MTN Group has reaffirmed its commitment to the Nigeria market during the first visit of the company’s Nigerian delegation to its South African headquarters. However it has stated that it is working to increase its local shareholder base.
The commitment was made to H.E. Muhammed Haruna Manta, Nigerian High Commissioner to South Africa, during a meeting with the MTN Nigeria delegation, which was led by MTN Nigeria Chairman Ernest Ndukwe and MTN Nigeria CEO Karl Toriola, at the MTN Group headquarters in Fairland. The visit was hosted by Mcebisi Jonas Chairman of the MTN Group, and Ralph Mupita CEO of the company and Group President.
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The South African group published a press release last week stating that it is dedicated to supporting a ‘bi-national conference for businesses operating in South Africa and Nigeria during the first visit to its South African headquarters of the chairman of MTN Nigeria, the Group’s biggest operating company’.
The Revenue
Despite the challenges in Nigeria, MTN’s largest and most profitable market, the company reported a “excellent quarter” in the third quarter. An increase in data revenue boosted MTN Nigeria’s performance, while the company’s Ghanaian subsidiary was also highlighted.
According to the company, MTN Group owns 75.6 percent of MTN Nigeria and is working on expanding the local shareholder base, subject to market conditions and regulatory approvals. In the medium term, we hope to reduce our shareholding to approximately 65 percent of the company’s total equity.
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The total number of subscribers at the end of September was 225.4 million, an increase of 2.5 million quarter-on-quarter, according to the company. As a result, the total number of subscribers fell from 229.8 million to 220 million.
Additionally, 5 million new active data subscribers and 1.7 million new mobile money customers were signed up in the most recent quarter, according to the company.
Group service revenue grew 10 per cent year-on-year, which was ahead of the company’s medium-term target of upper single-digit growth, supported by “strong growth in voice and data revenue”, while the results were delivered in “challenging operating and currency conditions”.
About MTN Group
MTN Group Ltd. is a provider of network information technology services that are based in South Africa. It provides products and services related to broadband and the Internet, as well as converged fixed and mobile products and services. The company caters to the needs of the local, national, and international telecommunications sectors. Company headquarters are in Roodepoort, South Africa, and were established in 1994.