MTN has explained why robust financial returns are strictly tied to Capital Expenditure (CAPEX) and network survival.
The telecom operator, which has just declared an EBITDA of N2.7 trillion for the 2025 financial year, insists that its profit is strictly the fuel required to keep the nation’s digital backbone operational.
The company’s mobile subscriber base grew by 7.9% to a staggering 87.3 million users in 2025, placing immense daily demand on existing network facilities. To meet this unprecedented demand, MTN stated that it is executing a N1.0 trillion CAPEX rollout.
This reinvestment cycle was made possible by a stellar operational year. MTN recorded a 55.1% growth in service revenue to N5.2 trillion, while cash flow surged by 215.5% to N1.2 trillion.
Karl Olutokun Toriola, the company’s CEO, stated that 2025 was a significant turning point, noting that disciplined capital allocation supported the accelerated CAPEX required to sustain growth and enhance user experience.
Beyond merely sustaining the network, this intense focus on CAPEX makes the company a critical driver of the broader non-oil economy.
MTN’s profitability – and the subsequent N1.0 trillion it injects back into the economy through infrastructure procurement – translates directly into billions in taxes and vendor contracts that fund Federal Government initiatives, positioning the company’s financial success as a national win.
The telco also views its successful deployment of capital in a volatile macroeconomic environment as a broader stability signal for the country. By proving that heavy CAPEX demands can be met while returning to profitability, MTN commended the government’s progressive policies.
The company reiterated that its ultimate focus remains on keeping millions of Nigerians connected while delivering long-term value to its shareholders on the NGX.
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