At a time when memories of repeated xenophobic (more accurately described by many Africans as Afrophobic) attacks against Nigerians and other African migrants in South Africa remain fresh, South African telecommunications giant MTN has announced one of its strongest financial performances in recent years, with Nigeria once again emerging as one of the company’s biggest profit centres.
MTN Nigeria on Wednesday, 29 July 2007, reported a profit after tax of ₦707.5 billion for the first half of 2026, representing a 70.6 per cent increase over the ₦414.9 billion recorded during the corresponding period in 2025. Service revenue climbed by 25.9 per cent to ₦3 trillion, while EBITDA rose 39.2 per cent to ₦1.67 trillion, underscoring the remarkable profitability of the company’s Nigerian operations. The company also declared an interim dividend of ₦26 per share.
The figures illustrate the enormous commercial value of Nigeria to MTN Group, whose headquarters are in Johannesburg, South Africa. Since commencing operations in Nigeria in 2001, MTN has built the country’s largest telecommunications network, now serving 92.2 million subscribers, including 55.7 million active data users.
Earlier, in April 2026, MTN Nigeria announced that MTN Group, its parent company based in South Africa, would acquire a 60 percent stake each in MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services (YDFS) Limited.
MTN Nigeria CEO Explains Success
Chief Executive Officer Karl Toriola attributed the impressive performance to sustained customer demand, disciplined cost management and continued investment in network expansion despite challenging economic conditions. The company said it invested ₦620.5 billion in capital expenditure during the six-month period and generated ₦712.7 billion in free cash flow, while contributing ₦622.6 billion in taxes and levies to government.
Yet the financial success has revived a long-running conversation about the economic relationship between Nigeria and South Africa.
Over the past two decades, Nigerian consumers have helped transform MTN into one of Africa’s most successful telecommunications brands. Ironically, during much of the same period, Nigerians and other African nationals living in South Africa have periodically faced violent attacks, looting of businesses and intimidation by mobs targeting foreign-owned enterprises.
The attacks, recorded in several waves over the years—including major outbreaks in 2008, 2015 and 2019—left dozens dead, hundreds injured and thousands displaced. Nigerian-owned businesses were among those destroyed, prompting diplomatic tensions between Abuja and Pretoria and triggering calls across Nigeria for consumers to boycott South African companies operating in the country.
Despite public outrage, commercial ties between the two countries have largely remained intact. South African companies continue to derive substantial revenue from Nigeria, while Nigerian businesses have found comparatively fewer opportunities to establish themselves at similar scale in South Africa.
Africa’s Economic Integration Paradox
For many analysts, the MTN results demonstrate a paradox at the heart of Africa’s economic integration: while capital and multinational corporations move relatively freely across borders, ordinary Africans often encounter discrimination, hostility and insecurity when they do the same.
The latest earnings further reinforce Nigeria’s strategic importance to MTN’s continental business. Data revenue alone increased by 38.4 per cent, driven by growing smartphone adoption and increased internet consumption, while mobile money wallets almost doubled to five million users.
The company said it remains confident about Nigeria’s long-term growth prospects, citing expanding demand for broadband, enterprise digitalisation and financial technology services.
Tit Begetting No Tat
The strong performance is likely to reignite broader policy debates in Nigeria about reciprocity in intra-African trade and investment. Some commentators argue that countries benefitting enormously from Nigerian consumers should demonstrate equal commitment to protecting Nigerian lives, investments and businesses within their own borders. Others caution that corporate entities should not be held directly responsible for the criminal actions of individuals, noting that sustained economic cooperation can itself strengthen diplomatic relations and create incentives for greater continental integration.
As MTN celebrates record earnings from its Nigerian operations, the contrast remains difficult to ignore: while millions of Nigerians continue to patronise a South African-owned company, many still expect stronger assurances that fellow Africans living and working in South Africa will enjoy the same security, dignity and economic opportunity that South African businesses have long found in Nigeria.
AMCON Sells NTEL
In a related development, the Asset Management Corporation of Nigeria (AMCON) has announced that it has begun divesting its 55% controlling stake in NTEL, the successor to the former NITEL. The sale process is said to still lie at the regulatory approval stage, with no investors identified yet. Under a new rule that came into force in June 2026, a buyer acquiring 10% or more of a licensed telecom firm now needs prior approval from the National Communication Commission (NCC) under new June 2026 rules, which can explain the current delay.
