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MTN and its FY2023 Financial Results Abracadabra
By Abdullahi Taminu Bida
MTN Nigeria Communications Plc (MTN Nigeria), the leading telecommunication service provider in the country, on Thursday, 29 February, 2024, submitted its full-year audited report for the year ended 31 December, 2023 to the Nigerian Exchange (NGX). The report showed very impressive highlights like growths in total subscriber base, active data users, active mobile money (MoMo PSB) wallets, service revenue and earnings before interest, tax, depreciation and amortization (EBITDA). Despite all these positive highlights in the Statement of Accounts, the media and most analysts, as the MTN Nigeria would wish, ran with the forex loss of N740.4 billion as well as the loss before tax of N177.8 billion.
Karl Toriola, Chief Executive Officer, MTN Nigeria
According to MTN Nigeria, the losses are as result of “rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira. Karl Toriola, the Chief Executive Officer of the company, noted that “MTN Nigeria’s operations are exposed to foreign currency volatility on its operating and capital expenditure. The most significant of these exposures relates to the tower lease costs, which comprised the bulk of the 45-50 percent foreign currency exposure in our operating expenses in 2023.” Specifically, the company attributed the poor financial performance for the year under review mainly to the foreign exchange loss of N740.4 billion as a result of a 96.7 percent movement in the exchange rate from N461/$1 in December 2022 to N906/$1 in December 2023.
From media reports many of the analysts seem to look at the MTN Nigeria’s 2023 Financial reports from the prism of the company – harsh operational environment, unfavourable government policies and the general macro-economic conditions. They seem to be so convinced by the jaundiced narrative the telecom company has deliberately crafted to hoodwink stakeholders to its side that they barely look at the submitted report critically.
To start with, MTN Nigeria listed on the floor of the Nigerian Exchange in 2019 as part of its bargain with the government to have its $5.2 billion fine, for failure to disconnect its subscribers who were yet to link their National Identification Numbers to their telephone lines, slashed. Prior to the listing, MTN Nigeria was a private company and had no disclosure requirements unlike now, as a publicly quoted company, it is required to meet the disclosure requirements including the submission of quarterly results.
Let us highlight some of the items as disclosed in the report. The Loss after tax was N137.0 billion due to net forex loss; Profit after tax (PAT), adjusted for the net forex loss, decreased by 14.3 percent to N344.5 billion; Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1 percent); the Net loss for the year resulted in a depletion of its retained earnings and shareholders fund to negative N208.0 billion and N40.8 billion, respectively; the Capital expenditure (capex) increased by 13.2 percent to N571.0 billion; and the company’s liabilities and assets were N3.22 trillion and N3.18 trillion respectively.
The report, as indicated, showed that the company’s liabilities are bigger than its assets, an admission that MTN Nigeria is technically insolvent. The reality is that this insolvency would remain for a long time without shareholder funding and may trigger default. This also throws up the going concern questions. How can MTN Nigeria’s auditors sign off the on the going-concern assessment of the company with such reality – a case of financial illiteracy or poor oversight?
Also, the issue of lease agreements leaves plenty room for suspicion. Is attributing an item that, according to the company, constitutes 45-50 percent of its foreign currency exposure without naming the service provider a deliberate ploy to conceal pertinent facts? It is a known fact that MTN has large ownership stakes in the companies that provide these lease services and the ‘losses’ the company posts as a result of the forex fluctuations, it ‘gains’ in form of returns on investment.
Similarly, the report indicated that MTN Nigeria changed its “measurement” of FX loses from “realized FX differences on dollar indexed leased” to the N/US$ spot exchange rate at the end of each reporting period. This, it claims, is in line with the IAS 21 and FIRS 16 and led to adjustments of 2021 and 2022 results. Why would MTN Nigeria limit the restatement of its lease liabilities to 2021 and 2022 only and not 2020 and 2019 financials when it got listed on the NGX? It is also curious that forex for the H1 2023 was not restated – when objectively there was nothing that could have triggered the IFRS 16 treatment to be altered in H2. In fact, the report showed that MTN Nigeria did a restatement on the H1 FX related transaction that was undertaken in October 2023.
These may be pointers to a possibility of sharp practices and willful concealment on the part of MTN Nigeria in contravention of the extant disclosure rules of the Exchange. This possible concealment, probably aimed at avoiding tax liabilities and/or shareholder obligations, should be of interest to industry stakeholders, in particular and Nigerians in general. MTN Nigeria’s over two-decade operations in Nigeria leaves much to be desired as there have been cases that border around corporate governance such as tax defaults, illegal repatriations of profits and other corporate vices.
Abdullahi Taminu Bida, writes for Abuja
By Seye Folajimi
I start each day with one goal: to be as efficient and focused as possible. A developer’s life is full of interruptions, and without good time management, it’s easy to fall behind. As a Backend Engineer at Moniepoint, I’ve assembled the toolkit that helps me and I believe by extension any technical professional to deliver results consistently.
In this feature article, I’ll share the tools and habits that have practically multiplied my productivity and sharpened my focus on the job.
My Daily Toolbox
I rely on a handful of core tools every day. IntelliJ IDEA and Visual Studio Code are my primary editors: IntelliJ for heavy backend work (it’s packed with features) and VS Code for quick edits or scripting. When testing APIs or debugging endpoints, Postman is indispensable for sending requests and saving environments. For spotting code or configuration differences, I often paste text into Diffchecker.com and let it highlight the changes. And for database work, MySQL Workbench provides a visual SQL editor and schema designer that saves me a ton of time. Dear professional, using the right tool for each task means fewer context switches and a smoother workflow.
Productivity Strategies That Power My Workflow
Beyond raw tools, I use structured habits to stay on track. I break the day into focused blocks and assign each chunk to an activity (coding, reviews, meetings, etc.). This time-blocking approach improves focus by letting me give my full attention to one task at a time. I also apply the Eisenhower Matrix to categorize tasks by urgency and importance; this ensures I tackle critical work first. Rather than flitting between emails, calls, and code, I batch similar tasks into dedicated slots. Some of my core techniques include:
Time Blocking: I assign specific blocks of time for coding, meetings, code reviews, and so on. This means I can dive deep into one task without switching contexts. (For example, I often use 25-minute sprints followed by a 5-minute break – the classic Pomodoro cycle – to keep my mind sharp.)
Prioritization (Eisenhower Matrix): Each morning I list my tasks and sort them by urgency vs importance. The Matrix helps me “do first” what truly matters and “delegate or drop” low-value items. This clarity prevents me from getting bogged down by busywork.
Automation: Whenever I catch myself doing something repetitive, I stop and ask, “Can I script this?” Whether it’s a shell script for routine commands or a CI/CD pipeline for deployment, automation frees up hours. Reducing manual repetition lets me focus on more critical work. Even simple automations (backups, report generation, test harnesses) add up to big time savings.
Notification Discipline: I turn off unnecessary notifications and check email/Slack only at scheduled times. By minimizing interruptions, I stay “in the zone” longer and preserve my cognitive energy.
Building My Custom Focus Extension: The Hot Gate
I even took matters into my own hands by coding a productivity tool from scratch, i called it “THE HOT GATE” .
The “Hot Gate” refers to the ancient Battle of Thermopylae in 480 BCE, a famous event in Greek history. It’s where King Leonidas of Sparta and a small force of Greeks (famously 300 Spartans) held off the vast Persian army of Xerxes I for several days.
The extension:
Blocks distracting websites during deep work sessions.
Organizes tabs to reduce clutter.
Unlocks distractions only during breaks.
I built it using JavaScript and browser APIs. One limitation: I can still turn it off manually. I’m considering adding a restriction to prevent that—but it’s still a local extension. Maybe someday I’ll publish it.
Breaks and Rewards
I’ve learned that smart breaks actually boost productivity. I take 2–4 minute strolls every hour, prompted by reminders from our infrastructure team. It’s refreshing and clears my head.
After big wins (like deploying a major feature or solving a tough bug), I reward myself—whether it’s a nice meal, a movie night, or just a chat with friends. These rewards keep me motivated and prevent burnout.
Wrapping Up
In my experience, combining the right tools with disciplined habits is what unlocks consistent high performance.
I’m constantly refining my setup—automating repetitive tasks, organizing my schedule better, and building systems that help me stay in the zone.
At Moniepoint and beyond, delivering quickly and reliably takes more than just code. It takes systems thinking, self-awareness, and the discipline to evolve your workflow over time.
By adopting these practices, I’ve become both more productive and more fulfilled. And I’m hoping the story is same or at least similar for you after reading this.
Seye Folajimi is a backend engineer with Africa’s fastest growing financial institution, Moniepoint Inc.
This summer, London’s West End will transform into a vibrant showcase of African excellence as TALES (The African Lifestyle Experience) returns with its most ambitious edition yet: Reimagine 2025.
A Luxury Cultural Experience
Hosted at Luxury Promise, 28 Cavendish Square, just off Oxford Street, the event will run from July 25 to August 3, 2025, offering ten days of curated experiences, fashion-forward storytelling, and cultural immersion.
With over 70 curated brands spanning fashion, beauty, art, music, and home décor, TALES 2025 will spotlight Africa’s brightest creative talents and celebrate craftsmanship across the diaspora.
Key Highlights
- Exclusive African Fashion & Craftsmanship Discover one-of-a-kind pieces, from bold fashion in traditional textiles like Aso Oke, Adinkra, and Bantu, to luxury handmade beauty products and bespoke interiors.
- Fireside Chats with Industry Icons Intimate conversations with trailblazers and tastemakers exploring the future of African entrepreneurship, culture, and design.
- Kidpreneur x The Veteran A standout feature returns, bridging generations of innovation by spotlighting rising Gen Z entrepreneurs alongside industry legends like Gloria Ije Anyaehie-Coker, founder of GIA1 Fashion.
- Exclusive Travel Offer with Air Peace TALES is partnering with Air Peace to offer a 15% flight base fare discount for brands and attendees flying to London, strengthening connections within the diaspora.
A Global Movement Powered by Bellafricana
Backed by Bellafricana, a platform empowering African creative entrepreneurs across 18+ countries, TALES champions authentic African stories, craftsmanship, and visibility on the world stage.
Supported by the City of Westminster
The City of Westminster proudly supports TALES 2025, reinforcing London’s commitment to diversity, innovation, and inclusive cultural celebration. The event will be featured across Oxford Street’s Instagram and website, ensuring maximum visibility.
Why It Matters
Following the runaway success of TALES 2024, which featured 40 brands and attracted a global audience, Reimagine 2025 raises the bar. As London’s fashion and cultural scene increasingly embraces diversity and authenticity, TALES 2025 is a timely and necessary celebration of African brilliance.
Whether you’re a fashion enthusiast, culture lover, or global tastemaker, TALES 2025 is where Africa’s future-forward creativity meets London’s cultural heartbeat.
Event Details
Venue: Luxury Promise, The Corner Showroom, 28 Cavendish Square, London W1G 0DB 
Dates: July 25 – August 3, 2025 
Admission: FREE — Registration required at
Bolt, Africa’s leading ride-hailing platform, hosted its Bolt Family Fest in Lagos to honour driver loyalty, reward top performers, and strengthen community ties within its driver network.
As Bolt’s largest market in Nigeria, Lagos served as the ideal location for this vibrant celebration of excellence and shared growth.
The event recognised and rewarded some of Bolt’s longest-serving and still-active drivers, who have been with the platform for 7 to 8 years since the early days when Bolt was known as Taxify.
These veteran drivers were specially recognized and rewarded, each receiving a cash award of ₦200,000 in appreciation of their commitment to the platform and consistent service delivery.
In addition to honouring loyalty, the Bolt Family Fest provided a platform to scale up vehicle branding efforts in the city.
The on-site branding process was made easy and accessible for drivers, while attractive incentives including branded merchandise, gift bags, and raffle entries encouraged participation.
A key highlight of the day was a lucky dip giveaway, where two lucky drivers, one newly branded and one previously branded each walked away with a brand-new SmartTV.
Osi Oguah, General Manager, Bolt Nigeria said: “Our drivers are the heart of everything we do at Bolt, and this event is our way of saying thank you for their dedication and professionalism. We’re not just building a platform, we’re building a family.
“The Bolt Family Fest is about creating moments of connection and showing our drivers they are seen, appreciated, and celebrated.”
The event delivered multiple wins for Bolt including increased the number of branded vehicles in Lagos, enhanced Bolt’s street-level visibility across the city and strengthened the sense of unity and pride within the driver community.
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