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MTN Nigeria Grants Shares to 33 Executives: An International Update

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MTN Nigeria Communications Plc has allocated 1,303,029 shares among 33 of its executives within the firm.

These details were disclosed in several filings made to the Nigerian Exchange Limited, indicating that the share vesting occurred in Lagos, primarily from March 26 to 28, 2025.

Vesting enables workers to acquire equity in a business gradually over a specified duration.

In its audited financial report for 2024, MTN Nigeria stated: “Throughout the fiscal period, the Group awarded qualifying employees with share entitlements through the Performance Share Plan. Eligible recipients included staff members at grades 3, 4, 5, and 6. This plan was implemented to draw, keep, and compensate chosen workers who can make significant contributions to the operations of the employing entities. Its purpose is to boost employee engagement, fostering sustained commitment and inspiring these individuals to promote the objectives of both the specific employer firm and the broader group as a whole. Any shares distributed become fully vested following a three-year duration post-award.”

Among the leading recipients of the share vesting were several key figures at the organization: Ukpanah Uto, the Company Secretary, obtained 85,213 shares; Chief Financial Officer Kadri Modupe acquired 187,496 shares; General Manager for Internal Audit and Fraud Management Etea Ibe secured 110,721 shares; Chief Technical Officer Ibrahim Yahaya garnered 96,726 shares; and General Manager for Finance Business Reporting Akinola Stephen claimed 83,959 shares.

Based on Thursday’s closing price of N245 per share, the total value of the shares allocated to the 33 executives was approximately N319.24 million.

In the same period, MTN Nigeria announced a post-tax loss of ₦400.44 billion for the fiscal year ending December 31, 2024. This significant deficit was largely due to the depreciation of the Nigerian currency, which escalated foreign exchange losses and adversely affected the firm’s profitability.

The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year.

Provided by SyndiGate Media Inc.
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