MTN Nigeria CEO Warns of Potential Shutdown Without Tariff Hike
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MTN Nigeria’s CEO, Karl Toriola, stressed the urgent need for the telecommunications sector to return to profitability to sustain operations. He cited significant losses and the necessity for immediate action.
Toriola warned that without tariff adjustments, MTN may shut down, emphasizing the industry’s critical pressures from rising operational costs. The company is currently operating on reserves, which is unsustainable.
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MTN reported a N519.1 billion loss in the first half of 2024, primarily due to foreign exchange losses and high inflation rates. Toriola seeks regulatory approval to halt support for USSD banking services due to a N250 billion debt owed by Nigerian banks.
