MTN Nigeria's Chief Financial Officer, Modupe Kadri, has said that about 76% of MTN Nigeria's revenue flows back into the Nigerian economy, including to shareholders.

Kadri previously made the same point on Arise News' Global Business Report. On Thursday, speaking at the MTN Y'ello Verse Catch-up with MIP alumni and journalists, he repeated the claim and said the company's earnings are distributed across several stakeholders before returns reach investors.

The discussion centered on MTN Nigeria's declared service revenue of about ₦3 trillion for the first half of 2026, which has drawn attention in recent days. Kadri acknowledged the 25.9% year-on-year revenue growth, but said about two-thirds of the amount returns to the Nigerian economy.

" For every one naira of revenue, about 24 kobo becomes profit ," he said.

He added that " the government receives over ₦600 billion through taxes and levies, operating costs account for a significant portion of our revenue, and every participant within the ecosystem benefits from the value we create ."

Kadri said shareholder returns are only one part of the company's broader economic contribution. The breakdown is notable given MTN Nigeria's position as the country's largest mobile network operator by subscribers, meaning its revenue flows touch a significant cross-section of the Nigerian economy, from tower companies and trade partners to federal and state tax authorities.

In its financial statement, MTN Nigeria declared an interim dividend of ₦26 per 2-kobo ordinary share for H1 2026, payable on 7 September 2026. The total dividend payable for the period is ₦545.9 billion.

As of H1 2026, MTN Nigeria said it had a shareholder base of 346,000. More than 200,000 shareholders have been added since the 2021 public offer, including 136,000 added in 2026 alone. The nominal value of the shares is 2 kobo, which the company said makes them accessible to all Nigerians.

The telecom operator's share price on the Nigerian Stock Exchange was ₦845 as of the close of trading on Thursday, August 6.

The ₦3 trillion service revenue was driven mainly by ₦1.70 trillion in data revenue, followed by voice revenue of ₦993 billion and fintech revenue of ₦77 billion. Other services and digital contributed 7%. Data revenue now exceeding voice revenue reflects a structural shift across African telecom markets, as smartphone adoption and mobile broadband expansion continue to reshape operator income streams.

Here is how the company's revenue was allocated:

Profit after tax (PAT) for H1 2026 stood at ₦707.5 billion, representing 24%.

The company paid ₦622.6 billion in company income tax, VAT, spectrum fees, import duties and regulatory levies across federal and state tiers.

Capital expenditure for the period was ₦620.5 billion, bringing total capex in the last 18 months to more than ₦1.6 trillion.

Depreciation for the period accounted for ₦415.80 billion, or 14%.

Cost of finance stood at ₦207.90 billion, or 7%.

Commissions paid to trade partners totalled ₦148.50 billion, or 5%.

Cost of facilities and infrastructure maintenance was ₦59.40 billion, or 2%.

Rent and utilities for network and tower leases also accounted for ₦59.4 billion, or 2%.

Other expenses, including OPEX, salaries and remuneration, commercials, marketing and other costs, stood at ₦920.7 billion, or 31%.

Kadri said the company will continue to commit significant resources to expanding infrastructure such as towers and fibre, while delivering value across its stakeholder ecosystem.

" Even when we declare dividends, the government still receives withholding tax, while we continue investing heavily in our network because sustaining quality service requires ongoing capital commitment ," he said.

MTN Nigeria's H1 2026 results highlight the role of data revenue as a major income source, supported by Nigeria's expanding internet usage. They also show how revenue from the company's 92 million subscribers is distributed through infrastructure spending, shareholder returns and tax payments.