MTN Nigeria Shareholders Approve New Remuneration Package
MTN Nigeria shareholders have approved a new remuneration package for the company's chairman and non-executive directors. Chairman Ernest Ndukwe is set to earn N167.98 million for the 2026 financial year, while each non-executive director will receive N108.37 million. The approval was granted during the telecom operator's Annual General Meeting held on April 30, 2026, as disclosed in a corporate filing with the Nigerian Exchange Limited.
The company stated that the remuneration would be paid quarterly in arrears or at intervals approved by the board. The compensation package will be adjusted yearly to reflect inflation trends. The filing noted: "The remuneration for Non-Executive Directors for the financial year ending 31 December 2026 is hereby fixed at N167,977,679 for the Chairman and N108,368,288 for each of the other Non-Executive Directors respectively."
Fintech Business Separation Approved
Shareholders also approved the structural separation of MTN Nigeria's fintech business, paving the way for the sale of a 60% stake in its fintech subsidiaries to parent company MTN Group. The proposed N152.06 billion transaction involves the sale of majority stakes in MoMo Payment Service Bank and Y'ello Digital Financial Services through MTN Group Fintech B.V., while MTN Nigeria will retain a 40% interest. This aligns with MTN Group's Ambition 2030 strategy focused on connectivity, fintech, and digital infrastructure across Africa.
Additionally, the re-election of several board members was approved, including Ifueko M. Omoigui Okauru, Jens Schulte-Bockum, Tsholofelo Molefe, and Muhammad K. Ahmad.
Staff Salaries Nearly Double
MTN Nigeria nearly doubled the number of employees earning at least N2.4 million monthly in 2025. According to its full-year financial report, the number of employees in the highest salary category rose by 97.3% to 659 in 2025 from 334 in 2024. These workers earned at least N29.5 million annually, equivalent to about N2.4 million monthly. The increase came despite modest workforce growth, with total employee numbers rising to 2,001 from 1,912 in 2024.
This aggressive compensation strategy highlights the company's response to rising inflation and growing competition for skilled workers.
Suspension of Airtime and Data Borrowing
Earlier, MTN Nigeria temporarily suspended its airtime and data lending services, known as Xtratime. In a corporate filing, the company cited new regulatory requirements governing digital lending in Nigeria. The suspension is part of efforts to comply with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, introduced by the Federal Competition and Consumer Protection Commission (FCCPC).
