MTN says N3.5bn invested in corporate social investment in 2024

MTN Nigeria says it invested N3.5 billion in corporate social investment in 2024. Tobechukwu Okigbo, MTN Nigeria’s chief sustainability officer, disclosed this during the company’s Facts Behind the Sustainability Report presentation at the Nigerian Exchange Ltd., on Thursday, in Lagos.
Mr Okigbo said, “In 2024, we invested N3.5 billion in Corporate Social Investment, bringing our total investment to N31.9 billion since inception. “Our efforts have made a tangible impact, benefiting over 663,300 individuals, supporting 628 small businesses, and improving educational outcomes in 62 schools across Nigeria. “We launched the Sustainability in Action, Value for the MTN Everyone (SAVE) campaign to boost employee awareness and engagement in sustainability initiatives.” Mr Okigbo explained that the company also enhanced the global accessibility of its 2023 sustainability report by digitally tagging it with the extensible Business Reporting Language, for easy access by investors and rating agencies. “In 2024, we reduced our Scope 1 and 2 emissions by 11.0 per cent, lowering emissions from 113,826 CO²e, which was our 2021 baseline, to 101,300 tCO²e, a 2.6 per cent increase from the previous year,” he disclosed. Mr Okigbo noted that MTN is fully committed to addressing gender disparity in society by focusing on women empowerment through its Yellowpreneur platform.
“Inclusion remains a priority, as evidenced by the increased female representation in our workforce, which rose to 41.4 per cent from 38.7 per cent in 2023, and by our expanded broadband coverage, which increased to 90.1 per cent from 89.8 per cent in 2023, deepening digital inclusion in Nigeria,” the MTN official explained. “We also contributed over N764.2 billion in taxes, levies, and duties to the Nigerian government.” NGX CEO Jude Chiemeka commended MTN for its leadership in sustainability reporting and transparent communication. “With the engagement, MTN Nigeria reaffirms its commitment to sustainable business practices and transparent environmental, social and governance disclosures,” said Mr Chiemeka. The CEO of NGX Regulation Ltd., Olufemi Shobanjo, reiterated the NGX’s commitment to promoting accountability and transparency at the capital market.
Mr Shobanjo noted that the presentation highlighted MTN’s social responsibility and environmental stewardship. MTN’s service revenue soared by 35 per cent in 2024 to N3.33 billion from N2.45 billion in 2023. Its data revenue also rose from N1.07 billion in 2023 to N1.59 billion in 2024, with a 49.1 per cent growth. The mobile subscribers increased by 1.6 per cent from 79.7 billion to 80.9 billion in 2024, while the data subscribers grew by seven per cent from 44.6 billion to 47.7 billion in 2024. The company’s number of employees dropped by 0.4 per cent from 1,854 in 2023 to 1,847 in 2024.