MTN Nigeria to officially list on Nigerian Stock Exchange


MTN Nigeria expects to list on the Nigerian Stock Exchange before the end of 2018, subject to regulatory approvals and appropriate market conditions.

“MTN Nigeria performed ahead of expectations, with double-digit growth in voice revenue driving accelerated service revenue growth and the further widening of the EBITDA margin. Increased usage and growth in data subscribers supported data revenue growth. Digital revenue declined as a result of further optimisation of our VAS business. Towards the end of the second quarter, net additions and revenue growth slowed in line with economic activity, as well as some seasonality,” declares Rob Shuter, MTN Group President and CEO.

“We reported an increase in the number of active MoMo customers to nearly 2.2 million. The enterprise
business performed well. We made good progress on our plans to list MTN Nigeria on the Nigerian Stock Exchange. We do not expect any material cash inflows to the group from the IPO,” says Shuter.

“We expect this trend to continue in the third quarter, with an improved performance expected in the fourth quarter.”

The subscriber base expanded by 5,6% from December 2017 to 55,2 million.

The MTN Group expects that any reduction in its ownership of MTN Nigeria will be limited.

Group revenue increased 9,7% and service revenue increased by 10,2%, supported by growth in MTN Nigeria (up 17,0%).

MTN Ghana

According to Shuter, MTN Ghana reported a very strong performance in the first half, continuing to benefit from the relatively buoyant economy. Growth in voice, data and digital revenue drove a 27,9%* increase in service revenue and supported the 2,0pp widening in the EBITDA margin to 39,2%.

MTN Ghana (up 27,9%), MTN South Africa (up 2,9%) and MTN Uganda (up 8,8%).

MTN Cameroon and MTN Ivory Coast reported a 7,0% and 6,6% decline in service revenue respectively.

Net finance costs increased by 6,4%.

“This was mainly because of lower interest income in Nigeria after the early redemption by MTN Nigeria of treasury bonds,” says Shuter.

MTN Uganda

MTN Uganda increased service revenue by 8,8%*, led by a 19,7%* increase in digital revenue. Growth in MoMo revenue exceeded expectations and profitability was supported by a reduction in commissions paid to MoMo agents. The number of active MoMo customers on Uganda’s leading brand and network NPS operator increased to 5,3 million. MoMo subscribers made up more than half the total subscriber base of 10,5 million, which declined by 1,8%, impacted by the regulator’s ban on the sale and replacement of SIM cards between March and May 2018. The number of active data subscribers rose to 1,8 million, helping lift data revenue by 17,8%.

MTN Cameroon

MTN Cameroon’s subscriber base declined by 5,9% from December 2017 to 6,6 million in a difficult operating environment, impacted by a data shutdown and weak economic activity. Service revenue decreased by 7,0%, affected by the lower subscriber base and despite 15,0%* growth in data and 71,2% growth in digital revenue.

The number of active MoMo customers increased by 10,5% from December 2017 to 1,2 million, with revenue up by 404%* YoY. EBITDA declined by 44,1% and the EBITDA margin narrowed 11,8pp to 19,2%.

MTN Ivory Coast

MTN Ivory Coast’s service revenue declined by 6,6%* on weaker voice revenue in a competitive market. Digital and data revenue continued to expand, up by 34,7%* and 15,4%* respectively. The EBITDA margin declined by 8,5pp* to 26,8% because of declining voice revenue and increased interconnect costs, most notably national interconnect costs. The subscriber base grew by 3,1% from December 2017 to 11,3 million. We led the market in brand NPS and the total number of active MoMo customers increased by 15,8% from December 2017 to 2,5 million. MoMo revenue grew by 48,7% and data volumes almost doubled. We completed subscriber re-identification in May 2018.


About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email:

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