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.
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.”
Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.
According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.
In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.
Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.
This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.
-
Sport17 hours agoMessi Says His Best Goal Ever Is the Header He Scored Against Man U in 2009
-
Entertainment11 hours agoAishwarya Rai Stuns at Cannes, Showing Off Indian Tradition and Modern Style
-
Entertainment17 hours agoTaylor Swift Is No Longer Part of the Concert Incident Case and Won’t Need to Testify
-
Sport17 hours agoMan U Stands by Amorim Despite Europa League Loss and Poor League Form
-
Entertainment11 hours agoEXO’s D.O. Is Back With New Solo Album and Asia Tour This Year
-
Entertainment11 hours agoLee Jae Wook Hints at Military Enlistment While Starring in Dear Hongrang
-
News17 hours agoTinubu Says His Tough Economic Reforms Are Now Helping Nigeria’s Economy Grow
-
Entertainment11 hours agoSophie Choudry Shares Her Tough Experiences With Casting Couch in Bollywood