MTN CFO Clarifies ₦3tn Figure, Says It Represents Revenue, Not Profit

MTN Nigeria’s Chief Financial Officer, Modupe Kadri, has clarified that the widely reported ₦3 trillion figure attributed to the telecommunications company represents its total revenue and not profit.

Kadri made the clarification during an interview with ARISE NEWS, explaining that the revenue reflects MTN’s earnings from telecommunications services, including voice, data, digital services, enterprise solutions and fintech offerings to more than 92 million subscribers across the country.

He said data services generated about ₦1.7 trillion of the company’s total revenue, driven by increased smartphone adoption and growing demand for digital connectivity. According to him, MTN currently has 55.6 million active data subscribers, with each user consuming an average of nearly 15GB of data monthly.

The finance chief also disclosed that the company has invested more than ₦1.6 trillion in network expansion since January 2025 to improve service quality and meet rising customer demand.

Kadri, however, noted that service disruptions are often caused by factors beyond the company’s control, including fibre cable cuts, vandalism and restricted access to network infrastructure.

Speaking on operating costs, he said inflation, rising diesel prices and increased transportation expenses have put pressure on the business, although MTN has introduced cost-efficiency measures to cushion the impact.

He further revealed that MTN has fully repaid all its foreign currency-denominated loans, leaving the company with no foreign exchange debt and significantly reducing its finance costs.

Kadri added that while competition remains healthy for the telecommunications industry, operators must remain financially sustainable. He stressed that telecom tariffs would eventually need to reflect the actual cost of maintaining and expanding network infrastructure.

He described the telecommunications sector as a major driver of Nigeria’s economy and called for continued support from regulators and policymakers to sustain investment and strengthen the country’s digital infrastructure.

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