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Home Business News Business

MTN increases staff salaries by 17%

Analysts Nairametrics by Analysts Nairametrics
April 6, 2021
in Business, Business News, Spotlight, Tech News
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Nigeria’s largest mobile operator, MTN, increased the salaries of its staff in 2020 by about N4.5 billion according to findings by Nairametrics Research.

The telecom firm reported a total increase in its salaries and wages from about N25.79 billion in 2019 to about N30.2 billion in 2020, representing about 17% bump. On average, MTN paid N16.4 million per staff per annum in 2020 compared to N13.79 million per staff in 2019 representing an 18.9% increase. This is also because its headcount dropped by about 26 people.

A deep dive into its annual reports also reveals the salary increase was across the board for the year under review. Based on the increase, the least amount a staff earns is N3.5 million per annum from N2.5 million a year earlier.

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Analysis of  salary increases

  • About 141 staff saw their salaries increase to above N3.5 million per annum in 2020.
  • Another 260 staff were bumped to a salary scale of between above N7.5 and N8.5 million.
  • Finally, another 158 employees were moved to a salary scale of above N12.5 million per annum, its highest pay bracket.
  • In summary, a total of 599 employees received various levels of salary increases during the year.

Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020.

READ: MTN names CWG’s Billsnpay, more Fintechs as alternative top-up channels

Why this matters

The year 2020 was a peculiar year mostly due to the negative effects of Covid-19 which ravaged the finances of most corporations in Nigeria. At the height of the pandemic, some Nigerian companies resorted to downsizing and reduction of overheads as a strategy to maintain financial solvency. However, MTN’s salary increase is a huge departure from the norm.

  • MTN reported a 15% increase in revenue (to N1.3 trillion) as Nigerians gobbled up data due to Covid-19 stay-at-home restrictions by the government and most private-sector corporations.
  • MTN share price is down 6% year to date.

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Tags: Covid-19MTN Nigeria
Analysts Nairametrics

Analysts Nairametrics

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Comments 1

  1. Anonymous says:
    July 20, 2021 at 11:52 am

    Yes they have increased the salaries of the top officials only but what about the low and contract staff like the security personnel that collect as low as 8 thousand naira.

    Reply

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