MTN Nigeria earned N1.86 trillion from data between April and September 2026, about two and a half times the N739.84 billion generated by Airtel’s Nigerian mobile-services business. Airtel, however, is growing faster from a smaller base.
Those are the findings of an analysis of the companies’ latest filings on the Nigerian Exchange, published by Nairametrics. Airtel Nigeria’s data revenue rose 33.8 per cent year on year in constant currency, while MTN Nigeria’s grew about 28.3 per cent in naira.
How the figures were compared
The two companies report on different calendars. MTN Nigeria’s financial year runs from January to December, while Airtel Africa’s runs from April to March. To match Airtel’s April-to-September half year, the analysis subtracted MTN’s first-quarter results from its nine-month figures.
Airtel Africa reports in US dollars across several markets. For the Nigerian comparison, the analysis converted Airtel Nigeria’s revenue at the disclosed weighted average rate of N1,360 per dollar. The two growth rates are measured differently (constant currency for Airtel, naira for MTN), so they should be read as indicative, not exact.
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Data’s share of revenue
MTN Nigeria
Data revenue (Apr to Sep 2026) – N1.86tn
Total revenue in period – N3.12tn
Data’s share of revenue – 59.6%
Average monthly revenue per user (ARPU) – N5,150 (Jan to Sep)
Airtel Nigeria
Data revenue (Apr to Sep 2026) – N739.84bn
Total revenue in period – N1.37tn (mobile services)
Data’s share of revenue – 54%
Average monthly revenue per user (ARPU) – About N3,808 (Apr to Sep)
Across all its markets, Airtel Africa reported revenue of $3.823 billion for the period, equivalent to about N5.20 trillion at N1,360 per dollar.
MTN’s lead is wider than its customer lead
MTN Nigeria ended September with 57.2 million active data users, about 74 per cent more than Airtel Nigeria’s 32.9 million. Yet it earned about 151 per cent more from data over the six months.
The analysis said customer numbers explain only part of the gap. Data usage, bundle choices and pricing also affect revenue.
Usage is rising on both networks. MTN’s active data users consumed an average of 15.3GB a month in the nine months to September, up 16.2 per cent. Airtel Nigeria’s smartphone customers used 16.7GB a month in the six months to September, up from 12.7GB. The companies measure different groups over different periods, so the figures show direction, not a like-for-like contest.
Can Airtel close the gap?
MTN’s scale makes catching up harder. Between April and September, MTN added about N409 billion in data sales year on year, roughly 93 per cent of its total revenue growth. Airtel can grow faster in percentage terms while the naira gap still widens, and to close it, Airtel would eventually have to add more data revenue than MTN does.
Airtel’s Nigerian mobile-services business more than doubled capital spending to $177 million in the period. The analysis said the revenue that investment brings in will help decide whether Airtel narrows the gap.
What investors are paying
At the end of October, Airtel Africa shares had risen 177.53 per cent to N6,300, and MTN Nigeria shares had gained 66.34 per cent to N850.
At October 30 prices, investors paid about N23 for every N1 of Airtel Africa’s profit per share over the 12 months to September, against about N12 for MTN Nigeria. The gap narrowed once debt and leases were included. On that basis, Airtel was valued at about 6.5 times underlying EBITDA, against 5.9 times for MTN, a premium of roughly 11 per cent.
On the balance sheet, investors paid N5.36 for every N1 of Airtel’s book equity, against N21.15 for MTN. The analysis said past losses reduced MTN’s book equity, so its share price is measured against a smaller base.
Dividends
MTN Nigeria’s interim dividend of N26 per share equals 3.06 per cent of its N850 closing price on October 30. Airtel Africa’s interim dividend of US3.1 cents, equivalent to N41.77 at its announced exchange rate, equals 0.66 per cent of its N6,300 closing price. These figures cover interim payouts only.
What the companies say
MTN Nigeria Chief Executive Officer Karl Toriola said in the company’s nine-month results that its priorities are to sustain growth, protect margins, scale home broadband and rebuild fintech momentum. Airtel Africa Chief Executive Officer Sunil Taldar said the group has increased the pace of network investment to expand capacity and improve service quality. Airtel raised its interim dividend by 9.2 per cent.
For MTN, the question in 2027 is whether its larger data business can keep generating enough cash to support dividends after network spending and lease payments. For Airtel, the higher price investors pay for its earnings will be easier to justify if network investment and growth across its markets lift profit per share and leave room for larger payouts.
This article is for information only and is not investment advice.
