MTN Nigeria’s Revenue Surges By 35.6% In March After Tariff Adjustments

MTN Nigeria’s revenue surges by 35.6% in March after tariff adjustments. MTN Nigeria’s service revenue surged by 35.6% in March following tariff adjustments implemented in February.

A report by its group office in South Africa on Monday, also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.

This is as the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan.

It reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.

“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President & Chief Executive Officer, Ralph Mupita expressed optimism about the future.

He noted signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria. “In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.

MTN Nigeria

“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.

Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.

Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).

TAJBank Ready To Issue N20bn Mudarabah Sukuk, Eyes N100bn Programme

TAJBank ready to issue N20bn Mudarabah Sukuk, eyes N100bn programme. TAJBank, Nigeria’s leading non-interest bank, is set to issue a ₦20 billion Mudarabah Sukuk bond as part of its strategy to strengthen its Additional Tier 1 capital and support its business expansion.

The bond issuance is part of the bank’s ₦100 billion Sukuk programme and follows the successful launch of Nigeria’s first-ever ₦10 billion Sukuk bond on the Nigerian Exchange (NGX) in 2023.

The latest offering provides individuals and institutions with a unique opportunity to invest in an ethical financial instrument with an attractive 20.5% annual return.

The Mudarabah Sukuk is structured to provide a stable and ethical investment avenue, allowing investors to participate in profit-sharing ventures while reinforcing TAJBank’s commitment to financial inclusion and innovative financial solutions.

According to the bank’s management, the terms and conditions of the Sukuk are undergoing final regulatory approvals and will be accessible to both individual and corporate investors. The initiative aims to offer a convenient and reliable income source, easily accessible online.

Speaking on the upcoming ₦20 billion Sukuk listing on the NGX, TAJBank’s Founder/CEO, Mr. Hamid Joda, expressed excitement about the investment opportunity, stating:

“We are thrilled to bring this Mudarabah Sukuk to the market, providing investors with a compelling ethical investment option.

TAJBank

Listing on the NGX will broaden investor participation and enable them to benefit from our profit-sharing model.”

Interested investors are encouraged to consult their financial advisors or visit www.tajbank.com for more details on the Sukuk issuance and listing process.

President Trump Initiates Mass Layoffs At Voice Of America

President Trump initiates mass layoffs at Voice of America. The Trump administration has begun mass layoffs at Voice of America (VOA) and other US-funded media outlets, signaling plans to significantly downsize platforms long considered key to US global influence.

On Sunday, contractors at VOA received emails notifying them of their termination by the end of March, instructing them to immediately cease work and refrain from accessing agency buildings or systems. These contractors, many of whom are non-US citizens, face job losses that could affect their visa status.

Meanwhile, full-time VOA employees—who have greater legal protections—were placed on administrative leave and instructed not to work.

VOA, established during World War II, broadcasts in 49 languages to audiences in countries with restricted media freedoms.

However, Trump’s executive order signed on Friday targeted its parent organization, the US Agency for Global Media (USAGM), as part of broader federal spending cuts.

The layoffs have left VOA in limbo, forcing some services to resort to playing music due to a lack of new programming.

The cuts also affected other US-backed broadcasters, including:
Radio Free Europe/Radio Liberty, established during the Cold War.
Radio Free Asia, which provides news to China, North Korea, and other restricted regions.
Radio Farda, a Persian-language station blocked in Iran.
Alhurra, an Arabic-language network launched after the Iraq invasion.

Voice Of America

The White House defended the move, stating that “taxpayers are no longer funding radical propaganda”—a claim rarely associated with VOA before Trump.

The former president has often criticized the media and questioned VOA’s editorial independence, despite its traditional role in countering authoritarian narratives.

The layoffs come at a time when China and Russia are heavily investing in their state-run media to compete with Western outlets.

China’s Global Times, commenting on VOA’s decline, claimed that Western media’s monopoly on information is crumbling and suggested that VOA’s “demonizing narratives” against China would soon become irrelevant.