Rating Release

Agusto & Co. hereby upgrades the ratings assigned to MTN Nigeria Communications PLC to “Aaa” (long-term) and “A1+” (short-term), with a stable outlook 

The rating expires on 30 June 2027. 

Agusto & Co. hereby upgrades the ratings assigned to MTN Nigeria Communications PLC (“MTN Nigeria”, “MTNN” or “the Company”) to “Aaa” (long-term) and “A1+” (short-term). The upgrade reflects the stronger-than-anticipated recovery in earnings and shareholders’ equity, supported by tariff repricing, higher data usage and lower foreign exchange pressure following the full repayment of dollar-denominated borrowings. The assigned ratings are further supported by the Company’s good cash flow and very high capacity to meet financial obligations, underpinned by its robust cash generating ability, sound liquidity position and low leverage profile. The ratings are further upheld by MTN Nigeria’s leading position in the domestic telecoms market, large and growing subscriber base, extensive network infrastructure and broad range of spectrum licenses, all of which support long-term earnings sustainability. We also considered the restoration of positive retained earnings and shareholders’ funds, which should strengthen MTNN’s equity cushion and leverage over the medium term. Although the Company remains exposed to inflationary pressures, elevated energy costs, regulatory risks, and potential customer price sensitivity following recent tariff adjustments, we expect its strengthening operational performance and prudent treasury management to continue supporting sustained growth.

MTNN is the leading mobile network operator in Nigeria and a member of MTN Group, Africa’s largest mobile network operator, with operations across 19 countries in Africa and the Middle East, and a subscriber base of 307.2 million as at 31 December 2025. The Company provides GSM cellular, network systems and related telecommunications services, supported by an extensive spectrum portfolio, broad network coverage and sustained investment in 4G, 5G, home broadband and digital infrastructure. As at 31 March 2026, MTN Nigeria had 89.5 million revenue-generating mobile subscribers and 55 million active data users. The Company’s service offerings span voice, data, home broadband, enterprise solutions, fintech, digital services, network-as-a-service and application programming interface (API) marketplace services.