In 2024, MTN Nigeria Communications Plc reported service revenue of ₦3,334.9 billion and EBITDA of ₦1,313.4 billion. However, 33% inflation, sharp naira depreciation from ₦907/US$ to ₦1,535/US$, and higher borrowing costs pushed the company to a loss after tax of ₦400.4 billion and earnings per share of ₦19.1. Adjusted free cash flow was ₦837 billion, with 80.9 million mobile subscribers served during the year.
By 2025, the numbers had been clearly rewritten. Service revenue climbed to ₦5.2 trillion (+55.1%), while EBITDA more than doubled to ₦2.7 trillion (+108.9%). The company returned to profitability with ₦1.1 trillion in profit after tax and earnings per share of ₦53.07. Free cash flow rose to ₦1.2 trillion (+215.5%). Mobile subscribers increased to 87.3 million (+7.9%), driven by robust growth in data revenue (+74.5%), voice revenue (+42.1%), digital revenue (+36.0%), and fintech revenue (+79.7%).
MTN Nigeria’s Chief Finance Officer, Modupe Kadri, who shared his personal reflection on LinkedIn shortly after the results were released, highlighted the journey from crisis to strength.
“A year ago, MTN Nigeria was in negative equity. Today, we are declaring a ₦20 (Interim plus Final) total dividend for FY 25,” Kadri posted on his official LinkedIn page.
Recalling the candid disclosures at the April 2024 Special EGM—negative equity, suspended dividends, severe FX pressures, and market uncertainty—she emphasized that management, led by CEO Dr. Karl Olutokun Toriola, pursued no quick fixes but a disciplined recovery strategy centered on operational rigour, balance sheet repair, and prudent capital allocation.
“As CFO, my reflection is that turnarounds rarely happen in headlines,” Kadri wrote. “They are built through tough trade-offs, deliberate choices, and teams that stay focused when the environment is most volatile. I am deeply proud of our people and grateful to our shareholders, regulators, and partners who stayed the course with us—most especially our Board led by Dr. Ernest Ndukwe and our parent company MTN, ably led by Group President Ralph Mupita and Group CFO Tsholofelo Molefe CA(SA).”
The Decisions That Drove the Turnaround
There were no quick fixes in the recovery. It was a disciplined and resolute reset.The process began with balance sheet repair. A significant portion of 2025 earnings was retained to rebuild reserves, moving the company from negative equity to ₦400.4 billion in retained earnings and ₦548.7 billion in shareholders’ funds. With positive retained earnings restored, the company resumed shareholder distributions.
Foreign exchange risk management followed. Reduced FX exposure, alongside a stronger naira environment, eased the pressures that had defined 2024 and strengthened financial resilience. Operational efficiency was equally critical. Improved cost discipline and sustained commercial momentum drove a 55.1% increase in service revenue and more than doubled EBITDA to ₦2.7 trillion.
Strong cash generation of ₦1.2 trillion in free cash flow supported accelerated network investment and the reinstatement of dividends, culminating in a ₦20 total dividend for FY 2025. The turnaround was deliberate and well structured.
A Finance Leader at the Center of the Turnaround
When Modupe Kadiri joined MTN Nigeria Communications Plc as Executive Director and Chief Financial Officer in 2020, the company served a little over 64 million subscribers. Today, that figure has grown to 87.3 million, representing approximately a 36.4% increase in the subscriber base during his tenure.
His career at MTN Nigeria Communications Plc began in 2007 when he joined as General Manager.
In that role, which he held until 2014, he oversaw budgeting, forecasting, revenue management, and regulatory reporting, and provided financial decision support to the CFO, CEO, and executive management team, building deep operational and financial insight into the business.
In May 2014, he was appointed Acting Chief Financial Officer, before moving on to serve as Chief Financial Officer of MTN Ghana in August 2014. This progression reflects a finance career shaped not only by scale, but by sustained exposure to capital planning, risk management, and strategic financial execution across markets.
After serving as Chief Financial Officer of MTN Ghana from 2014 to 2020, he returned to MTN Nigeria Communications Plc as Chief Financial Officer and Executive Director, assuming responsibility for the company’s entire finance function.
The appointment marked a return to a business he understood in depth, this time with full accountability for financial strategy, capital structure, risk oversight, regulatory reporting, and long-term value creation.
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Leading the finance organisation at scale, he oversees budgeting, forecasting, treasury, performance management, and financial governance across a rapidly expanding subscriber and revenue base.
This foundation of financial leadership has been integral to the record performance MTN Nigeria is delivering today.
Experience Beyond MTN: Cross-Industry Financial Leadership
Before returning to lead finance at MTN Nigeria Communications Plc, Modupe Kadiri built significant cross-industry financial leadership experience outside the telecom sector.
At Lafarge Cement WAPCO Nigeria PLC, he served as Financial Controller and later Business Development Manager.
In those roles, he was responsible for group consolidation, preparation of annual financial statements, IFRS reporting, capital expenditure oversight, strategic planning, and performance management. He worked closely with executive leadership, external auditors, and the Group Head Office in Paris, ensuring compliance with international accounting standards and strengthening internal control frameworks.
His exposure to investment evaluation, long-term financial planning, and operational performance monitoring provided a strong foundation in capital allocation and financial governance — capabilities that would later prove critical in navigating complex business cycles.
Rewarded for Impact
The consistency of his financial approach did not go unnoticed. During his tenure in Ghana, Modupe Kadiri received multiple industry recognitions, including Telecom CFO of the Year in 2016, 2018, and 2019 at the Ghana Finance Innovation Awards. He was also named Finance Personality of the Year and ranked among Ghana’s Top 10 CFOs.
Across roles and industries, one thing has remained consistent: disciplined financial leadership grounded in governance and results. It is this continuity of discipline and execution that has led to the performance now redefining MTN Nigeria’s financial position.
