Nigeria’s biggest telecom operator, MTN Nigeria, has completed a major balance sheet turnaround, eliminating foreign currency loans and creating room for a fresh investment cycle in network expansion and digital infrastructure.
The company’s first-half 2026 results mark a significant turnaround from a period defined by negative equity, foreign exchange volatility, and suspended dividend payments, as management says the business has rebuilt its financial position and entered a new phase of growth.
The Chief Financial Officer of MTN Nigeria, Modupe Kadri, said the company had eliminated its foreign currency loans, while retained earnings had almost doubled and shareholders’ equity continued to strengthen.
“The numbers, impressive as they are, only tell part of the story,” Kadri commented on the result. “What excites me most is what lies beneath them. Our retained earnings have almost doubled. Our shareholders’ equity continues to strengthen. We have completely eliminated our foreign currency loans.”
The removal of
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