The Nigerian government is set to be the second-biggest beneficiary of MTN Nigeria’s ₦545.89 billion ($406.37 million) dividend payment scheduled for September 7.
On July 30, MTN disclosed that its board had approved an interim dividend of ₦26 ($0.019) per 2-kobo ordinary share, subject to withholding tax. The dividend will be paid to shareholders whose names appear in the company’s register as of August 20, 2026.
As of the end of H1 2026, MTN Nigeria had 20.99 billion shares outstanding, meaning the ₦26 ($0.019) dividend will distribute about ₦545.9 billion ($406.37 million) to shareholders before tax. But shareholders will not receive the full amount.
Dividends in Nigeria are subject to a 10% withholding tax, meaning MTN Nigeria’s payout will result in ₦54.59 billion ($40.64 million) going to the government before shareholders receive their dividends.
The Scale of a Billion
MTN’s ₦545.89 billion dividend triggers a massive ₦54.59 billion withholding tax. See what that number looks like in two entirely different contexts.