Business
Airtel And MTN Set For Profit Surge In 2025
With data revenue now accounting for nearly half of total income, MTN Nigeria and Airtel Africa are betting big on bytes over voice.
What used to be a value-added service is now the frontline of growth and margin expansion.
But as tariffs rise, consumer habits shift, and digital infrastructure deepens, one question looms for investors:
Can this shift to data finally lift MTN Nigeria out of its retained losses and help Airtel sustain its dollar dividend payout?
The answers lie in how each telco is leveraging data to transform its financial future. Let us start with MTN Nigeria
MTN Nigeria:
After reporting a staggering N440 billion loss after tax in 2024, largely due to foreign exchange shocks that eroded the bottom line, the telco staged a major turnaround in Q1 2025 with a N133.6 billion profit after tax.

While the stabilization of forex markets and growth in fintech revenue contributed, another catalyst was the explosive growth in data revenue.
In FY 2024, MTN reported N1.59 trillion in data revenue, up 49% year-on-year, making up 47% of total revenue, a major structural shift from the voice-led years.
That momentum continued into Q1 2025, with data revenue of N528.98 billion, accounting for 50% of total revenue for the quarter.
Subscriber metrics reinforce the trend:
- Active data users grew by 7% to 47.7 million.
- Data traffic rose by 42.9% year-on-year.
- Average data usage per subscriber jumped 33.6% to 11.2GB and even higher at 13.2GB in Q4.
According to the company:
“The performance in data revenue was supported by an increase in the number of active data users, increased usage, and enhancements to the quality and coverage of our network.
We continued to drive smartphone penetration and 4G adoption while implementing pricing actions to support revenue growth.”
These pricing actions, in addition to improved user experience, were made possible by MTN’s continued investment in digital infrastructure.
With increased 4G and now early 5G rollout in select zones, data speeds have improved, allowing the company to deepen monetization per megabyte.
So how does this translate to the bottom line?
MTN’s gross margin on data services is significantly higher than on voice, primarily because incremental costs per gigabyte decline as traffic scales. Simply put, once the infrastructure is in place, more usage equals better profitability.
Assuming the Q1 2025 trajectory holds, MTN could post over N2 trillion in data revenue for FY 2025 conservatively.
With EBITDA margin guidance at “at least mid-40%,” that means MTN could pull in N900 billion to N1 trillion in EBITDA from total revenue this year.
Compare that to N769.7 billion EBITDA in FY 2024, and you start to see just how powerful the data engine is.
If depreciation, amortization, and finance costs hold steady, and the naira remains relatively stable, MTN could be looking at full-year net profit north of N400 billion, essentially reversing 2024’s entire loss.
That would not only wipe out retained losses but position the telco to resume dividend payments by 2026 at the latest or even sooner, depending on board decisions.
As of Q1 2025, MTN’s trailing 12-month earnings per share (EPS) now stands at N5.96, pushing its price-to-earnings ratio to 53.56x.
The stock closed at N319.20 on June 5, 2025, reflecting a strong 59.6% year-to-date gain largely on the back of improving investor sentiment and the prospect of profitability recovery.
While challenges remain, FX volatility, infrastructure costs, and capex intensity, the return of profitability suggests that the darkest days may be behind the telco.
Smart investors should watch data on ARPU, user growth, and operating margins in the coming quarters. These are the levers that could flip MTN from survival mode back to a dividend-paying powerhouse.
Airtel Africa
Just like MTN, Airtel Nigeria is leaning on data to drive its business forward. While its headline numbers may look weak due to exchange rate issues, the real picture underneath tells a very different story.
In the year ending March 2025, Airtel Nigeria’s reported revenue dropped by 30% to $1.045 billion, with data income falling 26% to $483 million.
But that’s mostly because of the weaker naira. When you strip out the currency effects and look at its performance in constant terms, revenue rose 36%, and data grew by an impressive 45%.
The company explained it this way: “Our data business remains a key growth engine, supported by more smartphones, wider 4G coverage, and better network capacity.”
Data now makes up 44% of Airtel Nigeria’s total revenue, only slightly lower than 46% the previous year and not far behind MTN Nigeria’s 47% in 2024 and 50% in Q1 2025.
Airtel also saw growth in its customer base. It added about 1.7 million new data users, bringing the total to 29.1 million, while average income per user rose to $1.9 in the last quarter, a sign that more people are using more data and paying a little more for it.
Airtel Africa posted a $328 million profit after tax for FY 2025, a big turnaround from the $89 million loss it recorded the year before.
Can data sustain dividends?
In Nigeria alone, data generated $483 million in FY 2025, down due to exchange losses. But in constant currency, it was a 45% surge, pointing to strong underlying performance.
If this growth trend holds and ARPU rises moderately to $2 by Q4, Airtel Nigeria could generate over $550 million from data in the current financial year, even before factoring in FX gains or tariff increases.
Also, with data traffic climbing, data alone could account for 60–70% of its operating profit by next year. This position allows Airtel to comfortably cover its dividend, even if voice or mobile money slows down.
Indeed, Airtel Africa has already shown this confidence by declaring a $0.04 per share final dividend for FY 2025.
On the Nigerian Exchange, Airtel Africa’s share price stood at N2,372.50 as of June 5, 2025, showing a 10% year-to-date gain. It trades at a moderate price-to-earnings ratio of 26x, compared to MTN Nigeria’s 53.56x.
Nairametrics.com
Business
Dangote Refinery Announces Fresh Job Vacancies for Nigerians
Dangote Group has announced fresh employment opportunities for qualified candidates across several departments at its refinery site.
The vacancies are listed under Dangote-Refinery as the business unit, with the location stated as Dangote Petrochemicals (DPRP) and the department identified as Refinery Site.
The available positions cover procurement, warehouse management, logistics, supply and material planning, compliance, information technology, sustainability and data analytics.
List of Dangote Refinery jobs The 24 positions advertised on the company’s careers platform are:
Industrial Hygienist
Sanitary Inspector
Employee Relations Specialist

Procurement Contract Specialist
Warehouse Team Lead – PPU
Warehouse Manager – PPU
Head, Supply and Material Planning
Head, Logistics & Road Safety Operations
Sales & Operations Planning Manager (S&OP)
Procurement Supplier Specialist
Compliance and Governance Lead
Contract Management Lead
Risk Management Lead (Supply Chain)
Governance and Compliance Specialist
Procurement Supplier Lead
Transport/Dispatch Manager – PPU
Transport/Dispatch Lead – PPU
System Administrative Officer
ESG & Sustainability Manager
ESG / Sustainability Analyst
Lead, System Administration
ISO Management System Coordinator
Data Analytics/System Analyst
Decarbonization Manager
Requirements for Dangote Refinery jobs
The requirements differ depending on the position, and applicants are expected to check the full job description for their preferred vacancy.
Several of the positions require relevant bachelor’s degrees, HNDs or specialised diplomas in fields such as engineering, supply chain management, logistics, business administration, environmental science, public health, information technology and related disciplines.
Some roles also require or favour professional certifications. Depending on the position, these may include certifications in supply chain management, logistics, quality management, information technology and other relevant professional fields.
Work experience is another major requirement, particularly for senior positions.
The experience requested varies from role to role, with some managerial and leadership positions requiring several years of relevant industry experience.
For example, the Warehouse Team Lead – PPU position requires relevant experience in warehouse, logistics or supply chain operations, while the Warehouse Manager – PPU role requires significantly more experience, including managerial exposure.
Applicants for technology-related positions may also need experience with SAP, ERP systems, databases, system administration, Microsoft Excel, Power BI, data analytics and system integration, depending on the vacancy.
For the ISO Management System Coordinator position, candidates are expected to have relevant academic qualifications and experience with international management standards.
The Sanitary Inspector role has more specialised requirements, including qualifications in sanitary inspection, environmental health or public health technology, with related experience preferred.
How to apply for Dangote Refinery jobs Interested candidates should visit the official Dangote careers platform and select the position that matches their qualifications and experience.
Applicants should carefully read the individual job description because the educational qualifications, professional certifications, technical skills and years of experience differ across the 24 positions.
Business
BREAKING: Again, NNPC Announces New Petrol Price Nationwide
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol by N5 per litre at its retail outlets in Lagos from N1,360 to N1,355.
Motorists in Lagos and Rivers now pay N1,355 per litre, making them the cheapest locations on NNPC’s updated price list. Abuja buyers are paying N1,370 per litre under the new arrangement.
NNPC petrol prices across Nigeria
Yobe has the highest petrol price at N1,435 per litre, followed by Niger State at N1,433.
Borno, Gombe, Nasarawa and Sokoto are all priced at N1,430 per litre, placing them among the states with the highest fuel prices.
Several south-western states fall within the lower price range. Ogun and Oyo both sit at N1,367, while Osun is priced at N1,358.
Akwa Ibom is at N1,360, just above the Lagos and Rivers rate.

In the south-east, Anambra, Enugu and Imo are each priced at N1,372, with Ebonyi slightly higher at N1,375. Abia is priced at N1,370, the same as Abuja.
Further north, Kaduna is at N1,400, Zamfara at N1,414, while Adamawa, Jigawa, Kebbi, Plateau and Taraba are all priced at N1,420. Bauchi and Kano share a rate of N1,385, while Benue is at N1,410.
In the South-South, Delta is priced at N1,379, Bayelsa and Edo at N1,380, and Cross River at N1,390. Kwara is at N1,375, while Kogi is priced at N1,390. The full breakdown of the new NNPC petrol prices per litre is as follows:
Lagos: N1,355 Rivers: N1,355 Akwa Ibom: N1,360 Osun: N1,358 Ogun: N1,367 Oyo: N1,367 Abia: N1,370 Abuja: N1,370 Anambra: N1,372 Enugu: N1,372 Imo: N1,372 Ebonyi: N1,375 Kwara: N1,375 Ekiti: N1,377 Ondo: N1,377 Delta: N1,379 Bayelsa: N1,380 Edo: N1,380 Bauchi: N1,385 Kano: N1,385 Cross River: N1,390; Kogi: N1,390 Kaduna: N1,400 Benue: N1,410 Zamfara: N1,414 Adamawa: N1,420 Jigawa: N1,420 Kebbi: N1,420 Plateau: N1,420 Taraba: N1,420 Borno: N1,430 Gombe: N1,430 Nasarawa: N1,430 Sokoto: N1,430 Niger: N1,433 Yobe: N1,435
Business
From Kabiru to Khalifa: How Abdul Samad Rabiu is Quietly Positioning his Son in the Corridors of Business and Power
Once, his younger brother Kabiru was one of the familiar family figures around the BUA empire. Now another generation is moving steadily into view as Abdul Samad Rabiu brings his son, Khalifa, closer to the business, relationships and rarefied circles surrounding one of Africa’s largest industrial fortunes.
On Friday, October 2, 2026, when Abdul Samad Rabiu went calling on President Bola Ahmed Tinubu at his Ikoyi residence in Lagos, he did not go alone. Beside the billionaire industrialist was his son, Isyaku Abdulsamad “Khalifa” Rabiu, the young BUA executive whose presence increasingly seems to accompany his father into rooms where business, government and influence converge. Rabiu said the visit afforded an opportunity to reflect on Nigeria’s journey and its future, while other reports confirmed that the BUA chairman was among several prominent business and political figures received by the President that day.
On the surface, there was nothing extraordinary about it. Wealthy fathers travel with their sons, introduce them to friends and take them to important engagements every day. Yet, when the father is Abdul Samad Rabiu, founder of an industrial empire painstakingly assembled over decades, and the son has recently moved into a strategic executive position within that empire, the optics acquire a different texture. A photograph becomes more than a photograph; a handshake begins to look like an introduction, and what appears to be a simple father-and-son outing starts to resemble that ancient ritual through which successful men gradually acquaint the next generation with the world they may one day have to navigate without them.
For those who have watched Abdul Samad through the years, the changing silhouette around him is difficult to miss. There was a time when his younger brother, Kabiru Rabiu, represented one of the most prominent family presences within the BUA establishment, rising through the group’s operations and eventually becoming Group Executive Director, while also serving as a non-executive director of BUA Foods and BUA Cement. He remains firmly embedded in the conglomerate, with more than two decades of experience across edible oils, cement and infrastructure.
Kabiru belongs to Abdul Samad’s generation, however, and that distinction matters because every family empire, no matter how vast or professionally managed, eventually encounters the question that money alone cannot answer: what happens when the generation that built it begins to make room for the generation that must preserve it?
It is within that quiet, complicated passage that Khalifa is increasingly becoming interesting.

His emergence has not arrived with trumpets, ceremonial titles or the public unveiling of a successor. Abdul Samad has not declared him heir to BUA, and nothing in the public record justifies such a conclusion. What has become visible instead is something subtler and perhaps more meaningful: a gradual accumulation of responsibility, exposure and proximity, the three ingredients through which the children of powerful business families are often introduced to the burden behind the privilege.
Khalifa is no longer merely the billionaire’s son appearing occasionally beside his father. On January 29, 2026, BUA Foods appointed him Chief Officer, Global Procurement and Strategic Operations, giving him responsibility for the company’s end-to-end global procurement function and strategic operational initiatives. Before that appointment, he served as Director for Special Operations at BUA Group, where his work included transformation projects, supplier relationships, wheat sourcing, animal-feed production, the commercial reintroduction of BUA rice and other operational initiatives.
There is something instructive about where he has been placed. For the son of one of Africa’s wealthiest industrialists, a grand office and ornamental designation would have been easy enough to manufacture, the sort of corporate embroidery with which family businesses sometimes decorate heirs who have yet to acquire the scars of enterprise. Khalifa, however, has been taken closer to procurement, supply chains and operations, into the less glamorous entrails of an industrial organisation where fortunes are not discussed in abstract terms but depend on the relentless movement of wheat, sugar, machinery, ships, suppliers, currencies, warehouses and markets.

Perhaps that is the more revealing education his father is giving him. Abdul Samad appears less interested in merely showing the young man the assets than in allowing him to understand how those assets breathe.
Factories photograph beautifully, particularly when they rise from acres of land in steel and concrete, but the real life of an industrial empire occurs away from the cameras, in the anxious arithmetic of raw-material costs, shipping schedules, exchange rates, energy, regulation, financing and distribution. The young man who may someday occupy a larger place within such a system must learn that wealth is not sustained by the serenity of the chairman’s office but by countless decisions made under pressure, many of them invisible to the public until one of them goes wrong.
Khalifa’s academic preparation seems almost tailored to the wider world awaiting him. He studied International Relations at Regent’s University London and later earned a Master’s in Management from Georgetown University’s McDonough School of Business, combining an education in states, diplomacy and institutions with the language of management and enterprise.
That marriage of disciplines becomes particularly interesting when considered against the circles into which he has been born and the ones into which he is now increasingly being introduced.
There is, of course, another dimension to his story. Khalifa is one of the children from Abdul Samad Rabiu’s former marriage to Hannatu Musawa, the lawyer, writer and public official who currently serves in President Tinubu’s cabinet as Minister of Art, Culture, Tourism and the Creative Economy. Musawa has herself spoken publicly about her former marriage to Rabiu and the enduring ties between their families.
There is nothing publicly established to suggest that he is preparing to contest an election or embark on a conventional political career. What he possesses instead is exposure: a father situated at the commanding heights of Nigerian private enterprise and a mother operating within the upper reaches of government, two worlds that remain distinct but inevitably encounter each other wherever industry, regulation, investment and public policy meet.
That is why Friday’s visit to President Tinubu is noteworthy without needing to be exaggerated. Its importance lies less in whatever may have been discussed behind closed doors than in the simple fact that Khalifa was there, standing beside his father and becoming familiar with another environment in which his surname, responsibilities and future may eventually carry their own weight.
Such encounters form a peculiar education unavailable in lecture halls. Universities can teach capital allocation and international relations, but they cannot completely teach the temperament of power: how an industrialist speaks to a president without becoming obsequious, how one carries disagreement without converting it into hostility, how old relationships are tended, how new ones are cultivated, or how to distinguish those who are merely attracted to wealth from those whose trust survives difficult seasons.
Those lessons are absorbed by watching.
They reside in airport lounges and factory inspections, private dinners and waiting rooms, board meetings and courtesy visits, in introductions that appear inconsequential until, perhaps ten years later, a name remembered from a handshake becomes the person sitting across a negotiating table.
This is how relationships are inherited, if relationships can ever truly be inherited at all. A father may leave his son factories, shares, houses and an enviable portfolio of assets, but he cannot simply insert forty years of trust into an estate document. The son must accumulate his own credit among bankers, investors, regulators, political leaders, employees and business partners, even when the father’s name opens the first door.
Abdul Samad should understand the intricacies of that inheritance better than most. He was himself born into the formidable commercial tradition of the late Khalifah Isyaku Rabiu, the Kano merchant, scholar and industrialist whose name carried considerable weight long before BUA became the corporate colossus it is today. Abdul Samad inherited a tradition of enterprise but did not merely preserve it; he recast it for another age, moving far beyond the familiar pathways of trading into manufacturing on a scale that turned cement, sugar, flour and other essential commodities into the pillars of a modern industrial fortune.
Now the wheel appears to be turning again.
There is an almost poetic symmetry in the fact that another Khalifa is moving towards the centre of the Rabiu story, although it would be simplistic to describe what is happening as a transfer of the crown. BUA is today too sprawling and professionally structured to be reduced to a princely succession tale, and Kabiru Rabiu remains an important figure in its leadership. The more compelling point is that Khalifa has moved beyond merely being part of the family photograph; he now occupies a position where he can be tested by responsibility, measured by results and introduced gradually to the ecosystem surrounding the family enterprise.
That is how serious succession often begins, not with coronation but with apprenticeship. A young man is first handed work that can expose his weaknesses, then brought into relationships that can test his temperament, before the people who have dealt with his father for decades begin, cautiously, to deal with him in his own right. The family name may secure the introduction, but eventually the young man must demonstrate whether there is substance behind it.
For Abdul Samad, therefore, legacy will one day amount to considerably more than deciding how factories, shares and investments are distributed among heirs. The harder inheritance will be culture, discipline, judgement and the instinct for survival that allowed a family trading heritage to become an industrial institution. Kabiru represents an important part of the generation that travelled that journey alongside him; Khalifa increasingly represents the question of what follows after it.
Seen from that perspective, the young man’s growing presence around his father acquires a meaning beyond privilege. He is watching a man who has spent decades learning the peculiar choreography of Nigerian capitalism, where enterprise lives constantly in conversation with government, regulation, foreign capital, infrastructure and politics without necessarily becoming politics itself. He is being allowed to observe not simply how a fortune is enjoyed but how influence is managed, relationships are preserved and institutions are kept alive through changing governments and economic seasons.
That may ultimately be the most valuable thing Abdul Samad can give him.
Factories can be inherited. Shares can change names on a register. Houses and aircraft can pass from father to son with the neat efficiency of lawyers and trustees. What cannot be transferred so easily is the confidence of people who matter, the discipline to remain composed when markets rebel, the instinct to recognise danger before it announces itself and the ability to enter a room full of powerful men without being diminished by them or intoxicated by their attention. Those things take time.
And perhaps that is the deeper meaning of Khalifa walking beside his father into President Tinubu’s Lagos residence on Friday: the young man is no longer being shown only the empire.
He is being introduced, carefully and gradually, to the world around it.
