The 90-day promo, which kicked off on June 23, has continued to gain momentum across the country.

The initiative offers customers the chance to win life-changing prizes, including grand cash rewards and smaller daily prizes, simply by recharging their lines.

Speaking on the impact of the promo, Dr. Karl Toriola, MTN Nigeria’s chief executive officer, has said:

“We understand the evolving needs of our customers. The MTN Mega Billion Promo is our way of giving back, providing tangible value, and demonstrating our unwavering commitment to their financial well-being. We remain customer-first in everything we do.”

For many beneficiaries, these winnings have gone beyond personal gain, helping to cover family needs, invest in small businesses, and access essential services.

Participation spans both urban and rural areas, reflecting MTN’s stated goal of making the promo inclusive and accessible.

One such beneficiary is a young woman, named Deborah Obuhoro, who won ₦5 million on her birthday.

“Growing up has been very difficult for me, taking care of myself, my siblings, my family.” she said. “I’ve never even had a million naira in my account. Now I’m five million naira rich. It’s like a dream come true.”

According to Onyinye Ikenna-Emeka, MTN Nigeria’s chief marketing officer, the use of MoMo Payment Service Bank (MoMo PSB) for disbursements has enabled broader participation and access.

“The MTN Mega Billion Promo is more than a reward scheme. It is a strategic initiative to empower customers through MoMo PSB. By leveraging MoMo for prize disbursements, we are not only facilitating winnings, but we are also driving broader financial inclusion,” she said.

The promo aims to produce 195 millionaires and a total of 5,460 winners within 90 days. Rewards range from daily cash prizes to a N5 million jackpot on weekdays and aN10 million jackpot in the ‘Saturday Mega Draw,’ creating a weekly climax of excitement.

To join the promo, customers simply dial *900# to opt in, and recharge with as low as 100 naira. The Mega Billion Promo aligns with MTN’s broader mission to empower Nigerians and create opportunities that reach beyond connectivity.

MTN is reinforcing its role as more than just a telecommunications provider, it is positioning itself as a partner in progress for millions of Nigerians.

Take MTN Nigeria’s latest report, it shows the bruising realities faced by businesses in the country today.

Take a look at the numbers. MTN Nigeria generated a staggering ₦3. 36 trillion in revenue in the year ended December 31, 2024, up 36.03 per cent from N2.47 trillion in 2023.

Yet, it is regarded as a bad year, because it reported a loss of N400.4 billion after tax for the financial year. This was due to a net foreign exchange loss of N925.36 billion from ₦740.43 billion in 2023.

MTN Nigeria Reports ₦400.44Bn Loss in 2024 Despite ₦3.36Trillion Revenue

The upshot is that this financial turmoil shaved 24. 2 per cent off MTN Nigeria’s market capitalisation, dragged down its share price to ₦200, and sent shareholders into shock. I know, I’m a small-time shareholder and it hurts.

The sad news is that in response, the company has decided not to declare a final dividend for the year which begs the question: Should MTN Nigeria pay dividends despite its losses?

If we take a step back, we can see that doing business in Nigeria has been extremely challenging over the last three to four years.

The country’s continued economic instability, with inflation rates of over 30 per cent, devaluation of the currency and erratic foreign exchange policies, has put tremendous pressure on companies.

For MTN Nigeria, which has substantial dollar-denominated obligations, these economic headwinds have eroded capital at an unprecedented pace.

But this is not just an MTN Nigeria problem, it is a telecoms industry-wide problem. The entire industry is facing rising costs of doing business. Diesel to power base stations has become very expensive.

Infrastructure costs remain high, and tower lease agreements are highly sensitive to forex movements. Regulatory uncertainties, including unresolved issues such as the USSD debt dispute with Nigerian banks, continue to dampen financial performance. And of course, there are the perennial issues around the right of way and multiple taxation.

Sources at the company said that, in light of these harsh realities, the board of MTN Nigeria decided against paying a final dividend for the 2024 financial year.

This decision, while understandable, will be a tough pill for investors to swallow, given that dividends are a form of return on investment, and investors rely on them.

The reality is that dividend payments are a key factor in investor confidence. By not paying out dividends, MTN Nigeria risks alienating shareholders and stifling the enthusiasm in the stock market. Experts believe that this decision may have played a role in the company’s share price drop.

However, paying out dividends when losses are being recorded would raise governance issues. Critics say paying out dividends when the company is in the red would erode its balance sheet and reduce its liquidity for expanding its business and regaining profitability.

But there is a compelling counterargument to be made. MTN Nigeria’s operating profit of ₦778. 24 billion was still up by 0. 6 per cent from 2023.

This confirms the strength of its core business in the face of external financial pressures. A modest dividend payout, perhaps at a lower percentage, would be a reassuring signal to investors without compromising long-term viability.

The firm’s focus on network expansion and digital services (including its MoMo Payment Service Bank) is well-placed to underpin future growth. Yet the company should push hard for more local currency-denominated contracts to reduce forex exposure. Its renegotiation with IHS Towers to cut dollar-based lease payments is a good example. The deal with ATC is naira-based.

In addition, the government needs to take urgent steps to stabilise the exchange rate and tackle inflation as businesses cannot operate in an environment of such economic uncertainty.

Clearer regulation and policy consistency are also needed, so companies like MTN Nigeria can build long-term growth plans and not be surprised by sudden policy changes.

The bottom line is that MTN Nigeria’s financial woes are indicative of the broader economic challenges affecting businesses in Nigeria.

The decision to freeze dividends is a sound one in the short term, but the company will need to tread carefully to balance financial recovery with retaining investor confidence.

A well-thought-out dividend policy, combined with aggressive cost-cutting and revenue diversification efforts, will be critical in weathering this storm.

In the end, Nigeria’s business environment needs urgent structural reforms. Without them, even the most resilient corporations will continue to struggle, and shareholders will bear the brunt of the losses. 

*Eromosele, a corporate communication professional and public affairs analyst, wrote via elviseroms@gmail.com

This follows a successful pilot initiated on 16 May 2022, in commemoration of the launch of our GSM operations on 16 May 2001 and our listing by introduction on the Nigerian Exchange Limited on 16 May 2019. 

Indeed, this is a key milestone in delivering the Company’s Ambition 2025 strategic priorities.

A market activation took place today at Oke-Arin market in Marina, Lagos, where traders were shown how to open a MoMo wallet, by simply dialling *671# on any network, send money to any mobile phone in the country as well as buy airtime/data and pay bills.

In addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment by digitising cash payment, MoMo wallets in the future will also enable account holders  to receive inbound remittance from any country in the world, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.

With an expansive agent network  of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of  financial service product.

MoMo PSB will scale its agent network to reach Nigerians across the country, providing a wide range of payment services, and remove friction from everyday payment by digitising cash payment.

“We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process,” said Karl Toriola, CEO of MTN Nigeria. “This is an important milestone for MTN Nigeria in our mission to support the delivery of financial services to everyone in Nigeria. Not just those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he added.

MoMo PSB CEO, Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

The Iyaloja of Ifedapo Market, Oke Arin, Mrs. Fausat Akinolu after sending money through her MoMo Wallet said, “I just sent money to my friend, Iya Ibeji, using just her phone number and the process was seamless. MoMoPSB is indeed better than cash and I want everyone to know that they can just dial *671# to open their own wallet.”

The CBN introduced PSB to cater to financially excluded communities. MoMo PSB was granted final approval by the CBN in April 2022.