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MTN Nigeria, the country’s largest telecom operator, generated more revenue in 2025 reported ₦5.20 trillion ($3.82 billion) in revenue for the year, according to its full-year financial results. This is the highest ever recorded in Nigeria’s telecom sector, up from ₦3.36 trillion ($2.47 billion) in 2024. Backed by a 51.87% share of Nigeria’s 179.41 million active mobile subscriptions, MTN’s revenue nearly matched the entire telecommunications industry’s ₦5.30 trillion ($3.89 billion) revenue in 2023, according to data from the Nigerian Communications Commission (NCC). The company also restored positive retained earnings and shareholders’ equity and has proposed a final dividend of ₦15 ($0.011) per share, after announcing an interim dividend of ₦5 ($0.004) in September 2025, bringing the total dividend for the year to ₦20 ($0.015). “2025 marked a significant turning point in our business performance and resumption of dividend payments,” Karl Toriola, MTN Nigeria chief executive officer, said. “In the period, we returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds.” MTN’s performance marks a sharp turnaround after years of economic pressure that pushed telecom operators into losses, as currency devaluation eroded dollar-denominated earnings and reduced average revenue per user (ARPU) from $3.08 in 2023 to $1.89 in 2024. Improved macroeconomic conditions in 2025, including a more stable naira and regulatory approval for market-reflective pricing, helped unlock revenue growth for operators in the industry. Airtel Africa’s revenue grew 28.3% in reported currency to $4.67 billion during the period, with Nigeria leading performance through a 50.6% expansion in constant-currency revenue. For MTN, revenue growth of 54.93% translated into a profit after tax of ₦1.11 trillion ($816.29 million), reversing the ₦400.44 billion ($294.48 million) loss recorded a year earlier. How Data Price Hikes Rescued MTN’s Bottom Line After securing regulatory approval to double data tariffs in Jan 2025, MTN Nigeria swung from a massive deficit to its highest-ever profit. The Profit Swing 2025 Revenue Drivers 2024 (Loss) -₦400.4 Billion 2025 (Profit) +₦1.11 Trillion By transitioning to market-reflective pricing, MTN entirely erased its 2024 losses, restoring dividend payments for shareholders. Total 2025 Revenue ₦5.20 Trillion Data (53.4%) Voice & Fintech (46.6%) Data (Up 74.5% YoY) Voice, Fintech & Other Following the doubling of data tariffs and a sustained surge in internet usage, data is now unequivocally MTN’s largest revenue engine. Source: MTN Full-Year Financial Results (2025) TechCabal Data demand drives growth After more than a decade of lobbying for cost-reflective pricing amid rising operating costs, telecom operators secured regulatory approval for tariff increases on January 20, 2025. Since then, the average price of 1GB of data has doubled to about ₦575 ($0.42), up from ₦287.5 ($0.21). The increase coincided with surging internet usage across Nigeria, driven by streaming, remote work, fintech adoption, and social media consumption. Nigeria’s annual data consumption rose 35.7% to 13.25 million terabytes in 2025, pushing average monthly usage per subscriber to 89.42GB, compared with 70.09GB from the previous year. Data has now become MTN’s single largest revenue driver, contributing 53.39% of total earnings and growing 74.58% year-on-year. Voice revenue also expanded by 49.54%, showing continued resilience despite the shift toward internet-based communication. Fintech revenue is up 79.68%. Since launching operations in Nigeria in 2001, MTN has evolved from a mobile operator into a critical piece of national digital infrastructure and is now one of the country’s most profitable companies.
Read MoreNigeria’s push to tax cryptocurrency transactions now requires exchanges to log customer trades daily into a government e-reporting portal, a policy that took effect in January 2026. However, industry executives say enforcement gaps and regulatory uncertainty could undermine the effort. The new system, overseen by the Nigeria Revenue Service (NRS), the country’s tax authority, requires digital asset exchanges to upload transaction data into a centralised platform designed to calculate applicable taxes. The move is part of a broader revenue drive as Nigeria seeks to expand its tax base and finance widening budget deficits. The crypto sector remains largely unlicenced, and questions persist over how authorities will enforce compliance, especially against offshore platforms serving Nigerian users. Nigeria is attempting to formalise and tax one of the world’s most active crypto markets through a new e-invoicing regime. But with no fully licenced exchanges, sandbox approvals stuck in limbo, and offshore competitors operating beyond domestic reach, the success of the tax push will depend less on policy design and more on whether regulators can build credible enforcement means. Ayotunde Alabi, country manager and Chief Executive Officer (CEO) of Luno Nigeria, a UK-born cryptocurrency firm operating in the country, confirmed that crypto startups are required to track and monitor customer transactions and upload on the NRS portal. Luno Nigeria currently uploads these transaction logs daily, according to Alabi. “There is a portal where [crypto exchanges] can upload all [customer] transactions into the NRS system; that’s where things stand at the moment,” said Alabi. “There’s still confusion about how this will be implemented. When you narrow it down to cryptocurrency or digital asset exchanges and their customers, it becomes even cloudier, because it isn’t clear what each party should be doing right now.” Crypto startups remain unclear about how different cases will be treated or how taxes will be calculated and remitted to the tax authority on the e-reporting portal. “From an individual perspective, however, it’s still not clear whether the e-invoicing system is sufficient,” said Alabi. “For example, it doesn’t address people running side businesses above the tax-exempt threshold. What happens in those cases? There’s also no clarity on how gains and losses will be treated.” Crypto exchanges are now working with auditors, including PwC and KPMG, to understand how to automate reporting into the government’s system, according to Alabi. Implementation remains uneven among local crypto startups, with no formal deadline publicly announced as startups continue to familiarise themselves with the new reporting system. Chimene Chinah, CEO of Dantown, a Nigerian crypto startup, said it has yet to begin reporting transactions to the NRS. “We [Dantown] haven’t started yet because we are trying to regularise user data to get their Unique Tax identifiers, including National Identification Number (NIN) and Corporate Affairs Commission (CAC) registration numbers [for merchants] as proposed by the NRS,” said Chinah. Enforcement questions While the reporting obligation is clear, the broader regulatory framework is not. No crypto exchange has received a full operating licence in Nigeria. The Securities and Exchange Commission (SEC) has admitted some firms into a regulatory sandbox and granted approvals in principle to Quidax and Busha, two Nigerian crypto exchanges, but full licencing remains pending. That creates a practical problem. The tax rules contemplate penalties, including fines or licence revocation for non-compliance. But without formal licences, it is unclear what authorities would revoke. The lack of enforcement clarity could create uneven competition. If locally-compliant exchanges implement tax deductions while offshore platforms do not, customers may simply migrate. “It becomes a disadvantage for compliant exchanges,” said Alabi. “Customers will move to exchanges that don’t enforce it.” Several foreign crypto platforms operate in Nigeria without local offices, including Bitget and Bybit, yet continue onboarding Nigerian users. Bitget did not immediately respond to a request for comment on its status of transaction logging on the NRS e-portal. Bybit couldn’t be reached for comment. Revenue imperative The government’s objective is straightforward: raise revenue as the country targets to build a $1 trillion economy by 2030. Like many emerging markets, Nigeria faces fiscal pressure and has widened its tax net across banking, fintech, and digital services. The new crypto reporting regime sits alongside broader financial transaction monitoring tied to Tax Identification Numbers (TINs). In theory, centralised logging of trades could allow authorities to calculate gains and apply capital or transaction taxes. In practice, industry participants say questions remain unresolved, including how individual investors will file, how losses will be treated, and how informal activity, such as peer-to-peer (P2P) trading, outside regulated platforms will be captured. “A huge chunk of crypto exchange providers run [over-the-counter] OTC desks via WhatsApp and other chat services with millions in USD processed daily, so that can be tricky to monitor,” said Chinah. “The focus will still be on local players, and it will only lead to churn of active users to foreign players who may not comply.” The NRS did not immediately respond to questions around P2P transaction monitoring on the e-portal, or how many crypto startups, both local and foreign, are now compliant. Nigeria’s cryptocurrency market is one of the largest globally by adoption. The country has seen sustained retail participation in digital assets, even amid regulatory crackdowns and banking restrictions. That scale makes the sector an attractive target for revenue mobilisation, but also a difficult one to police. The structure of the market compounds the challenge. Crypto exchanges can operate without physical infrastructure in-country. Websites can shift domains. Users can access platforms through virtual private networks (VPNs), and switching costs are low. Without coordinated licencing, monitoring, and tax enforcement, compliant operators could lose market share to competitors that opt out of reporting obligations. For now, crypto startups say they intend to comply as rules become clearer. But executives stress that policy credibility will hinge on consistent application across the sector.
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Table of contents Product announcements Software & feature announcements Pricing & availability Samsung held its first Galaxy Unpacked event of 2026 on Wednesday, February 25 at the Palace of Fine Arts in San Francisco. The theme was “Your Companion to AI Living,” built around what Samsung calls “Agentic AI” software that anticipates your needs and handles multi-step tasks across your devices. The keynote unveiled the Galaxy S26 series, the redesigned Galaxy Buds4 lineup, the Galaxy Z TriFold, and Samsung’s first pair of multimodal AI smart glasses. If you want to see how this event compares to last year’s, read our full breakdown of Samsung Galaxy Unpacked 2026 vs 2025 Here’s everything that was announced at the event. Product announcements at Galaxy Unpacked 2026 1. Samsung Galaxy S26 Ultra Image source: Samsung on YouTube The Samsung Galaxy S26 Ultra is Samsung’s most powerful phone for 2026, built around a titanium frame and packed with features aimed at professionals. We covered everything expected from this device in our earlier piece on Samsung Galaxy phones coming in 2026 The biggest new feature is the world’s first built-in Privacy Display. Samsung calls it “Flex Magic Pixel,” and it works at the pixel level using electronic current and light dispersion. When you look at it straight on, you get the full QHD+ Dynamic AMOLED 2X display with 10-bit colour depth and flagship-level peak brightness. When someone looks at your screen from the side, they see nothing. No aftermarket privacy film needed. This is especially useful if you work in busy cities like Lagos or Nairobi, where shoulder surfing is a real concern. The display is also covered by Gorilla Armor 2, which cuts glare by up to 75%. Under the hood, it runs the Qualcomm Snapdragon 8 Elite Gen 5 for Galaxy. Samsung also redesigned the internal cooling system, repositioning the vapour chamber to more evenly distribute heat across the device. That means your phone holds its performance during video editing or heavy gaming without slowing down. For the camera, here’s what you get: 200MP main sensor with a wider aperture that takes in 47% more light than the S25 Ultra 50MP periscope telephoto lens 10MP telephoto lens 50MP ultra-wide sensor You can also shoot 8K video using the new APV (Advanced Professional Video) codec, which preserves near-lossless quality for post-production editing. Price and availability Nigeria: starting at approximately ₦1,705,000 for the 256GB model Global: $1,299.99 Pre-orders open February 26, retail launch March 11, 2026 2. Galaxy Z TriFold The Galaxy Z TriFold made its global commercial debut at Unpacked 2026. Samsung had teased the tri-folding design before, but this is the first time it’s being launched globally. Using a dual-hinge “Z” design, it unfolds from a standard smartphone into a large AMOLED display that works as a mobile workstation with standalone Samsung DeX support, no external screen needed. Key specs: Snapdragon 8 Elite Gen 5 chipset 16GB RAM as standard 5,600mAh battery, the largest ever in a Galaxy foldable 200MP main camera, the same sensor as the Ultra It’s also built with nine recycled materials, including plastics from discarded fishing nets and recycled lithium. Price and availability Global: $2,500 (approximately ₦3,500,000 in Nigeria) Rolling out to the United States, Europe, and Nigeria in Q1 2026 3. Samsung Smart Glasses Samsung also announced its Smart Glasses, built in collaboration with Google and Qualcomm, with design input from Warby Parker and Gentle Monster. They weigh 50 grams and are designed for all-day wear. The glasses run on the Qualcomm Snapdragon AR1 platform and Android XR. They come in two versions: A voice and sensor model for basic AI assistance A display model that overlays digital information onto the lens The built-in 12MP camera with autofocus lets the Gemini AI see what you see, enabling features like real-time translation of street signs and identification of objects around you just by looking at them. Pricing is estimated at $500-$800, consistent with high-end AR wearables in this category. Global release is expected later in 2026. 4. Galaxy Buds4 Pro Image source: Samsung on YouTube The Buds4 Pro is a complete redesign. Samsung used over 100 million global ear-shape data points and 10,000 fit simulations to get the fit right, built for comfort even during 24-hour wear. On the audio side: A new bezel-less woofer expands the vibrating surface area by 20% Paired with a dedicated tweeter for ultra-high-resolution 24-bit/96kHz audio Adaptive ANC that adjusts noise-blocking intensity based on your ear shape and environment Two features worth highlighting: “Head Gestures” lets you answer a call with a nod or decline it with a head shake, no hands needed. You can also launch AI agents like Gemini and Perplexity directly from the buds using your voice, so your phone can stay in your pocket. 5. Galaxy S26+ The S26+ sits between the base S26 and the Ultra, giving you a large-screen experience without the S Pen or Privacy Display. It comes with a QHD+ Dynamic AMOLED 2X display with peak brightness suited for gaming and streaming. New this year is “ProScaler,” an AI feature that improves the resolution and colour of your streaming video in real time. For Nigeria, the S26+ may ship with either the Exynos 2600 or Snapdragon 8 Elite Gen 5, depending on regional distribution, both paired with 12GB of RAM. 6. Galaxy S26 The base Galaxy S26 is the most accessible phone in the S26 lineup. Samsung has standardised 12GB of RAM across the entire S26 series, a 4GB increase over last year’s base model, specifically to support on-device Agentic AI tools. The 128GB storage option is gone. You now get 256GB as the baseline, double what you got before. Globally, the price went up by $100. 7. Galaxy Buds4 The standard Buds4 brings most of the Pro’s improvements at a lower price. It keeps the Machine Learning-powered “Super Clear Call” feature, which uses three microphones per earbud and 16kHz bandwidth support for clear audio in noisy environments. It also has a semi-transparent charging case and
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