheet. Total assets rose from N4.19 trillion ($2.89 billion) at the end of 2024 to N4.99 trillion ($3.44 billion) by September 2025. It moved from a negative equity of N458 million ($315.7 million) to a positive equity of N293.1 billion ($202 million), while retained earnings improved to N142.7 billion ($97.9 million).

To support surging data demand, MTN Nigeria entered into a spectrum lease agreement with T2 Mobile, formerly 9Mobile, effective Oct. 1, 2025. The deal covers 5MHz in the 900MHz band and 15MHz in the 1800MHz band for three years.

Under Toriola, MTN Nigeria has focused on stability, customer trust and long-term growth. Its rebound marks one of the strongest recoveries this year, thus reflecting renewed confidence in the telecom sector and the country’s improving economic outlook.