MTN Nigeria sees profit surge but warns of diesel cost risks
MTN Nigeria has reported a major jump in profit after tax, reaching N355.5bn in the first quarter of 2026. The company, led by CEO Karl Toriola, cautioned that rising diesel prices could impact its future earnings. With over 89 million subscribers and more than 20,000 base stations, MTN Nigeria relies heavily on diesel due to unreliable grid power. The company also increased its capital expenditure significantly, focusing on network expansion and broadband services.
TLDR
- MTN Nigeria posted a profit after tax of N355.5bn in the first quarter of 2026, up 165.9% year-on-year.
- The company warned that if diesel prices average N2,000 per litre in the second half of the year, its full-year EBITDA margin could decline by 1.8 to 2.0 percentage points.
- Capital expenditure (excluding right-of-use assets) rose 92.8% year-on-year to N390.3bn from N202.4bn in Q1 2025.
- Most of MTN Nigeria's 20,000+ base stations depend on diesel generators due to unreliable grid power.
- A large portion of recent investments was directed toward expanding network capacity and strengthening fixed broadband infrastructure.
