MTN Nigeria significantly boosted non-oil revenue for the government in 2025 by remitting N878.7 billion in taxes, levies, and duties. This represents a 15 percent increase from the N764 billion paid in 2024 and a substantial rise from N543.9 billion in 2023, according to the company's 2025 Sustainability Report. This growing contribution from the telecommunications sector supports the Federal Government's efforts to diversify revenue away from oil.
The surge in tax remittances coincided with a dramatic turnaround in MTN Nigeria's financial performance. The company reported a profit after tax of N1.11 trillion in 2025, a significant swing from a N399 billion loss in the prior year. This recovery was driven by strong growth in data demand, digital services, and tariff adjustments. Total revenue climbed 54.8 percent to N5.20 trillion, with operating profit rising to N2.08 trillion.
The N878.7 billion paid to the government includes company income tax, value-added tax, spectrum fees, import duties, and Nigerian Communications Commission levies. MTN Nigeria also utilized the Rural and Urban Terrestrial Infrastructure (RUTI) tax credit scheme, contributing to infrastructure development while offsetting tax obligations. The company reported 50 percent completion of its RUTI project for the Enugu-Onitsha Expressway in 2025.
In the insurance sector, NEM Insurance Plc reported paying N41.46 billion in gross claims across its business segments for the financial year ended December 31, 2025. This figure is a significant increase from the N24.24 billion paid in 2024. The motor insurance segment recorded the highest payout at N13.00 billion, followed by fire insurance (N9.04 billion) and the oil and gas segment (N7.01 billion).
GCR Ratings upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG) with a stable outlook, citing sustained improvement in its competitive position, robust risk-adjusted capitalisation, adequate liquidity, and strong earnings capacity.
Meanwhile, four of the five FUGAZ banks—Access Bank UK, GTCO, Zenith Bank, and UBA—collectively posted approximately N399.2 billion in pre-tax profit from their UK operations for the year ended December 31, 2025. The Access Bank UK Limited was the leading performer, reporting a pre-tax profit of N288.6 billion, which is over 72% of the total FUGAZ UK combined profit. This represents an 11.4% increase from N259.1 billion in 2024.
Zenith Bank (UK) Limited also showed growth, with its pre-tax profit rising 17.6% to N98.9 billion. However, Guaranty Trust Bank (UK) Limited saw its pre-tax profit contract by 18.3% to N17.9 billion, and UBA UK Limited incurred a pre-tax loss of N6.2 billion, a reversal from a profit of N19.3 billion in the previous year.
