MTN Nigeria Communications Plc has reported a strong financial performance for the first half of 2026, delivering a 70.6% year-on-year surge in net profit to ₦707.5 billion. The company's results, released on Thursday, highlight a robust growth trajectory driven by exploding consumer demand for mobile data, stabilizing foreign exchange conditions, and disciplined operational efficiency. The country’s largest telecommunications operator saw its total revenue swell by 29.5% year-on-year to ₦2.993 trillion for the six months ended June 30, 2026 bringing the company to the brink of the historic ₦3 trillion half-year milestone. Service revenue grew by 25.9% to reach ₦2.97 trillion. In light of the earnings surge, MTN Nigeria’s Board of Directors approved an interim dividend of ₦26 per share, set for payout on September 7, 2026. Data Becomes the Primary Growth Driver The primary driver of the company’s topline expansion was its data business, which solidified its position as the telecom...
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has tightened his grip on Nigeria’s oldest financial institution with an additional 1.779 billion ordinary shares valued at N222.20 billion. The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), elevates Otedola’s total beneficial ownership to roughly 11.76 billion shares. This bumps his direct and indirect ownership stake in the group from 21.96 per cent to 25.88 per cent. With the latest purchase priced at N124.90 per share, the overall value of his holding in First HoldCo now stands at approximately N1.47 trillion or $1 billion making it one of the largest single personal equity stakes in West Africa’s financial services sector. The trade was executed through Calvados Global Services Limited, a primary investment vehicle tied to the business mogul. What makes the acquisition particularly striking is its timing: just eight days prior, on July 22, Calvados acquired 706....