Africa’s biggest telecoms ‌operator MTN Group (MTNJ.J), said on Monday it swung to an annual profit before ​tax of 47.4 billion rand ($2.81 ​billion), driven by strong performances in MTN ⁠Nigeria (MTNN.LG), and MTN Ghana (MTNGH.GH), opens new tab.

MTN ⁠Nigeria controls the market share in Africa’s most populous country.

South Africa-headquartered ​MTN had reported a restated ​loss before tax of 4.1 billion rand in 2024.

The group’s service revenue rose ​22.7% to 218.5 billion ​rand in the year ended December 31, ‌led ⁠by strong growth of 54.9% and 35.9% in Nigeria and Ghana, respectively, the mobile operator ​said in ​a ⁠statement.

MTN South Africa reported overall service revenue growth ​of 2% amid competitive pressures ​in ⁠the prepaid segment.

The operator declared a final dividend of 500 ⁠cents ​per share, up ​45%.

Political Economist NG reports that as of March 2026, MTN Nigeria  dominates the Nigerian telecommunications sector, holding approximately 51.78% to 51.87% of the mobile market share with roughly 93-94 million subscribers, more than half of the connected GSM population

Airtel Nigeria follows as the next largest operator with roughly 34% market share (60-62 million users), followed by Globacom.

MTN Nigeria stock, trading as MTNN, crests the chart at the Nigerian Exchange (NGX) with a market capitalization of over ₦16 trillion, according to data from AFX and Bloomberg.

–Reuters with additional report by Political Economist NG