Economy
FX Headwinds Lead MTN to N519bn Loss in Six Months
By Adedapo Adesanya
Telecommunications company, MTN Nigeria, recorded a loss after tax of N519 billion in the first half of 2024, higher than the N85 billion it lost in the exact period of 2023.
The telco disclosed this in its statement published on the Nigerian Exchange (NGX) Limited on Wednesday, noting that this was mainly due to Dollar-related obligations such as rent and financing costs.
The devaluation of the Naira and foreign exchange volatility ranging from the policies of President Bola Tinubu have significantly increased those costs. This is as it contends with an 18-year high inflation and 800 basis points increment in interest rates.
“The depreciation of the naira between the periods ended December 2023 and June 2024 also resulted in materially higher net forex losses of N887.7 billion (H1 2023 restated: N454.7 billion), arising from the revaluation of foreign currency- denominated obligations.
“This led to a loss after tax of N519.1 billion compared to a restated loss of N85.6 billion in H1 2023 and a negative retained earnings and shareholders’ equity of N727.2 billion and N577.7 billion, respectively,” the statement noted.
However, the telco grew its revenue to N1.53 trillion, the cost of sale rose by 33 per cent to N252 billion while operating expenses were at N738 billion.
In terms of its operations, MTN also grew its customer base to 79.4 million despite barring 8.6 million subscribers in H1 2024 while data revenue grew to N727 billion while its voice revenue stood at N632 billion in the six months.
Mobile money wallets increased to 5.5 million from 3.1 million recorded in the first half of 2023, active mobile money (MoMo PSB) wallets increased by 73.9 per cent to 5.5 million while its fintech arm saw a revenue growth of 11 per cent.
Speaking on the result, the chief executive of MTN Nigeria, Mr Karl Toriola, said, “Overall, these headwinds put pressure on consumers and the cost of doing business in the country. This includes, for MTN Nigeria, additional forex losses, leading to pressure on our period-end negative capital position.”
“Notwithstanding, we continue to prioritise initiatives to mitigate these pressures while accelerating the growth of our business, and we remain encouraged by the robust momentum in the underlying performance of our commercial operations,” he added.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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