Nigerian executive Modupe Kadri, the chief financial officer and an executive director of MTN Nigeria Plc, has increased his stake in the telecom operator, lifting the market value of his holdings above $1.5 million after a fresh round of share purchases on the Nigerian Exchange (NGX) between June 16 and June 17, according to a regulatory filing.

Kadri, who also serves as an executive director, acquired 1,313,732 shares in the company in transactions valued at N1.03 billion ($756,000). The purchases were executed at varying price points, including a largest single tranche of 544,136 shares bought at N770 ($0.56) each.

Other transactions included 261,000 shares at N756 ($0.55) apiece, 155,787 shares at N798.1 ($0.58), 97,198 shares at N795 ($0.58), and 75,959 shares at N798.5 ($0.58). The company disclosed the trades under insider dealing rules, marking Kadri’s initial notification to the market in his dual role as CFO and executive director.

MTN Nigeria’s profit triples in Q1

The latest transactions increased Kadri’s total holdings in MTN Nigeria from 1,341,468 shares as of Dec. 31, 2025, to 2,655,200 shares. At the time of the filing, the market value of his stake stood at N2.12 billion ($1.56 million), placing him among a small group of Nigerian corporate executives with multimillion-dollar equity positions in listed companies.

The share purchases come at a time when MTN Nigeria, which serves more than 85 million subscribers, continues to channel significant capital into its network. Earlier this month, the company said it invested N900 billion ($662 million) in network expansion and maintenance in 2025 and plans to commit more than N1 trillion ($735.3 million) in 2026 as it works to sustain and expand its infrastructure base across the country.

Operationally, MTN Nigeria entered 2026 with stronger earnings. It reported first-quarter profit of N355.5 billion ($258.4 million), nearly three times the N133.7 billion ($97.2 million) recorded a year earlier for the same period ended March 31. The performance reflected higher revenue intake, tighter cost management, and continued spending on network capacity.

MTN Nigeria expands digital, fintech reach

Revenue for the quarter rose to N1.489 trillion ($1.077 billion), compared with N1.057 trillion ($764.6 million) in the prior-year period. Growth was driven largely by data services, which climbed 56.2 percent to N827.15 billion ($598.3 million). Voice revenue also increased, rising 22.5 percent to N499.1 billion ($361 million), underscoring continued reliance on core connectivity services across its subscriber base.

Subscriber growth added further support to the results, with MTN Nigeria recording 2.3 million new revenue-generating users and 1.8 million additional active data customers during the quarter. Data traffic rose 22.9 percent, indicating higher usage among existing customers alongside the expansion in the customer base.

Beyond its core services, other business lines also contributed to revenue. Digital services brought in N29.3 billion ($21.2 million), fintech revenue rose to N64.2 billion ($46.4 million), and other service income reached N69.3 billion ($50.13 million). Device and SIM sales also increased, rounding out a quarter shaped by steady demand across multiple segments.