In a regulatory filing released on April 7, MTN Group confirmed that several senior leaders received ordinary shares under its Performance Share Plan.

The awards were made on March 31, 2026 and come with conditions that tie them to future results.

The biggest allocation went to group chief executive Ralph Mupita, who received 207,633 shares valued at about $2.4 million. The shares will only vest after three years, provided performance targets are met.

Other senior executives also received large grants. Group finance chief Tsholofelo Molefe was awarded 111,931 shares, while Ebenezer Asante received 120,880 shares.

In Nigeria, Karl Toriola was allocated 28,704 shares, worth around $335,000 at the time of the award.

The shares were priced at $11.77 (R192.50) each. Like others in the scheme, they will only become accessible after a three-year period.

MTN said all the share awards were granted off-market and carry direct beneficial interest for the recipients. The vesting date has been set for December 2028.

The filing also shows that executives in key markets receive more than one layer of incentives. In addition to group-level shares, both Toriola and Modupe Kadri are entitled to long-term incentives linked to MTN Nigeria itself.

Across the group, directors and senior officers in South Africa and Ghana were also included in the latest round of awards. These include executives overseeing major subsidiaries and company secretaries, all under the same plan structure.

MTN’s share plan has been in place since 2010. It is designed to reward senior staff while keeping them focused on long-term performance.

The company requires recipients to meet set targets before the shares fully vest, and some may be forfeited if those targets are not achieved.

The company said service revenue rose nearly 25% to R218 billion ($13 billion) for the year ended December 31, 2025. Management linked the growth largely to strong performance in its key West African markets, especially MTN Nigeria and MTN Ghana.

The result statement also confirmed that 2025 was the final year of the company’s Ambition 2025 strategy, which focused on expanding data services and digital financial platforms across its markets.

Across the group’s 16 operating countries, the total customer base rose to more than 307 million by the end of the year. Out of that figure, about 172 million were active data users, while about 70 million used mobile money services.

MTN said it invested about R38 billion during the year to strengthen its network and digital platforms. The investment expanded coverage and boosted capacity as demand for data continued to grow.

Data traffic on the network increased by 27%. At the same time, average monthly data usage climbed to 12.5GB per user, up from 10.8GB previously.

The group’s financial technology arm also expanded, with mobile money transactions rising by 15% to more than 23 billion transactions during the year. The total value of those payments exceeded 500 billion dollars.

Profitability also improved significantly, as earnings before interest, tax, depreciation and amortisation reached R98.5 billion, representing growth of more than one-third in constant currency. The company said cost savings of R3.6 billion helped support that result.

The board declared a dividend of 500 cents per share for the year, a 45% increase from the 345 cents paid in 2024. The payout exceeded the company’s earlier guidance of at least 370 cents.

Group Chief Executive Ralph Mupita said the company will introduce a new shareholder remuneration structure aimed at distributing between 40% and 60% of equity-free cash flow.

The plan includes a share buyback programme of up to R6 billion, which the company said will be carried out gradually from 2026.

Nigeria drives earnings growth

MTN Nigeria swung back to profit after tax of ₦1.1 trillion in 2025, recovering from a ₦400.4 billion loss the previous year when currency depreciation triggered heavy foreign exchange losses, affecting revenue.

In the final quarter of the year alone, pre-tax profit rose to ₦569.6 billion. That was a 248.8% increase compared with ₦163.3 billion recorded in the same period in 2024.

At the group level, the Nigerian subsidiary also overtook MTN South Africa as the largest profit contributor.

Operating earnings in Nigeria more than doubled to about 1.93 billion dollars, far ahead of South Africa’s roughly 1.05 billion dollars. MTN Ghana also posted strong revenue growth, with operating earnings rising to about 1.28 billion dollars.

Together, the expansion in Nigeria and Ghana pushed West Africa to the centre of the company’s profit structure.

Growth supported by scale

Nigeria’s performance shows the size of the country’s telecom market and the growing demand for data and digital payments.

With a population of more than 200 million people and high smartphone use, the market generates large volumes of traffic and digital transactions.

However, the Nigerian operation is very expensive to run. Telecom towers rely heavily on diesel generators because electricity supply is unreliable, and additional security is required for many base stations.

As a result, network operating costs in Nigeria are significantly higher than in South Africa.

Even so, the scale of the market has allowed profits to expand faster than operating costs. Direct network costs rose only slightly during the year, while earnings more than doubled.

Investor confidence returns

Shares of MTN Group have increased nearly 80% over the past year, pushing the company’s market value to about 381 billion rand, or roughly 23.7 billion dollars.

With Nigeria now accounting for a growing share of profits, the country is expected to support the group’s future investment decisions, particularly in network expansion, data services and mobile financial technology.

The meeting, which was held on the sidelines of the G20 Summit, focused on the strategic role of the telecommunications sector in driving Nigeria’s socio-economic growth.

Mupita seized the opportunity to thank the Vice President for the support the company continues to enjoy from the Federal Government of Nigeria.

A major highlight of the discussion was the pledge by the telecom giant to support education initiatives across the country. He described how the company is contributing “through sustained capex in networks and platforms, local skills programmes, and partnerships that support digital inclusion and economic participation.” 

Mupita outlined a vision where MTN partners with the government to deliver educational support to the most vulnerable communities, aligning with the administration’s Renewed Hope agenda for human capital development.

On the economic front, the Group CEO noted that recent policy shifts have empowered the company to ramp up its investment in digital infrastructure.

He posited that a strong digital economy is essential for accelerating national growth and expanding the tax base.

Mupita also briefed the Vice President on the investment dialogue which the company supported on the preceding day. Summarising the achievement of the dialogue, he said:

“The engagements aligned reform signals and state opportunities with investor appetite. We agreed focal points and next steps to move several opportunities into diligence.”

Growth Fueled by Strategy and Scale

The journey to 300 million subscribers was far from accidental, it was the clear target of MTN’s Ambition 2025 strategy. In 2024, the group added 6.2 million new customers to end the year at 291 million.

In just the first half of 2025, it acquired another 6.7 million, edging it closer to the landmark figure, according to Tech Central.

Nigeria held the largest share with 84.7 million users by mid-2025, followed by Iran (56 million) and South Africa (39.8 million). Other markets, including Uganda, Rwanda and Zambia, contributed significantly to the climb.

Milestone, But Not the Finish Line

While 300 million subscribers is a headline-winning figure, for MTN it’s both a celebration and a stepping stone. “We’re delighted to have met our 2025 target,” Mupita said, “but our focus now shifts to fintech, digital infrastructure and the connected home.”

Their mobile money platform, MoMo, is already central to this next phase, especially in markets where banking access remains limited. Meanwhile, MTN is ramping up fibre deployments and expanding “smart home” offerings like “MTN Sky Premium”.

Why it Matters for Africa

Reaching 300 million customers is more than a corporate win, it’s a signal of telecoms evolution in Africa. It underscores how connectivity is scaling and how digital services are becoming foundational to economic growth. As MTN deepens its reach, the opportunities for inclusion, innovation and infrastructure expansion multiply.

For Mupita and his team, the message is clear: “We’re not just counting subscribers, we’re enabling digital futures.”

At the heart of these changes is the appointment of Dr. Karl Toriola, CEO of MTN Nigeria, to an expanded role as Vice President of Francophone Africa, where he will oversee growth and market share expansion across Cameroon, Côte d’Ivoire, Benin, and Congo Brazzaville.

Toriola, who previously held responsibilities across MTN’s West and Central Africa operations, brings deep experience to this new assignment.

His dual role underscores the Group’s commitment to Francophone markets, which remain key growth engines within Africa’s evolving digital economy.

Adapting to a Shifting Landscape

The announcement follows months of strategic review by MTN’s board, which evaluated the progress of Ambition 2025 in light of shifting geopolitical, macroeconomic, and technology trends.

While challenges remain, MTN sees enormous opportunity to accelerate Africa’s digital future by focusing on three core platforms: Connectivity, Fintech, and Digital Infrastructure.

Group President and CEO, Ralph Mupita, explained:

“These leadership changes illustrate the depth of talent and experience across MTN. They position us to execute with greater focus, deliver accelerated growth beyond 2025, and create long-term value for all stakeholders.”

Key Executive Changes

To strengthen execution, the Group has restructured its executive committee (Exco) effective 1 November 2025:

• Karl Toriola – CEO, MTN Nigeria and VP of Francophone Africa, leading operations in Nigeria, Cameroon, Côte d’Ivoire, Benin, and Congo Brazzaville.
• Ebenezer Asante – VP of Ghana and Southern & East Africa (SEA), focusing on accelerating growth in Ghana, Uganda, Rwanda, Zambia, South Sudan, Sudan, Liberia, and joint ventures in Eswatini and Botswana.
• Ferdi Moolman – appointed CEO and Executive Director of MTN South Africa, succeeding Charles Molapisi.
• Yolanda Cuba – moves from Group Exco to Deputy CEO and Executive Director of MTN South Africa.
• Tsholofelo Molefe, Group CFO, takes on expanded responsibilities, now overseeing mergers & acquisitions alongside capital allocation.
• Selorm Adadevoh – becomes Group Chief Commercial, Strategy and Transformation Officer.
• Mazen Mroué – remains CEO of Digital Infrastructure, with sharper focus on fibre, data centres, tower partnerships, and non-terrestrial networks.
• Charles Molapisi – returns to his former role as Group Chief Technology and Information Officer, with a new mandate to accelerate AI adoption across MTN operations.

Strengthening MTN South Africa

MTN’s South Africa operations also enter a new era. Ferdi Moolman, who led MTN Nigeria between 2016 and 2021, now takes the helm of MTN South Africa to drive growth and maximize returns, supported by Yolanda Cuba as Deputy CEO.

Together, they will build on the resilience demonstrated under Molapisi’s leadership during a period of crippling power outages.

In governance changes, Sindisiwe (Sindi) Mabaso-Koyana will succeed Mike Harper as Chairperson of MTN South Africa in Q1 2026, ensuring a smooth leadership transition as Harper prepares to retire.

Unlocking Africa’s Digital Future

The leadership shuffle reflects MTN’s sharpened focus on growth opportunities across its three platforms. Within Connectivity, the Group will target homes and streamline digital offerings; in Fintech, it will scale its digital-first business; and through Digital Infrastructure, it will expand fibre, data centres, and leverage AI to create value.

“As we look beyond 2025, our strategic focus on Connectivity, Fintech, and Digital Infrastructure will allow us to unlock Africa’s digital future. These leadership changes strengthen our ability to deliver,” Mupita added.

Looking Ahead

With its new executive structure, MTN is positioning to scale emerging businesses, deepen financial inclusion, and accelerate digital adoption across Africa.

By placing experienced leaders like Karl Toriola at the forefront of strategic regions, MTN aims to build resilience, seize structural growth opportunities, and reinforce its position as Africa’s leading digital operator.

The telecommunications giant last rewarded shareholders in 2023, but a strong rebound in earnings and operations is clearing the way for a payout in the 2025 financial year. 

MTN’s negative equity, which stood at ₦458 billion at the end of 2024, has reduced to ₦42.51 billion by mid-2025 and Analysts project that the figure will turn positive in the third quarter, an important step towards dividend reinstatement.

The record of strong payout ratios for MTN Nigeria, coupled with recent comments from MTN Group President Ralph Mupita about a possible public offer after dividend resumption, has further enhanced expectations.

Explosive data growth and the full impact of tariff increases, which took effect in the second quarter, are huge contributors to this. In that period, data revenue soared 85.6% year-on-year to ₦701 billion, up from ₦377 billion a year earlier. 

Across the first half, MTN earned ₦1.22 trillion from data sales, supported by an increase in active users to 51 million and a 21.1% jump in average data consumption to 13.2GB per user.

Data now accounts for 51.7% of total revenue, increasing from 47.2% a year earlier, and is projected to hit 53% by year-end. Voice revenue also has a 40% growth forecast for 2025 despite competition from OTT alternatives like WhatsApp calls.

The recovery is also showing in profitability as MTN posted a half-year net income of ₦414.9 billion, a 179.9% increase compared with last year. Its EBITDA margin climbed to 50.6% in the first half, up from 35.6% in the same period of 2024. 

Management attributed the improvement to a more stable naira and cost savings from renegotiated tower lease agreements.

Again, net operating cash flow surged 79.2% year-on-year to ₦955.68 billion in H1 2025, even after huge capital spending and debt repayments. First-half CAPEX surged 288.4% year-on-year to ₦565.67 billion, pushing CAPEX intensity to 23.8%. 

The company plans to invest an average of ₦1.34 trillion annually over the next five years to support revenue growth of nearly 27% per year. 

While this front-loaded spending will ease in the second half, analysts say it underlines MTN’s goal to strengthen its network and expand services.

After a difficult 2024, when the share price slid 24% to end the year at ₦200, MTN’s stock has staged an interesting recovery. Starting 2025 at ₦200, it surged to ₦250 by January-end, gathered further pace in June, and delivered a 32% gain in July alone. 

As of early August, the shares trade at ₦480, a 140% year-to-date return and a market capitalisation above ₦10 trillion, making MTN only the second company on the Nigerian Exchange to hit that milestone after Dangote Cement.

CardinalStone has maintained a “Hold” rating on the stock, with a target price of ₦526.94 for 2025. Cordros Capital projects a dividend per share of ₦17.19, offering a yield of about 7% at current prices.

With data-led growth, expanding fintech operations, and continued network investment, analysts believe MTN is well placed to sustain its momentum. “Positive outlook affirmed for telco bellwether,” CardinalStone wrote in its August 6 report.

In this role, he will support the Chair and Board in overseeing the strategic direction of the organisation, which represents the world’s mobile operators and companies in the broader mobile ecosystem.

Vivek Badrinath, director general of the GSMA, commented:

“My warmest congratulations to Mr Mupita on being elected as the Deputy Chair of the GSMA Board. His experience will be invaluable as we continue to navigate the dynamic landscape of our industry. I look forward to working closely with him and the Board.”

Mr Mupita said:

“This appointment is a great honour as it comes at a time of rapid developments in technology and increasing digital adoption across Africa. Mobile technology will play a critical part in addressing the pressing challenges facing our communities and unlocking the full potential of Africa and the rest of the Global South, ensuring that no one is left behind in this journey toward a more connected future”.

“I am committed to supporting the strategic direction of the GSMA, which plays a pivotal role in representing the global mobile ecosystem. Together, we will continue to drive innovation and positive change in the industry,” he added.

Mr Ralph Mupita is the group president and CEO of MTN Group, a position he has held since September 2020, after previously serving as MTN Group’s Chief Financial Officer from April 2017.

Since joining MTN, he has helped strengthen the Group’s financial position and strategy formulation and overseen the successful listing of MTN subsidiaries in Ghana, Nigeria, Rwanda and Uganda.

Prior to joining MTN, Mr Mupita was CEO for Old Mutual Emerging Markets, providing financial service solutions to individuals and corporates across 19 countries in Africa, Latin America and Asia.

He holds a BSc. Engineering (Hons) and MBA from the University of Cape Town and has completed the General Management Program at Harvard Business School.

“That pain which we’ve had for 18 months is abating somewhat … the business is growing very strongly. So I’m actually very bullish and confident that we’ll see strong recovery in Nigeria,” CEO Ralph Mupita told Reuters.

But the damage is still obvious. MTN reported a pre-tax loss of 4.4 billion rand ($243 million) for the year ending December 31, a sharp contrast to its 12.2 billion rand profit in 2023. In Nigeria, the financial blow was worse, with pre-tax losses growing over 200% to 550.3 billion naira ($355.76 million). 

The issues? A weakened naira, skyrocketing costs, and an economy choked by inflation and foreign exchange shortages.

MTN is fighting back. The company has renegotiated tower leases, saving 1.2 billion rand. A tariff hike in January is expected to ease some of the financial stress. The company is also betting on mobile money and data services to stabilise revenue. Altogether, cost-saving efforts have shaved off 3.8 billion rand in expenses.

In Sudan, ongoing conflict has affected MTN’s operations, leading to impairments of 11.7 billion rand. Network disruptions in Khartoum and surrounding areas have been severe, though Mupita noted that some sites are gradually coming back online.

Service revenue fell 15% to 177.8 billion rand, but in constant currency terms, it rose 14%. The real shock came in MTN’s headline earnings per share, which plummeted by 69%. Nonetheless, investor trust hasn’t collapsed—by 12:20 GMT, MTN shares were up 2.39%. 

Analysts see resilience beneath the issues. “If you look at the underlying performance, which is service revenue at constant currency, it does look strong. Management team is executing well,” said Peter Takaendesa, head of equities at Mergence Investment Managers.

Nigeria’s economic policies under President Bola Tinubu—removal of fuel subsidies, exchange rate reforms—are designed to attract foreign investment. But inflation is still high, and forex volatility isn’t going away overnight.

MTN’s strategy is to push mobile money, expand data services, and keep costs in check. The company has weathered crises before. Whether this recovery holds, however, depends on how well it navigates Nigeria’s economic sector and its own internal restructuring.

The deal for the restructuring, which is expected to be completed within the first half of 2025, was originally struck between MTN Nigeria and Mastercard in 2023, requiring the telecoms giant to spin off the fintech divisions in these three key markets. 

In an interview with Bloomberg, MTN CEO Ralph Mupita revealed that Ghana and Uganda are already in advanced stages of the process, while Nigeria’s regulatory environment causes some challenges. “Nigeria has a bit more complexity with some more regulatory processes to work through,” Mupita told Bloomberg.

MTN’s fintech business has grown recently, with mobile money transactions surging by 35% in constant currency terms, reaching over $320 billion. This increase shows the high reliance on mobile technology for financial services across Africa. With a valuation of $5.2 billion, the fintech arm is one of MTN’s most promising assets, and Mastercard’s planned investment of up to $200 million is expected to accelerate its expansion.

Announcing the partnership in 2023, MTN highlighted the importance of Mastercard’s involvement:

“Following the bespoke process to identify and potentially introduce strategic minority investors into MTN Group Fintech, we executed commercial agreements with Mastercard to support the acceleration and growth of our fintech business’s payments and remittance services.

MTN and Mastercard also signed a memorandum of understanding which provides for a minority investment by Mastercard into Group Fintech based on a total enterprise valuation of about US$5.2 billion for the business on a cash and debt-free basis. The signing of the definitive investment agreements is expected to occur in the very near term as we approach the finalisation of customary due diligence. The closing of the investment will be subject to customary closing conditions.”

While fintech is a major focus, MTN is also exploring network-sharing agreements, a model widely adopted in European markets. This could help the company cut infrastructure costs while improving service delivery in its key regions.

MTN, Africa’s largest telecom provider by revenue, is working to ensure growth despite financial setbacks. The company recently reported a loss of R9.59 billion for 2024—worse than analysts’ estimates of R3.87 billion—but has still managed to exceed expectations in dividend payouts. Shareholders will receive R3.45 per share for 2024, surpassing market projections. The telecom giant plans to increase its dividend to at least R3.70 per share in the current financial year.

The company’s stock responded positively to these announcements, rising as much as 3.4% in early trading on the Johannesburg Stock Exchange.

This deal, which was concluded on 30 December 2024, “aligns with MTN’s focus on portfolio optimization and simplification, as part of the Ambition 2025 strategy,” the company said in a press release.

Divesting from Guinea was driven by MTN’s assessment of its operations in the region and its long-term goals. Ralph Mupita, president and CEO of MTN Group, explained that the transaction is in line with their focus on concentrating resources in markets where they can have the greatest impact and achieve sustainable growth. 

“This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and MTN thanks the staff, customers, regulators and broader stakeholders in Guinea for the support during the time MTN has been operational in the country.” Mupita said.

“Concluding this transaction is in line with the strategy to simplify the portfolio and allocating capital to markets where we can make a difference as MTN and deliver long-term growth and returns.”

MTN’s rationale for selling its Guinea operations also comes from its current portfolio evaluation process. In an August 2024 interview with the media in Johannesburg, Mupita explained the group’s reasons for divesting its operations in Guinea-Conakry and Guinea-Bissau.

He said the company carefully assesses each market’s potential to support its own growth, noting that markets like Guinea and Guinea-Bissau, though showing some growth prospects, were deemed to be suboptimal for MTN’s long-term strategy. 

Even with initiatives to grow revenue and profits, MTN concluded that it was no longer the best fit for these operations. “Even if we saw growth, we had to ask if we were the right owners of these businesses,” Mupita added.

Earlier in December 2023, MTN signed an agreement with Telecel Group to sell its interests in both Guinea-Conakry and Guinea-Bissau for a nominal fee of $1. 

However, MTN’s half-year results in August 2024 confirmed that the sale of the Guinea-Bissau operations had been finalised, leaving only Guinea-Conakry to be transferred. 

This exit allows MTN to focus on markets with more growth opportunities, as part of its goal to optimise its regional presence.

MTN is refocusing its goals on markets that offer the best potential for long-term returns, ensuring that its resources are effectively allocated in line with its 2025 strategy.