Nigeria to earn $41 million from MTN’s $406 million dividend payout

The Nigerian government is set to receive a significant portion of MTN Nigeria’s ₦545.89 billion ($406.37 million) dividend payout on September 7. On July 30, the company’s board approved an interim dividend of ₦26 ($0.019) per share, payable to shareholders listed as of August 20, 2026. With 20.99 billion shares outstanding, the dividend will distribute around ₦545.9 billion ($406.37 million) to investors before taxes.

However, dividends in Nigeria are subject to a 10% withholding tax, leaving ₦54.59 billion ($40.64 million) for the government before shareholders receive their share. This tax windfall amounts to 0.13% of the government’s 2026 tax revenue target of ₦40.71 trillion.