MTN Nigeria Faces ₦519.1 Billion Loss in First Half of 2024 Amid Economic Challenges

MTN Nigeria has reported a significant after-tax loss of ₦519.1 billion in the first half of 2024, driven by the challenging macroeconomic environment in Nigeria.

MTN building
MTN building [ACCL Architects]

Key Financial Highlights:

  • Loss: ₦519.1 billion after tax.
  • Revenue Growth: 32.6% increase to ₦1.5 trillion.
  • Net Forex Losses: ₦887.7 billion due to naira depreciation.

Despite revenue growth, MTN Nigeria’s financial performance was severely impacted by net foreign exchange losses. These losses resulted from the revaluation of foreign currency-denominated obligations, exacerbated by the naira’s depreciation from ₦907/USD in December 2023 to ₦1,505/USD in June 2024.

Karl Toriola, CEO of MTN Nigeria, noted the difficult economic environment, highlighting that the inflation rate reached 34.2% in June, with an average rate of 32.8% for the first half of the year. He mentioned that without the forex losses, the company would have recorded a profit after tax of ₦102.3 billion.

Economic Pressures:

  • High Inflation: Significantly increased operational costs for businesses.
  • Currency Devaluation: Raised prices for imported equipment and services, impacting telecom operators’ cost structures.

The high inflation rate and the devaluation of the naira have forced many companies, including telecom operators, to balance the need to maintain high-standard infrastructure with the challenge of providing affordable services to consumers. This economic situation has led to higher operational costs and affected overall profitability.

Despite these setbacks, MTN Nigeria remains focused on strategic initiatives to restore profitability in the long run. While short-term dividend payouts may be affected, the company’s revenue growth and proactive measures aim to ensure sustainability and affordability for consumers.

Karl Toriola, Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd
Karl Toriola, Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd [PM News Nigeria]

In summary, MTN Nigeria’s financial loss underscores the broader economic challenges facing businesses in Nigeria. However, the company’s strategic focus on growth and resilience could help navigate these difficulties and ensure long-term success.

For more on this story and other related articles, visit MTN Nigeria closes all stores and service centers nationwide.

Essential Tips for Staying Safe During Protests

Protests are a powerful tool for raising awareness and demanding change. As Nigeria braces for a nationwide protest against bad governance, it’s crucial for protesters, especially the youth, to prioritize their safety.

Participating Safely in Protests: Key Tips

Know Your Rights

Nigeria’s constitution guarantees the right to peaceful assembly. Familiarize yourself with the legalities surrounding protests, especially dispersal orders from authorities. Knowing your rights will empower you to act assertively but peacefully, even in tense situations.

Buddy Up

Safety in numbers! Don’t head out alone. Rally your friends, classmates, or colleagues who share your passion. Agree on a meeting point beforehand and have a designated “check-in” time via text or call if things get separated.

Research the Route and Organisers

Is it a well-established organisation leading the protest? Knowing the route beforehand can help you stay oriented and avoid getting caught in unexpected situations. This also helps you plan your exit strategy if needed.

Pack Smart

Bring a reusable water bottle, snacks, and comfortable shoes. Sunscreen, a hat, and a mask are also smart choices.

Communication

Download a secure messaging app to communicate with your group outside of mainstream channels. Turn off location services on social media to maintain some privacy during the protest. Charge your phone fully and consider carrying a portable charger.

Dress for the Occasion

Think functionality, not fashion. Avoid wearing anything that restricts movement or identifies you easily. Opt for comfortable, closed-toe shoes you can walk in for long periods. Long sleeves and pants offer some protection from sun, tear gas, or other irritants.

Know What to Avoid

Leave valuables at home. Avoid carrying heavy bags or backpacks. Don’t bring flammable items or anything that could be construed as a weapon. Sticking to peaceful protest tactics keeps everyone safe.

Staying Safe and Aware During the Protest

  1. Stay Alert: Keep your eyes and ears peeled. Pay attention to what’s happening around you, and be prepared to react quickly if needed.
  2. Stay Peaceful: Remember, this is a peaceful protest. Avoid getting drawn into conflicts or arguments. Chant slogans, hold signs, but maintain a respectful and calm demeanor.
  3. Follow the Lead: Listen to instructions from organisers. They are there to ensure everyone’s safety. If the protest needs to move location or disperse, follow their guidance calmly and efficiently.
  4. Exit Strategy: Have a plan for how and when to leave. Identify side streets or alternate routes in case of crowd surges or any unexpected situations.
  5. Chemical Irritants: If you encounter tear gas or pepper spray, stay calm. Move upwind if possible. Cover your mouth and nose with a damp cloth (not your shirt!). Flush your eyes with clean water for at least 15 minutes.
  6. Documentation: If you witness police brutality or violence against protestors, document it responsibly. Use your phone camera to film discreetly, but prioritise your safety.
  7. After the Protest: Stay connected with your group after the protest is over. Debrief and check on each other’s well-being. Share any documented footage with trusted news outlets or organisations that can hold those in power accountable.

ALSO READ: Poor network, fuel scarcity & 3 other things to expect during August 1 protest

By participating in protests, you are a powerful voice for change. But your safety matters. So, be prepared, be informed, and be ready to stand up for what you believe in, peacefully and powerfully.

This content was created with the help of an AI model and verified by the writer.

7 Surprising Things Most People Are Addicted To

Enjoying the things you like is perfectly fine, but how do you know when they’re starting to control you?

1. Sugar

Sugary foods [LinkedIn]

Did you know sugar can act like a drug in your brain? Eating sugary foods releases dopamine, a “feel-good” chemical, making you crave more and more. Suddenly, that daily candy bar you “need” turns into a sugar crash and an afternoon slump.

2. Social Media

Social media can be addictive [Webandcrafts]

Social media is a great way to connect with friends and family. But have you ever found yourself lost in a social media vortex, mindlessly scrolling through endless feeds? Social media platforms are designed to be addictive, bombarding us with likes, comments, and notifications that trigger our brains’ reward system.

3. The News

The news feed can be overwhelming [SocietyofEditors]

We all want to stay informed, but a constant news feed can be overwhelming. It’s easy to get sucked into a cycle of negativity and feel constantly bombarded with bad news. Just like social media, the news can trigger our brain’s reward system with a rush of adrenaline or anxiety, keeping us glued to the screen.

4. Online Shopping

Online shopping can be addictive [Letsdiskuss]

Retail therapy can be tempting, especially when you find a great deal. But online shopping can be a slippery slope. Just a few clicks and suddenly you have a cart full of things you didn’t even know you needed. If you find yourself impulse-buying online regularly, consider setting a budget before shopping, or taking a 24-hour break before completing a purchase to make sure it’s something you truly need.

5. Multitasking

Juggling a million things at once feels like a badge of honour in our busy world. But constantly switching between tasks can negatively impact your productivity. It takes time for your brain to refocus, and multitasking can lead to mistakes and stress.

6. Smartphones

Smartphones are indispensable tools, but their constant use can become addictive. The endless notifications, apps, and social interactions can make it difficult to put your phone down, leading to hours of lost time and reduced face-to-face interactions.

7. Caffeine

While a morning coffee might seem harmless, excessive caffeine consumption can lead to dependency. Many people find they can’t start their day without a cup (or several), and withdrawal symptoms can include headaches and irritability.

Breaking Free

Be Aware

The first step is acknowledging the behavior. Once you realize it might be a sneaky addiction, you can start making changes.

Take Breaks

Try setting time limits for social media or sugary snacks. Schedule time for other activities to avoid constant engagement.

Find Alternatives

Replace these habits with healthier ones. Exercise, reading, or spending time with loved ones can all be great substitutes.

Seek Support

Talk to friends, family, or a therapist if you feel you need help breaking free from these habits.

It’s okay to enjoy the things you like, but be mindful of when they might be taking over. By recognizing these sneaky addictions and making some changes, you can take back control and live a happier, more well-rounded life.

How 4 Years of Joining a Daily Morning Devotion Live Stream Transformed My Life

During the COVID-19 pandemic in 2020, restrictions on mass gatherings led many churches to transition their services online. This shift gave rise to numerous online morning devotions, including two prominent ones: New Season Prophetic Prayers and Declarations (NSPPD) by Jerry Eze, and Next Level Prayers (NLP) by Bolaji Idowu.

NSPPD, as reported by CNN, peaked with over 90,000 viewers during the pandemic and now averages 500,000 daily views on YouTube. NLP sees between 10,000 to 30,000 daily views. Both devotions feature singing, praying over requests, sharing testimonies, and making declarations, with participants actively engaging on social media.

Dami has been a consistent attendee of NLP since 2020. She shared with Pulse Nigeria how this commitment has brought significant positive changes to her life and deepened her faith.

In her own words, here’s what she loves about the devotional platform:

Consistency and Routine

“Praying daily has become a routine for me, much like exercising. Just as consistently working out yields physical results, consistently praying has nourished my spiritual life. The platform has provided me with a structured approach to prayer and Bible study, helping me stay connected to God daily.”

Dami’s experience highlights the profound impact of integrating daily devotional practices into one’s life, especially through accessible online platforms.

Black Market Dollar to Naira Exchange Rate Today – July 31, 2024

What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?

Dollar to Naira Exchange Rate Today (Black Market – Aboki fx):

On Tuesday, July 30, 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) was:

  • Buying Rate: N1595
  • Selling Rate: N1600

Sources at Bureau De Change (BDC) provided these rates. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today:

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1595
Selling RateN1600

Dollar to Naira CBN Rate Today:

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1598
Selling RateN1601

Please note that the rates you buy or sell forex may vary from what is captured in this article due to fluctuating market conditions.

FG Issues Security Alert Ahead of August 1 Nationwide Protest

The Federal Government has issued a new security alert ahead of the nationwide protest set for August 1, 2024. In a statement released on Wednesday, the government voiced concerns that bandits and insurgents might hijack the planned demonstrations.

Secretary to the Government of the Federation (SGF), George Akume, addressed journalists and media executives at Radio House in Abuja, urging Nigerians to seek alternative methods of engaging with the government rather than protesting. Akume emphasized that while the administration supports the right to peaceful protest, the risk of criminal elements exploiting the situation necessitates caution.

“Government is wary of the dangers associated with protests that are vulnerable to being hijacked by bandits, insurgents, and other criminals,” Akume stated. “We request that dialogue should be advanced, and we remain open to such. Protesting is not the solution to the challenges the President Bola Tinubu-led administration is working to solve.”

Akume reassured citizens that the government is addressing economic hardships and working towards sustainable solutions. He appealed to Nigerians to prioritize peace and progress and to avoid actions that might disrupt national stability.

“We, therefore, appeal to Nigerians of whatever persuasion, belief, demography, gender, and status to shun calls for protest against hunger by prioritizing peace and progress,” Akume said. “For the avoidance of doubts, the government of President Tinubu recognizes the right to peaceful protest but circumspection and vigilance should be our watchwords.”

Akume reiterated that economic prosperity remains a key goal of the administration, which inherited significant economic and security challenges. He detailed ongoing efforts to reform the economy, enhance security, and promote investment.

“This administration, at inception in May 2023, inherited an economy in need of urgent, bold, and imaginative reforms. Policy measures, including the removal of an unsustainable fuel subsidy regime, had to be taken,” Akume explained. “The administration similarly inherited a security situation that had existed for two decades and required greater attention in terms of upgrading security architecture and infrastructure.”

Akume concluded by urging citizens to maintain peace and work collaboratively with the government to achieve national stability and prosperity.

“Together, we shall create a Nigeria where peace and stability are not merely aspirations but realities, where economic growth is not just a goal but a tangible outcome, and where the dreams of our people are transformed into a shared national destiny,” he stated.

RUN Mobilizes against National Protest, Plans Dialogue With Senate President

As part of efforts to douse tensions and chart a more peaceful strategy for addressing predisposing issues ahead of the looming national protest, Rising-Up for a United Nigeria (RUN) has urged Nigerians to jettison the idea of a protest and explore other options towards a peaceful resolution of the grievances of Nigerians

The National Convener of RUN, Ambassador Solomon Adodo who made the appeal during a live interview monitored during the Radio Nigeria Network News in the early hours of today, also revealed that plans have reached advanced stage to get Mr President and the Senate President to address interact with Nigerian youth with a view to listening to their grievances and crafting solutions together.

According to him, “Nigerians especially the youth and middle-aged citizens cannot afford to blindly go through a national protest without first of all exploring avenues for amicable resolution knowing fully well how it will end up affecting them.

“As a group, we have been actively engaging with the Executive and Legislative arms of government. As we speak, plans are almost at the concluding stage to have the Senate President to address Nigerian youth at this year’s International Youth Day on the 12th of August in Abuja.

“Mr. President has also indicated interest to dialogue with Nigerians as he has in the last few day engaged with different stakeholders across board with the view to preventing what many observers believe is a plot by opposition elements and even those within the ranks of the All Progressive Congress (APC) to discredit the current administration for their parochial interests.

Ambassador Adodo urged Nigerians to be patient and have faith in the administration of President Bola Ahmed Tinubu whom he described as a true patriot who’s brand of politics is visibly progressive and devoid of corruption and obsession with power.

“The current administration under President Bola Ahmed Tinubu has demonstrated an immense capacity to stir the country out of the accumulated mismanagement and hardship we are currently experiencing. Of course it’s easier to destroy than to build and Nigerians must give the current administration a little time to act.

“The new minimum wage which is more than a 100% increase in staff salaries as well as the consumer credit support scheme are truly milestones that have been unprecedented in the history of Nigeria. Mr. President heard the cries of organised labour and acted, he’ll still listen to us if we give him a chance and a platform for dialogue.

“Another first in the history of Nigeria, that deserves commendation is the student loan project which Mr. President graciously signed into law. Now our students can go to school without worrying about funds. How can the sane Nigerian youths who are beneficiaries of all these projects turn their backs against the President and stage a protest against him?

“It’ll indeed be unfair to protest against an adminstration that just yesterday, passed an Executive Order, mandating NNPCL to begin supplying crude to Dangote Refinery and other Modular refineries operating in Nigeria with payments in the naira. Apart from reducing the strain on forex, this will help to boost the local economy, create jobs and ensure the availability of petroleum products at affordable prices”, he added.

Adodo advised Nigerians especially the youths and middle-aged citizens who form the bulk of Nigeria’s demographics to “take advantage of the interventions in the Ministries of Trades and Investment, Sports and Youth Development and Agricultural to better themselves towards self employment and desist from becoming willing tools in the hands of misfits who are masquerading as patroits in other to set the country on fire”.

Coalition Pulls Out Of Nationwide Protest, Cites Intervention of Anyim Pius, Others

The Coalition of Concerned Civil Society Organisations of Nigeria, comprising more than 100 ethnic nationality groups with millions of members says it has decided to pull out if the planned nationwide protests following the intervention of key stakeholders like Senator Anyim Pius Anyim.

Anyim Pius, a former President of the Senate and a foundation member of the Peoples Democratic Party (PDP) had recently defected to the ruling All Progressive Congress (APC) to align his political mission and vision with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

In a press release signed by its chairman Comrade Moh’d Kazeem and Comrade Emmanuel Gabriel, spokesperson and made available to journalists in Abuja shortly after a stakeholders engagement facilitated by the elder statesman, the group said it succumbed to the superior wisdom and the sound reasoning of stakeholders who are unanimous in calling for restraint and patience as Mr. President is already addressing most of the contending issues.

“We are compelled by superior wisdom of statesmen like Senator Anyim Pius Anyim and glaring facts on the ground to jettison out earlier position on the planned nationwide protests. While we were convinced that out course of action was legitimate and patriotic, it is humbling to admit that we were deceived by miscreants who are out to discredit the current administration for their personal interests.

“With the opening of our national borders to ease the importation of food and fight food inflation, President Bola Ahmed Tinubu has demonstrated a deep commitment to addressing the hunger and pain Nigerians are currently experiencing. It’ll therefore be unwise to continue with the protests when all hands are on deck to address our grievances.

“Just few days ago, Mr. President magnanimously issued an Executive Order mandating NNPCL deliver crude to Dangote Refinery and other Modular refineries operating in the country with naira payment. This is also a step towards achieving energy self-sufficiency, reducing the strain of foreign exchange and making products affordable.

“There are also interventions in the Ministries of Trades and Investment, Youth and Sports, Agriculture and others to address youth unemployment by scaling up skill acquisition programs with a view of creating jobs and empowering Nigerians. The Consumer Credit Scheme and National Youth Investment fund are just some examples out of many”, the release noted.

The Coalition applauded the efforts of Senator Anyim Pius Anyim for opening their eyes to the complexities inherent in governance and the fact that most of the damages the current administration is trying to salvage were actually caused by the rot in successive administrations

“Our meeting with the esteemed statesman is an eye opener. We are heeding his appeal and pulling out of the nationwide protest because of his deep understanding of Nigerians political landscape and his conviction that President Tinubu is on the right track to restore Nigeria’s economic fortunes and glory.

“The fact that he committed his time to facilitate this meeting instead of siding with the enemies our country is truly inspiring. As one who is committed to the development of youths and the nation in general, we are convinced our decision to pull of the purported protest is in the interest of our country. We call on other elder statesmen to emulate him”, the statement added.

The release appealed to other groups and individuals to “equally distance themselves from anarchists who are out to set fire on our beloved nation, stating further that the horrors of the EndSars protests are still fresh in the hearts of Nigerians and a repeat of the same episode will wreck Nigeria terribly”

Protest: CSOs, Bloggers, Content Creators, Others Call For Dialogue

In a massive show of support for President Bola Tinubu’s administration, hundreds of Civil Society Organisations have taken to the streets of Abuja, Lagos, and other major state capitals in what has been described as a pro-rally.

In Lagos, a joint speech delivered by the Coalition of Civil Society Organisations urged Nigerians to channel their energy into constructive dialogue and collaboration with the government, rather than engage in protest that could bring chaos.

Murtala Adebayo who spoke on behalf of the over 20 groups said, “While we recognize the importance of expressing our concerns and advocating for change, we must also understand the potential dangers associated with organizing a violent protest”

He cautioned that protests, sometimes born out of genuine grievances, often lead to unintended consequences, adding that they can escalate into chaos, resulting in loss of lives, destruction of property, and a breakdown of social order.

According to him, “The proposed protest, if not managed carefully, is at the risk of being hijacked by hoodlums and elements with malicious intent. This could transform a peaceful demonstration into an event marked by violence and disorder, ultimately diverting attention from the legitimate issues at hand. We must not allow our efforts to be overshadowed by acts of violence and lawlessness.”

In Abuja, the Women Supporting Women For Good Governance (WSWGG) said under President Tinubu’s leadership, Nigeria has witnessed transformative policies aimed at empowering women economically, noting that a violent protest has the potential to reverse the gains made so far.

…said the administration’s focus on women’s entrepreneurship has led to the creation of numerous initiatives providing financial support and training for female entrepreneurs. The establishment of microcredit schemes and grants has enabled countless women to start and expand their businesses, contributing to economic growth and reducing gender inequality.

“However, in light of the proposed protest, it is crucial to consider the potential risks and consequences. Protests, while a democratic right, can sometimes be hijacked by elements with malicious intent, leading to violence and disruption. Such outcomes could undermine the progress we have made, particularly in empowering women and promoting good governance.”

In his address at a separate rally, Mallam Abubakar Malami, Secretary General of the Coalition of Civil Society Organisations in Nigeria (COCSON) urged Nigerians to consider alternative means of dialogue and engagement with the government.

According to him, “By working collaboratively, we can address our concerns while safeguarding the stability and progress we have achieved. Let us channel our energy towards constructive dialogue, fostering an environment of peace and development for the benefit of all Nigerians.”

He said in light of the achievements of the Tinubu administration, it is crucial to recognize the potential risks associated with the proposed protest.

He said, “While the right to protest is fundamental in a democracy, it is essential to ensure that our actions do not inadvertently disrupt the progress we have made. Unfortunately, protests can be susceptible to hijacking by hoodlums, leading to violence and destruction that undermine our collective efforts.”

Gombe Governor Inuwa Yahaya Leads Security Meeting Ahead of Protest Threat

Gombe State Governor Muhammadu Inuwa Yahaya convened a high-level security meeting on Tuesday to address pressing security issues and prepare for potential nationwide protests. The closed-door meeting included heads of security agencies, local government chairmen, traditional rulers, and religious leaders.

The discussions focused on the current security climate and the anticipated threat of protests. Attendees shared their views and proposed strategies to ensure a secure and stable environment in Gombe State.

Governor Yahaya emphasized the importance of maintaining peace and order, underscoring that the safety of Gombe’s residents is a top priority for his administration. He called on leaders at all levels to collaborate in upholding security and addressing the challenges posed by the looming protest threat.