MTN Investors Approve Chairman’s N167.9m Remuneration

Shareholders of MTN Nigeria have approved a new remuneration package for the company’s non-executive directors, with Chairman Ernest Ndukwe set to receive N167.9 million for the 2025 financial year.

The approval was granted during the company’s Annual General Meeting held on April 30, according to a corporate disclosure filed with the Nigerian Exchange Group.

Details of the resolutions released by the telecommunications company showed that each of the other non-executive directors will earn N108.37 million for the financial year ending December 31, 2026.

The company stated that the remuneration would be paid quarterly in arrears or at intervals approved by the board.

“The remuneration for Non-Executive Directors for the financial year ending 31 December 2026, be and is hereby fixed at N167,977,679 for the Chairman, and N108,368,288 for each of the other Non-Executive Directors respectively.

“Such remuneration is to be payable quarterly in arrears or at such intervals as approved by the Board and is subject to the application of an annual inflation adjustment for succeeding years,” the company stated.

The shareholders also approved annual inflation adjustments to the remuneration structure for subsequent years.

At the AGM, shareholders re-elected Ndukwe alongside four other non-executive directors. Those re-elected include Ifueko M. Omoigui Okauru, Jens Schulte-Bockum, Tsholofelo Molefe and Muhammad K. Ahmad.

In another major resolution passed during the meeting, shareholders granted the company a general mandate to enter into recurrent related-party transactions considered necessary for its day-to-day operations.

According to the company, the approval covers the procurement of goods and services on normal commercial terms, as well as indemnification of directors either directly by the company or through insurance arrangements in line with its Articles of Association.

The company noted that all related-party transactions would be carried out in compliance with the rules of the Nigerian Exchange governing transactions involving related parties or interested persons, as well as other applicable regulatory requirements in Nigeria.

Shareholders also approved the structural separation of the company’s fintech business, authorising the board to implement the proposed transaction that will result in the sale of a 60 per cent stake in the fintech unit to the MTN Group.

The proposed restructuring forms part of broader efforts by the telecom operator to streamline operations and reposition its fintech business for future expansion within Nigeria’s growing digital financial services market.

The company has continued to deepen investments in financial technology services through its mobile money and digital payment platforms as competition intensifies in Nigeria’s fintech ecosystem.

The AGM resolutions come amid sustained growth in the company’s subscriber base and rising demand for digital services across the country, despite economic pressures and currency volatility affecting operating costs in the telecommunications sector.

The latest approvals also underscore shareholders’ continued support for the company’s governance structure and long-term business strategy as it expands operations in both telecommunications and digital financial services.