MTN Nigeria distributed ₦545.89 billion in dividends to its 203,000 shareholders during the first half of 2026, setting a new record for dividend payouts. The interim payment of ₦26 per share was issued on September 7, 2026, to those holding shares as of the August 20 record date. Social media posts on X (formerly Twitter) have since confirmed the distribution, with shareholders sharing screenshots of their dividend statements and transaction confirmations.
This dividend follows a six-month profit after tax of ₦707.5 billion, a 70.6% increase compared to the same period the previous year. The company attributed the earnings growth to a stable exchange rate, favorable foreign exchange gains, and adjusted pricing. These improvements came after MTN Nigeria returned to profitability in 2025 following a ₦400 billion after-tax loss in 2024, driven by severe currency volatility and naira devaluation. Total service revenue for the period totaled ₦3 trillion, with data services generating ₦1.70 trillion, voice services ₦993 billion, and fintech operations contributing ₦77 billion. Other services and digital offerings accounted for an additional 7% of revenue, further diversifying the company’s income streams.
MTN Group Limited maintains majority ownership, controlling between 73% and 75% of the company, while the rest is held by individual Nigerian investors. The ₦545.89 billion payout exceeds the ₦419.91 billion distributed in 2025, when shareholders received ₦20 per share in total—₦5 in the first half and ₦15 in the second. The remaining shares are distributed among over 203,000 shareholders, who mainly comprise Nigerians who have an indirect stake.
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Record payouts highlight shareholder gains
After accounting for a 10% withholding tax, shareholders effectively receive ₦23.40 per share. Victor Odili, the largest individual shareholder, collected ₦22 billion from this distribution, reflecting the significant scale of his holdings in the company.
The company’s financial turnaround comes after a difficult 2024, when it reported a ₦400 billion after-tax loss due to severe currency volatility and naira devaluation. Profitability returned in 2025, and dividend payments have since risen alongside revenue increases. The recovery was supported by a relatively stable exchange rate, significant foreign exchange gains, and tariff adjustments that improved pricing power.
The ₦26 per share dividend is the highest interim payment in recent years, though it remains below the ₦40 per share paid in 2022 before economic pressures reduced profitability. The company’s ability to keep increasing dividends will depend on maintaining operational efficiency and managing currency risks, particularly as macroeconomic conditions continue to influence its financial performance.
Economic factors still shape dividend future
For the moment, the payout shows a recovery in profits, but future dividend increases will require steady growth in data and fintech revenue while reducing dependence on exchange rate movements. The company’s financial health has improved since 2024, when it faced losses due to currency instability, but sustained profitability will depend on handling ongoing economic challenges.
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MTN Nigeria’s total service revenue for the period reached ₦3 trillion, with data services accounting for ₦1.70 trillion and voice services ₦993 billion. Fintech operations contributed ₦77 billion, reflecting a diversified revenue base. Other services and digital offerings made up 7% of the total, highlighting the company’s expanding business segments beyond traditional telecom services.
Shareholders who held stock by the August 20 record date qualified for the ₦26 per share payment, which was processed on September 7. The company’s financial health has improved since 2024, when it faced losses due to currency instability, but ongoing macroeconomic factors will continue to shape its dividend policy.
MTN Group Limited continues to hold a dominant stake, ensuring stability in dividend policies. The latest payout marks a strong recovery, though economic conditions will influence future distributions.
