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Naira Devaluation: MTN Suffers 69 % Decline in Full Year Earnings

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By Tony Obiechina, Abuja

MTN Group has reported a 69 percent decline in full-year earnings, citing the impact of Nigeria’s naira devaluation and operational difficulties in Sudan.

The company with headquarters in South Africa announced on Monday that its headline earnings per share—a key profitability measure fell sharply to 98 cents for the year ending December 31, down from 315 cents in 2023.

The financial downturn was largely attributed to Nigeria’s ongoing foreign exchange crisis, which has led to chronic dollar shortages and multiple currency devaluations.

In a bid to stabilize the naira and attract investment, the Central Bank of Nigeria implemented devaluation measures that significantly affected businesses operating in the country, including MTN.

 Rising inflation and high interest rates further exacerbated the situation, increasing operational costs and contributing to the telecom giant’s financial slump.

MTN Nigeria, a key subsidiary of the group, bore the brunt of the economic turmoil. Its pre-tax loss surged by over 200 per cent, reaching N550.3bn ($355.76m).

In response, the company has initiated several measures aimed at restoring profitability, including renegotiating tower leases and implementing a tariff hike, which received regulatory approval in January.

Despite the challenging economic environment, MTN Group CEO Ralph Mupita said the company remains optimistic about the recovery prospects in Nigeria.

“That pain which we’ve had for 18 months is abating somewhat,” Mupita stated during a media briefing. “The business is growing very strongly. So, I’m actually very bullish and confident that we’ll see a strong recovery in Nigeria.”

Beyond Nigeria, MTN’s performance in Sudan was also hampered by the country’s ongoing armed conflict. The unrest led to network impairments totalling 11.7bn rands ($643.40m), significantly affecting operations in the capital, Khartoum, where services had been down since April 2023.

However, the company has reported gradual improvements, with some sites being restored in previously conflict-ridden areas.

Despite the downturn, MTN’s overall group service revenue stood at 177.8bn rand, reflecting a 15 per cent decline. However, in constant currency terms, the company noted a 14 per cent rise in service revenue, buoyed by growth in data, fintech, digital, and enterprise services, particularly in its home market of South Africa, where service revenue increased by 3.1 per cent.

To reassure investors, MTN declared a final dividend of 345 cents per share and projected a minimum dividend of 370 cents for the 2025 financial year. While the company continues to navigate economic and geopolitical challenges across its markets, the management said it remains focused on strategic initiatives aimed at stabilizing its operations and ensuring long-term profitability.

The telecom giant said it is actively engaging with regulatory authorities, implementing cost-cutting measures, and leveraging its digital transformation strategy to drive revenue growth.

With confidence in Nigeria’s long-term market potential, MTN said it is optimistic about a turnaround despite the current headwinds.

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Black Sunday : Nigeria is bleeding – CAN

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By Laide Akinboade Abuja

The Christian Association of Nigeria (CAN), on Sunday, lamented the spate and incessant insecurity challenges across the country hence declared today (14th June) as ‘Black Sunday’.

President, CAN, Archbishop Daniel Okoh,stated this in a message to all Christians in Nigeria.

He lamented that ‘Nigeria is bleeding,’ and the Church cannot remain silent while innocent lives are lost and families live in fear.

On behalf of CAN he therefore declared today (Sunday), as ‘Back Sunday’ in honour of the countless victims of insecurity—men, women, children, clergy, farmers, students, and entire communities whose lives have been shattered by violence, kidnapping, terrorism, banditry, and bloodshed.

The message reads “Today, Sunday, June 14, 2026, we observe Black Sunday across Nigeria in honour of the countless victims of insecurity—men, women, children, clergy, farmers, students, and entire communities whose lives have been shattered by violence, kidnapping, terrorism, banditry, and bloodshed.

“Today, we are not only mourning; we are speaking with one voice. Our nation is bleeding, and the Church cannot remain silent while innocent lives are lost and families live in fear” .

Okoh, continued, “As we mark this solemn Black Sunday, we are mindful that our period of mourning coincided with the celebration of Democracy Day on June 12. Democracy is founded on the sanctity and dignity of human life, the rule of law, justice, and the protection of citizens. Therefore, there can be no more fitting way to honour the sacrifices that birthed our democracy than by recommitting ourselves to building a nation where every Nigerian can live, work, worship, and travel in safety. The quest for security is not separate from the democratic journey; it is central to its success and sustainability.

“As Christians, we believe that every human life is sacred because each person is created in the image of God. The Scriptures remind us in Matthew 5:4: “Blessed are those who mourn, for they shall be comforted”. Today, we stand in solidarity with the bereaved, the displaced, the wounded, and the traumatized. We pray for God’s comfort, healing, protection, and justice for all affected by these tragic events”.

The CAN President tasks the 3 tiers of governments, security agencies, all relevant stakeholders to increase their commitment in securing the lives,
“We call on government on all levels to take urgent, decisive, and sustained measures to secure lives and property across our nation. The protection of citizens is a sacred responsibility entrusted to those in authority and must be treated with the utmost seriousness”.

Okoh also commended the House of Representatives for the passage of the bill on Community and State Policing on Thursday, June 11, 2026.

“This legislative initiative represents an important step toward strengthening grassroots security architecture and enhancing the capacity of communities to contribute meaningfully to the protection of lives and property” .

He urged, “At this critical time, we call upon churches, Christian schools, hospitals, mission institutions, and all faith-based organizations to take proactive measures to safeguard their congregants, students, teachers, health workers, facilities, and properties. Security awareness, preparedness for emergency situations, collaboration with local security networks, and vigilance at all times have become necessary responsibilities in the face of prevailing threats. While we trust in God’s protection, we must also exercise wisdom and prudence in protecting those under our care.

“Dear Brethren, let this day deepen our compassion, strengthen our unity, and renew our commitment to peace, justice, and national healing. Let us continue to pray fervently for our nation, support affected families and communities, and refuse to surrender to fear”.

He prayed that God should comfort the bereaved, heal the wounded, protect the nation, and grant Mr. President, Senator Bola Ahmed Tinubu, the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and all those in governance, the wisdom, courage, and determination to confront and overcome this menace.

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Nasarawa Governor’s Aide Empowers 250 Women in Karu

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By Tambaya Julius, Abuja

Two hundred and fifty (250) women from Panda/Kare Electoral Ward in Karu Local Government Area, Nasarawa State, have benefited from ₦2.5 million small-scale empowerment programme organised by Hon.

Bawa Rabo, Senior Special Assistant (SSA) on KAPDA to Governor Abdullahi Sule.

Each beneficiary received ₦10,000 as part of the initiative designed to strengthen women’s economic independence, support small-scale businesses, and promote sustainable grassroots development across the community.

The programme, held in Panda, brought together beneficiaries from various communities within the ward, aimed at improving household welfare through income-generating activities and business expansion.

The event attracted a wide range of political leaders, community stakeholders, traditional rulers, and supporters from across Nasarawa State, reflecting the significance of women-focused development initiatives in the region.

Among those present were Hon. Daniel Ogah Ogazi, Dr. Abraham Habu Ekpo, Hon. Christopher Bako Madaki, Chief. Bitrus Asawu, Hon. Moses Egbe, Hon. Samson Mutari, Hajiya. Hauwa Isyaku, and several other notable dignitaries.

Their attendance also demonstrated unity among stakeholders working towards strengthening grassroots communities through targeted interventions and collaborative governance.

Speaking during the event, Hon. Daniel Ogah Ogazi, representing Kokona West in the Nasarawa State House of Assembly and APC candidate for the Kokona, Keffi, and Karu Federal Constituency, commended Hon. Bawa Rabo for his consistent commitment to grassroots empowerment.

He described the initiative as a clear demonstration of responsible leadership and urged other public office holders to emulate similar interventions that directly improve citizens’ livelihoods.

According to him, leadership must go beyond policy formulation to practical actions that positively impact the people.

He further stated that supporting vulnerable groups remains both a moral obligation and a civic responsibility of those in public service.

“Giving is a responsibility and an act of charity following an exemplary life of God when you have,” he said.

He urged notable figures in the society to remain generous and supportive of their communities, and also called on the gatherers to support and vote APC in the forthcoming general election.

As part of his contribution, Hon. Ogazi donated ₦500,000 to assist with transportation logistics for beneficiaries and announced plans for his empowerment phase targeting over 500 women across Karu LGA.

In his remarks, Hon. Bawa Rabo expressed appreciation to Governor Abdullahi Sule and the All Progressives Congress (APC) for their continued trust and support.

He affirmed his dedication to grassroots development, particularly through initiatives aimed at uplifting women and strengthening small-scale enterprises.

According to him, empowering women remains one of the most effective ways to build stronger families and more stable communities.

He encouraged the beneficiaries to invest wisely in their businesses, stressing the importance of sustainability and financial discipline in achieving long-term economic growth.

He noted that empowerment programmes under his leadership form part of a broader and continuous strategy to improve livelihoods across Karu LGA and beyond.

Also speaking, the Speaker of the Karu Legislative Council, Hon. Christopher Bako Madaki, commended Hon. Bawa Rabo for the empowerment initiative, describing it as the first of its kind in Panda/Kare Electoral Ward. He noted that the programme would have a significant impact on beneficiaries and further strengthen community development across the area.

Similarly, the Special Adviser on Mining to the Karu Local Government Chairman, Hon. Moses Egbe, praised Hon. Bawa Rabo for the thoughtful gesture.

He described the empowerment programme as a blessing to the beneficiaries and the entire ward, noting that it would contribute to economic growth, progress, and improved living standards across the community.

In her address, the Karu LGA APC Women Leader, Hajiya. Hauwa Isyaku, urged the beneficiaries and residents to continue supporting the APC-led administration in order to attract more development projects to the area.

She emphasised that unity and consistent political support are key to sustaining empowerment initiatives and development programmes at the grassroots level.

“Grassroots development remains our shared responsibility” she said.

She also commended Hon. Bawa Rabo for his commitment to women’s welfare, describing his interventions as impactful and worthy of encouragement.

The women who benefited from the support expressed heartfelt appreciation to Hon. Bawa Rabo for the kind intervention, describing it as timely and impactful.

“The support had given us renewed hope and motivation to pursue economic independence” they said.

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Benue CAN Deputy Chair Makes Case for Less Privileged, Vulnerable in Society

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By Attah Ede, Makurdi

The Deputy Chairman Christian Association of Nigeria CAN Benue State Chapter, Rev. Jonathan Terwase Ugbede has called on the people of the state to intensify support for the less privilege and the vulnerable in the society.

Speaking at the CAN Secretariat in Makurdi, during the presentation of award on him by Pan African Integrity Initiative Centre Abuja, the Deputy CAN Chairman noted that the vulnerable in the society needs the support and care for them to live more useful lives capable of benefitting other people.

Rev.

Ugbede informed that what he was able to do and the support he has extended to people particularly the vulnerable was as a result of the firm support he was enjoying from the Governor of Benue State, Hyacinth Iormem Alia.

The State CAN Deputy Chairman disclosed that the Church in the state has continued to enjoy good working relationship with the state governor, insisting that Governor Alia has never turned down any request by CAN.

Ugbede who called on the Christian community in the state to intensify support particularly in prayers to enable the Governor achieve more for the people, expressed confidence that with relentless prayers Governor Alia would definitely attract more development to Benue State.

He expressed appreciation to the Christian community in the state for standing by him to develop the Church and also appreciated Pan African Integrity Initiative Centre Abuja for finding him worthy of the honour, saying he did not know that people were watching him and that he did not lobby for the honour even as he was not aware of the award.

The National Coordinator of the Center, Chief Amb. Sonny Goli who was represented by Timothy Msugh Atoza while presenting the award, said the Rev. Ugbede has
“consistently supported and facilitated the settlement of expensive hospital bills for men of God and underprivileged citizens, going as far as seeking the direct intervention of the Executive Governor of Benue State whenever necessary.

“You have taken the Gospel beyond church walls by visiting IDP camps, identifying with the displaced, and bringing them hope. Beyond that, you have initiated and driven important projects aimed at the growth and development of the Christian body in this state. In a time when many chase recognition, you have chosen responsibility. When others speak from a distance, you draw near. That, Reverend, is the very essence of missionary integrity.”

In their separate comments the Assistant Secretary of CAN in the state, Apostle General Mike Nkiri, the WOWICAN Chairperson, Lady Cecilia Member Amishiave, Bishop Joseph Atimga Vice Chairman Christian Council of Nigeria, the YOWICAN Chairman Rev. Barr. Bobby Tavershima among others appreciated the centre for the honour as it was well deserved adding that the Deputy Chairman would continue to attract more honours given what he has been doing in the Church

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