Business
MTN Nigeria Urges Telecom Sector to Regain Profitability
MTN Nigeria, the country’s largest telecom operator, has highlighted the urgent need for the telecommunications industry to regain profitability. CEO Karl Toriola shared this message during a visit to MTN’s facilities in Ibeju-Lekki, Lagos, with a group of media fellows. He pointed out that the sector is facing significant losses, requiring immediate action to turn things around.
Toriola oversees about 78 million subscribers and noted that MTN currently relies on profits earned over the past two decades, which is unsustainable. Earlier this year, telecom operators, including MTN, called for a tariff increase—the first in 11 years—to address rising operational costs and improve service quality.
He warned that without this increase, the company might struggle to operate. In the first half of 2024, MTN reported a staggering N519.1 billion loss, primarily due to foreign exchange losses and high inflation. Despite these challenges, Toriola remains optimistic that key financial regulators can step in to help resolve the industry’s financial issues.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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