MTN Nigeria invested N864.8bn in network expansion in the first nine months of 2026 as the telecommunications operator stepped up spending to accommodate rising demand for data and broadband services. The capital expenditure, excluding leases, increased 14.2 per cent from the comparable period, according to the company’s unaudited financial results for the nine months ended 30 September 2026.
The investment came as the country’s biggest telco’s customer base expanded to 94.7 million subscribers, including 57.2 million active data users, reflecting the growing importance of internet services to the operator’s business. The company’s Chief Executive Officer, Karl Toriola, attributed the spending to increasing demand for connectivity and the need to strengthen network capacity and coverage.
“Every day, millions of people trust MTN to help them work, learn, run their businesses and stay connected. As that demand grows, our responsibility is to keep investing so the network can meet it,” he stated.
A significant part of the infrastructure programme involved expanding the company’s fibre-to-the-home services to serve households seeking broadband connectivity. Toriola said MTN had taken the lead in the fibre-to-the-home market, with the service carrying approximately 13 per cent of its total data traffic, adding that the expansion was also helping to ease pressure on the mobile network.
“As families do more online, our unlimited fibre broadband offerings give them greater freedom to work, study and enjoy entertainment. We now lead the fibre-to-the-home market, with FTTH carrying approximately 13 per cent of our total data traffic. This also frees up capacity on the mobile network,” he added.
However, the chief executive identified fibre cuts and other infrastructure disruptions as continuing obstacles to consistent service delivery, adding that the company would sustain investments to improve the customer experience.
The network spending coincided with stronger financial performance, with MTN Nigeria recording a 55.3 per cent increase in profit after tax to N1.17tn during the period. Service revenue rose 23.7 per cent to N4.6tn, while earnings before interest, taxes, depreciation and amortisation increased 36.8 per cent to N2.6tn. Free cash flow also grew 57.5 per cent to N1.17tn, while earnings per share advanced 55.3 per cent to N55.60. The improved earnings supported shareholder distributions alongside the company’s infrastructure commitments.
MTN Nigeria’s Chief Financial Officer, Modupe Kadri, said the operator paid approximately N861bn in dividends during the nine-month period.
“We are growing, investing, strengthening profitability and rewarding shareholders simultaneously,” Kadri stated.
He added that the company maintained a positive net cash position despite its capital expenditure and dividend payments: “Sustainable value creation requires more than strong earnings. It demands financial discipline, customer trust and the courage to invest for the long term.”