MTN Nigeria Pays N764.2bn in Taxes, Invests N3.5bn in Social Initiatives, and Reinforces ESG Leadership

MTN Nigeria Communications Plc (MTNN) announced a substantial contribution of N764.2 billion in taxes, levies, and duties to the Nigerian government for the year 2024. This highlights the company’s role as a significant fiscal contributor, underscoring its commitment to supporting national development. The announcement was made during the presentation of MTN’s 2024 Sustainability Report at the Nigerian Exchange Limited (NGX), where the company maintained its leadership as one of the most capitalized firms in Nigeria, ranking fourth on the NGX.

The report also emphasized MTN’s leadership in environmental, social, and governance (ESG) matters. CEO Karl Toriola stated that the company’s contributions reflect its commitment to long-term value creation and sustainability. The company reported a 36% year-on-year revenue growth and a 4.3% increase in the number of shareholders, reaching 145,911, despite challenging economic conditions in Nigeria.

In terms of social impact, MTN Nigeria allocated N3.5 billion to corporate social investment (CSI) initiatives in 2024, pushing its total CSI expenditure to N31.9 billion since its inception. These initiatives impacted over 663,300 individuals, aided 628 small businesses, and improved learning infrastructure in 62 schools across Nigeria, reinforcing MTN’s role in fostering positive societal development.

Further demonstrating its sustainability efforts, MTN Nigeria was recognized for adopting global reporting standards, including IFRS S1 and S2 sustainability guidelines. The company achieved notable improvements in its ESG ratings, such as a CDP score of ‘B-’ for Climate Change and a Risk Insights ESG GPS rating of 3.6 out of 4.0, reflecting its increasing commitment to transparency and accountability.

MTN Nigeria also made strides in environmental sustainability, becoming the first West African telecom operator to introduce eco-friendly SIM cards. These efforts align with the company’s broader vision of creating a low-carbon future and supporting sustainable business practices, which continue to enhance its reputation and customer loyalty.

Source: The Sun