Nigeria to earn ₦54.59 billion from MTN’s ₦545.89 billion dividend payout

By Mofeoluwa Awe

MTN Nigeria has approved an interim dividend of ₦26 per ordinary share, amounting to a total payout of ₦545.89 billion, or approximately $406.37 million, to shareholders. The dividend was approved by the company’s board on July 30, 2026, and will be paid on September 7 to shareholders whose names appear on the register as of August 20, 2026.

Under Nigeria’s tax framework, dividends are subject to a 10 per cent withholding tax deducted at source before shareholders receive their payments. Consequently, ₦54.59 billion; approximately $40.64 million, will flow directly to the government before a single investor receives a naira.

That withholding tax payment is larger than the dividend entitlement of every shareholder group in MTN Nigeria except one. MTN International (Mauritius) Limited, which owns 73.39 per cent of MTN Nigeria, holds 15.41 billion shares and is entitled to a gross dividend of ₦400.65 billion; making it the only shareholder group whose dividend exceeds the government’s tax take.

The next-largest shareholder group, two shareholders collectively holding 1.11 billion shares, is entitled to approximately ₦28.92 billion before tax. Meanwhile, the largest group by number, 336,608 retail investors collectively holding 137.77 million shares, is entitled to approximately ₦3.58 billion before tax. The government’s ₦54.59 billion withholding tax is therefore approximately 17 times larger than the combined pre-tax dividend of every retail investor in the company.

About Author

Mofeoluwa Awe

Mofeoluwa Awe is a research-driven content writer and digital strategist with a B.Sc. in Mass Communication from Covenant University. She crafts clear, compelling narratives across news, tech, finance, and marketing.
Trained as a Digital Strategist at 02 Academy Lagos, she blends strategic thinking with a user-centric approach shaped by her background in UI/UX design. Her work sits at the intersection of storytelling and strategy, helping brands connect meaningfully and grow with intention.