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MTN Nigeria Surges to Record Pre-Tax Profit of N419.61bn in H1 2025, Reclaims Top Spot on NGX

By
Samuel Nwite
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0

MTN Nigeria has reported a remarkable recovery in its second-quarter 2025 results, announcing a pre-tax profit of N419.61 billion, a stark turnaround from the pre-tax loss of N179.60 billion in the same period last year.

This result builds on the momentum from Q1, where it posted a N202.63 billion pre-tax profit, bringing its half-year 2025 pre-tax profit to N622.24 billion—its strongest half-year performance in years.

The performance marks MTN Nigeria’s third consecutive profitable quarter, solidifying its rebound after two difficult years marred by heavy foreign exchange losses and spiraling interest expenses triggered by the naira’s devaluation.

Chief Executive Officer Karl Toriola attributed the recovery to disciplined execution of strategic priorities.

“We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market. Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review,” he said.

Revenue Growth Anchored on Data

MTN’s revenue surged 69% year-on-year in Q2 to N1.3 trillion, while half-year revenue rose by 54.5% to N2.4 trillion, already accounting for 71% of its full-year 2024 revenue. The increase was largely powered by demand for data and voice services, as well as pricing adjustments implemented in Q2.

Data revenue took center stage, contributing more than half of the company’s total revenue. It soared 85% to N699.95 billion in Q2, bringing the H1 total to N1.23 trillion. Although voice revenue rose 58% in Q2 to N427 billion, its relative contribution fell to just 32.36%, underlining the company’s transition into a data-led business.

Toriola noted, “During the period, we completed the phased implementation of the new price adjustments across voice and data bundles, largely benefiting Q2. Pleasingly, the demand for our services remained resilient.”

Operating Discipline and FX Stability Bolster Profit

MTN Nigeria’s bottom line was lifted not just by revenue, but also by cost discipline and a dramatic easing of forex-related pressure. While total expenses grew modestly—up 14.2% in Q2 to N611.9 billion—this paled in comparison to revenue growth, allowing the company to deliver a robust earnings before interest, taxes, depreciation, and amortization (EBITDA) of N709.5 billion, up 183% year-on-year. For the half-year, EBITDA reached N1.2 trillion, and the EBITDA margin held firm at 51%.

A major factor in the profit rebound was the reduction in net foreign exchange losses, which had previously plagued the company. In Q2 2025, MTN even posted a net FX gain of N295 million, a massive improvement from the N231.32 billion loss in Q2 2024. For H1 2025, net FX losses were down to just N5.23 billion, compared to N887.68 billion last year.

As a result, the company achieved a net profit margin of 21% in Q2 and 17.45% for the half year. Earnings per share (EPS) also rebounded significantly, rising to N13.41 in Q2 and N19.78 for H1 2025.

Stronger Balance Sheet and Asset Base

The rebound in profitability also reflected on the balance sheet. Total assets grew 13.69% to N4.77 trillion, while retained losses were slashed to N192.89 billion, compared to N607.47 billion in December 2024. This improvement helped reduce the company’s negative shareholders’ equity from -N458 billion to just -N42.45 billion, placing MTN within reach of a full capital recovery.

Subscribers and Service Use Trends

  • Total subscribers grew to 84.7 million, a 6.7% increase YoY
  • Active data users rose to 51.0 million, up 11.8%
  • MoMo Wallet users dropped sharply by 51.1% to 2.7 million
  • Capex (excluding leases) spiked by 288.4% to N565.7 billion
  • Free Cash Flow (FCF) increased 18% YoY to N409.8 billion
  • Stock Performance and Market Valuation

MTN’s improved financial health has not gone unnoticed by investors. Its share price has rallied 136% year-to-date, reaching N471.10 per share as of July 30, 2025. The rally has catapulted MTN Nigeria to the top of the Nigerian Exchange (NGX), overtaking Airtel Africa as the most valuable listed company on the bourse.

Outlook

In 2023 and 2024, MTN’s operations were severely constrained by Nigeria’s volatile FX market, with foreign exchange losses and debt servicing costs ballooning due to the sharp devaluation of the naira. The company’s latest earnings report signals that those headwinds have eased—at least for now—and that the telco is executing a disciplined recovery strategy.

Analysts believe that if MTN maintains its current trajectory, it may end the year with record profit and potentially positive equity, a symbolic milestone after grappling with massive retained losses.

Factors Contributing to Base Surpassing Solana in Daily Token Launches

By
Paul Ugbede Godwin
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0

Coinbase’s Layer 2 network, Base, surpassed Solana in daily token creation for the first time since early 2023, driven by the Zora platform. Zora, a token launchpad on Base, created 51,575 tokens in a single day, accounting for 67.7% of all token creations across both Base and Solana.

In contrast, Solana’s leading platforms, LetsBonk and Pump.fun, created 22,554 and 4,173 tokens, respectively. Zora’s model, which turns every social media post into a token, has fueled this surge, with 6,500 tokens created daily on average last month. This shift highlights Base’s growing traction in the blockchain space, while Solana’s Pump.fun has seen its market share decline significantly since early 2024.

However, Zora’s token creation is heavily speculative, with 93% of users classified as traders rather than creators. The primary driver of Base’s surge in daily token launches is the Zora platform, which accounted for 67.7% of token creations across both Base and Solana on July 30, 2025, with 51,575 tokens created in a single day. Zora’s innovative model, which tokenizes every social media post, has fueled speculative activity and significantly boosted token creation on Base.

Base, as a Coinbase-backed Ethereum Layer 2 solution, benefits from low transaction fees and high scalability, making it an attractive platform for developers and users launching new tokens. These characteristics mirror Solana’s strengths but are enhanced by Base’s integration with Ethereum’s ecosystem, providing access to a broader user base and infrastructure.

The surge in token launches on Base is largely driven by speculative activity, with 93% of Zora users classified as traders rather than creators. This speculative frenzy, similar to Solana’s memecoin boom, has driven mass token creation, particularly for memecoins, which thrive on hype and community engagement. Base overtook Solana in token creation after trailing in previous months (e.g., Solana’s 455,000 tokens vs. Base’s 177,000 in May 2024).

The shift reflects Base’s growing adoption and its ability to capture mindshare in token launches, particularly as Solana’s memecoin-driven model faces challenges. Platforms like Zora on Base have simplified token creation, allowing users to launch tokens with minimal technical expertise, much like Solana’s Pump.fun. This accessibility has attracted a wave of new projects, boosting Base’s token launch numbers.

Solana’s Traction Amid Memecoin Decline

Solana’s earlier dominance in token launches was heavily tied to memecoins, with platforms like Pump.fun and LetsBonk driving up to 70% of its decentralized exchange (DEX) volumes in early 2025. However, by July 2025, memecoin popularity has declined, with Pump.fun’s market share dropping to 10.6% and LetsBonk capturing 82.6% of Solana’s launch volume. This decline has reduced Solana’s daily token creation, allowing Base to surpass it.

Solana’s daily active addresses fell from 6.4 million in November 2024 to 2.8 million by March 2025, reflecting a sharp drop in user engagement as memecoin hype cooled. Network revenue also plummeted, with fees dropping to $39.25 million in the past 30 days by March 2025, down from earlier highs of over $4 million daily. This decline highlights Solana’s reliance on memecoin-driven activity for traction.

High-profile memecoin scandals, such as the LIBRA debacle in February 2025, which wiped out $4.4 billion in market cap, and pump-and-dump schemes on platforms like Pump.fun, have eroded investor confidence in Solana’s ecosystem. These incidents have contributed to a 19% decline in DeFi total value locked (TVL) and a contraction in DEX trading volumes, further weakening Solana’s traction.

Despite the memecoin decline, Solana is attempting to diversify its ecosystem. Projects like Jito and Marinade Finance in DeFi, along with initiatives like Solana Pay and tokenized real-world assets (e.g., Homebase’s tokenized rental property), aim to broaden its use cases. Institutional interest is also growing, with firms like VanEck and Bitwise filing for Solana-based exchange-traded products, signaling long-term confidence in the network.

Solana’s network has faced recurring outages, with eight major and ten partial incidents reported, including a 5-hour downtime in February 2024. These issues, combined with a significant token unlock of 15 million SOL ($2.5 billion) in March 2025, have added bearish pressure on SOL’s price, which dropped 60% from its January 2025 high of $261 to around $104 by July. This has further dampened Solana’s traction amid the memecoin decline.

Base’s surge in daily token launches is driven by Zora’s speculative token creation model, low transaction costs, and ease of use, allowing it to overtake Solana. Meanwhile, Solana’s traction has weakened due to a decline in memecoin popularity, scams, network outages, and token unlocks. However, Solana’s efforts to diversify into DeFi, tokenized assets, and institutional products.

A Look At Senator Cynthia Lummis’ “21st Century Mortgage Act”, To Allow Cryptos as Collaterals in Mortgages

By
Paul Ugbede Godwin
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US Senator Cynthia Lummis introduced the 21st Century Mortgage Act to allow cryptocurrency holdings to be considered as collateral in mortgage applications without requiring conversion to US dollars. The bill codifies a June 2025 directive from the Federal Housing Finance Agency (FHFA) instructing Fannie Mae and Freddie Mac to explore incorporating digital assets into mortgage underwriting.

Lummis argues this could boost homeownership among younger Americans, citing US Census data showing only 36% of those under 35 own homes, while 21% of US adults hold crypto, with two-thirds under 45. A similar House bill, the American Homeowner Crypto Modernization Act, was introduced by Representative Nancy Mace on July 14, 2025.

Opposition comes from Senate Democrats like Elizabeth Warren, who warn that crypto’s volatility and liquidity issues could destabilize the housing market and financial system. Critics, including Senators Bernie Sanders and others, have urged the FHFA to assess risks thoroughly. The bill’s fate in Congress remains uncertain, but it reflects growing momentum to integrate digital assets into traditional finance, as seen globally with initiatives like Bitcoin-backed mortgages in Australia.

By allowing crypto assets to be used as collateral without requiring conversion to US dollars, borrowers may avoid liquidation costs, capital gains taxes, or market timing risks associated with selling volatile assets. This could preserve more of their wealth, enabling larger down payments or stronger loan applications, potentially securing lower interest rates due to improved loan-to-value (LTV) ratios.

Lenders may offer competitive rates to attract younger, crypto-savvy borrowers, especially if Fannie Mae and Freddie Mac standardize crypto collateral valuation, reducing perceived risk. Crypto’s volatility could lead to higher interest rates for some borrowers. Lenders might impose risk premiums to account for potential price swings in assets like Bitcoin or Ethereum, which could increase borrowing costs compared to traditional collateral like cash or securities.

If the FHFA establishes conservative valuation methods (e.g., using a 90-day average crypto price), this could stabilize underwriting but might undervalue assets, potentially leading to higher LTV ratios and elevated interest rates. The bill could spur competition among lenders, encouraging innovative mortgage products tailored to crypto holders. For example, hybrid loans blending crypto and fiat collateral might emerge, potentially lowering costs for borrowers with diversified portfolios.

However, if crypto collateral leads to defaults due to market crashes, lenders might tighten terms or raise rates broadly, impacting all borrowers. Many younger Americans, particularly those under 45 (who make up two-thirds of crypto holders), may have significant crypto wealth but limited liquid cash or traditional credit history.

The bill could allow these individuals to leverage their digital assets to qualify for mortgages, bypassing barriers lke high cash down payment requirements or stringent debt-to-income (DTI) ratios. This could democratize homeownership for populations historically excluded from credit markets, such as freelancers or gig economy workers with crypto income streams.

Traditional credit scoring models rely on income, credit history, and liquid assets. Incorporating crypto assets introduces complexity, as lenders must assess the value and stability of decentralized, non-traditional assets. Without standardized valuation protocols, some borrowers might face delays or rejections, perpetuating access barriers.

The bill’s reliance on FHFA guidance suggests potential for uniform standards, but until implemented, lenders may hesitate, limiting immediate benefits. By recognizing crypto as collateral, the bill could reduce reliance on traditional credit lines, benefiting those with poor or no credit history but substantial crypto holdings. This aligns with global trends, like Australia’s Bitcoin-backed mortgage programs.

However, critics like Senator Elizabeth Warren highlight risks of systemic instability if crypto market volatility leads to widespread defaults. This could prompt regulators to impose stricter criteria, potentially offsetting inclusion gains by raising barriers for riskier borrowers. The bill’s success depends on FHFA’s ability to develop robust risk assessment frameworks.

If lenders perceive crypto collateral as too risky, they might demand higher credit scores or additional fiat collateral, maintaining barriers for some applicants. Conversely, if adopted broadly, the policy could encourage alternative credit models, reducing dependence on traditional metrics like FICO scores and opening homeownership to a broader demographic.

If crypto-backed mortgages gain traction, they could increase housing demand, potentially driving up home prices and indirectly raising borrowing costs. This might exacerbate affordability challenges in high-cost markets. Critics’ concerns about crypto’s volatility could lead to cautious lending practices, limiting the bill’s impact on reducing credit barriers.

A crypto market crash could also trigger defaults, affecting mortgage-backed securities and broader financial stability. Similar initiatives, like Australia’s crypto mortgage programs, suggest potential for success but also highlight the need for clear regulatory guardrails to manage risks.

The bill could lower mortgage interest costs and credit barriers for crypto holders by enabling asset-backed borrowing and fostering financial inclusion. However, its success hinges on effective risk management, standardized valuation, and lender adoption. Without these, volatility concerns and regulatory caution could limit benefits, potentially increasing costs or maintaining barriers for some borrowers.

Algeria Enacted Law No. 25-10 Imposing Comprehensive Ban on All Crypto Activities Including Bitcoin, Ethereum and Tether

By
Paul Ugbede Godwin
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0

Algeria enacted Law No. 25-10, amending its anti-money laundering (AML) and counter-terrorism financing (CTF) framework to impose a comprehensive ban on all cryptocurrency-related activities. This legislation criminalizes the issuance, purchase, sale, possession, use, and promotion of digital assets, including Bitcoin, Ethereum, and stablecoins like Tether.

It also prohibits operating crypto exchanges, providing wallet services, and mining, particularly targeting energy-intensive operations in southern Algeria that exploit subsidized electricity. Violators face severe penalties: imprisonment from two months to one year and fines ranging from 200,000 to 1,000,000 Algerian dinars ($1,540 to $7,700).

Enhanced punishments apply for connections to organized crime or terrorism financing. The law classifies crypto assets as financial property, treating their use as a financial crime under AML/CTF regulations. Enforcement involves increased monitoring by the Bank of Algeria, financial regulators, and security forces, targeting users accessing platforms like Binance or OKX via VPNs.

Algeria’s rationale centers on financial stability, curbing illicit capital flows, and aligning with Financial Action Task Force (FATF) standards. Critics argue this blanket ban stifles innovation and isolates Algeria from global fintech trends, especially as countries like the EU and US develop regulatory frameworks for crypto.

Regionally, Algeria’s stance is stricter than neighbors like Morocco, which is exploring regulation, or Egypt, which permits limited platform operations despite warnings. The ban may drive crypto activity underground, increasing risks for users and potentially hindering Algeria’s participation in digital finance markets.

The ban halts the development of blockchain and fintech industries, limiting job creation and investment in a sector projected to grow globally. Algeria risks falling behind countries like Morocco, which are exploring crypto regulation. With crypto trading pushed underground, users may rely on peer-to-peer platforms or VPNs to access exchanges like Binance, increasing risks of fraud, scams, and unregulated transactions.

This could lead to capital outflows to jurisdictions with lighter regulations. The prohibition on crypto mining, particularly in southern Algeria, eliminates a potential revenue stream from energy-intensive operations but may stabilize subsidized electricity grids previously strained by mining activities.

The ban aligns with Financial Action Task Force (FATF) standards, potentially improving Algeria’s international financial reputation and reducing risks of money laundering or terrorism financing via crypto. Crypto has been a tool for unbanked populations globally. The ban may restrict access to alternative financial systems, particularly for young Algerians using digital assets for remittances or online commerce.

Enhanced monitoring by the Bank of Algeria and security forces could strain resources and raise privacy concerns as authorities track VPN usage and crypto-related activities. Algeria’s young, tech-oriented population, active on platforms like X, may view the ban as a barrier to participating in global digital economies, potentially fueling discontent or emigration of talent.

Harsh penalties (2 months to 1 year imprisonment, fines of $1,540–$7,700) may deter some users but encourage others to operate covertly, fostering a culture of illicit financial activity. While the EU, US, and even Gulf countries develop crypto regulations, Algeria’s blanket ban may isolate it from emerging digital finance markets, reducing foreign investment and technological collaboration.

Unlike Morocco’s exploration of regulation or Tunisia’s central bank digital currency (CBDC) trials, Algeria’s hardline stance may position it as an outlier in North Africa, potentially weakening its regional economic influence. Tracking decentralized crypto transactions and VPN usage is resource-intensive and technically complex, potentially leading to inconsistent enforcement or loopholes.

The ban may inadvertently empower criminal networks offering unregulated crypto services, complicating Algeria’s AML/CTF goals. While the ban aims to protect financial stability and comply with international AML/CTF standards, it risks stifling innovation, driving crypto activity underground, and isolating Algeria from global fintech advancements. The long-term success of the policy depends on enforcement effectiveness and Algeria’s ability to balance security with economic modernization.

Spartans’ Great Cashback Offers Give Real Rewards and Instant Payouts That Keep Players Coming Back

By
TI Partners
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0

For many experienced bettors, short-lived promotions often come off as bait. They’re flashy, limited, and rarely align with long-term habits. Spartans.com gets this. It knows serious players don’t want empty offers, they want steady value. Its weekly cashback system gives that. Instead of rotating offers with hidden restrictions, Spartans delivers dependable reward for steady play. 

Bet through the week and meet a clear minimum threshold, and you’ll get back a slice of your net losses. There are no hidden caps or confusing fine print. In an industry full of gimmicks, Spartans focuses on clarity and consistency. Loyalty gets rewarded, every single week. This system works because players learn exactly what to expect. That certainty builds trust. Instead of one-off perks, Spartans makes cashback a core benefit. Regular players know they’ll get something back. That kind of transparency sets Spartans apart in online betting.

Predictable Cashback Beats Gimmicky Promos 

Casino players, especially regulars, know most promos favor the house. “100% match” offers or confusing wagering rules often disappoint. Many platforms use promotions as bait, not long-term tools. Spartans is different. Its cashback is built into the user experience. Bet regularly, reach the minimum volume, and earn a percentage of net losses back, automatically. 

No random bonuses tied to specific games or limited-time events. It’s about loyalty over a week, not luck in one session. That structure appeals to new users and keeps experienced players happy. No vague terms or surprise exclusions create trust. Users know what to expect and can plan. That predictable reward encourages more play, not just during promo periods, but all the time. Spartans builds fairness into every interaction. It rewards steady, engaged bettors who value honesty over hype.

Volume Rewards Instead of Chasing Luck 

Most platforms focus on luck, jackpots, or streak-based prizes. Spartans takes a different view: it pays for volume, not volatility. If you’re active and place regular bets, you’re eligible for cashback, hot streak or not. That shift changes the betting mindset. It’s not about chasing big wins; it’s about steady engagement. Spartans understands real value builds over time. High-frequency players appreciate the stability of weekly cashback. 

You soften unlucky weeks without feeling penalized. The cashback percentage applies to net losses, giving consistency and fairness. And players using Spartans’ bonus codes don’t lose out, if codes aren’t in play, cashback still kicks in. Rather than stacking shaky incentives, Spartans weaves bonuses into its foundation. The result is a cohesive system where cashback isn’t just a promo, it’s a constant, player-first feature.

No Hidden Clauses or Cap Games 

A big frustration with most casino cashback is the fine print. Offers claim “up to 20% cashback,” yet real payouts often cap at $20 or exclude many game types. Spartans removes that frustration. Its terms are clear and shared upfront. Yes, there’s a minimum play threshold, but it’s stated plainly. The cashback percentage is calculated openly and fairly. No tricks, no guessing. That transparency turns cashback into a basic feature, not a marketing stunt. 

You don’t have to worry whether your bets counted or if secret rules block your reward. That builds confidence, which breeds loyalty. When players trust that the platform has their back, especially during losing weeks, they stick around. Pair this with reliable access to Spartans’ bonus codes, and players get both short?term perks and steady safety nets. Spartans doesn’t force you to choose, it offers both.

Built for Long-Term Players, Not Quick Wins 

Many platforms center promotions on bringing in new customers. Spartans takes a different path: it focuses on keeping those who stay. Its weekly cashback doesn’t come with flashy launches or expiry dates, it’s continuous. This approach appeals to serious players and supports smart bankroll planning. You can map out your play knowing a portion of losses returns weekly.

It feels like a long-term relationship, not a brief fling. Spartans respects regular bettors and rewards consistent activity rather than selective engagement. The cashback system becomes its own draw, reducing reliance on constant giveaways. When combined with optional online betting bonus codes, it offers both quick value and structural support. This balanced setup makes for a more sustainable platform. Cashback isn’t just a bonus, it’s a reason to keep playing and return week after week.

The Loyalty Loop That Really Delivers 

Spartans.com removes the guesswork from betting rewards by using a weekly cashback program that truly benefits players. It isn’t based on hype or luck. It’s based on clear, trackable play. If you bet consistently, even unlucky weeks still offer return via cashback. Add smart use of Spartans’ bonus codes and you get both short-term gains and reliable value. 

For newcomers and loyal users, the platform gives solid reasons to come back. This system offers predictability, trust, and genuine long-term worth. When rewards are fair, dependable, and straightforward, retaining users becomes natural. Spartans doesn’t rely on gimmicks. It offers a new, better way to play.

 

 Find Out More About Spartans:

Website: https://spartans.com/

Instagram: https://www.instagram.com/spartans/

Twitter/X: https://x.com/SpartansBet

YouTube: https://www.youtube.com/@SpartansBet

 

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