MTN Targets N190billion Annual Profit from Nigeria Operation

South Africa owned telecommunications group, MTN, on Tuesday, January 19, said its Nigerian business is likely to rake in about $955 million in annual profit after tax.

The company, in a statement said: “Profit after tax figure for MTN Nigeria for the period ended 31 December 2015 being speculated is N190 billion ($955 million), which is within the current estimate.”

The continent’s largest mobile operator has been fined $3.9 billion in Nigeria for failing to disconnect users of unregistered subscriber identity module (SIM) cards.

MTN, which makes about 37 per cent of its revenue from Nigeria, has filed a court challenge over the fine, which equates to more than twice its annual average capital spending over the past five years.