MTN’s annual earnings report is expected to show how it is coping with currency changes in Nigeria, where the naira’s devaluation has wiped out billions of rand in earnings and cash flow, all while its tower partner is working to isolate it from other shareholders over governance concerns.

Africa’s largest mobile operator has had a tumultuous relationship with its largest operation for years, exemplified by an infamous $5.2bn tax matter in 2015. MTN is the largest mobile provider in Nigeria with 77.6-million customers by September 2023, comprising a third of the group’s earnings...

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