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.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
“Fighting for Nigerians Is Tiring” — VeryDarkMan Recalls Burna Boy’s Words
Enzo Fernández Moves Closer to Manchester City Transfer
