Shareholders of MTN Nigeria have approved a new remuneration package for the company’s non-executive directors, with Chairman Ernest Ndukwe set to earn N167.9 million for the 2025 financial year.
The company disclosed this on Thursday in a corporate disclosure published by the NGX.
The resolution was passed during the company’s Annual General Meeting (AGM) held on April 30, 2026.
According to details of the resolutions released by the telecoms company, each of the other non-executive directors will receive N108.37 million for the financial year ending December 31, 2026.
What the company is saying
MTN stated that the remuneration would be paid quarterly in arrears or at intervals approved by the board.
The company also disclosed that the remuneration structure would be subject to annual inflation adjustments in subsequent years.
- “The remuneration for Non-Executive Directors for the financial year ending 31 December 2026, be and is hereby fixed at N167,977,679 (One hundred and sixty seven million nine hundred and seventy seven thousand six hundred and seventy nine Naira) for the Chairman, and N108,368,288 (One hundred and eight million three hundred and sixty eight thousand two hundred and eighty eight Naira) 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,” MTN stated.
According to the company, the Chairman, Ndukwe, and four other non-executive directors were re-elected at the recently concluded AGM.
Other re-elected directorrs include Mrs. Ifueko M. Omoigui Okauru; Mr. Jens Schulte-Bockum; Ms. Tsholofelo Molefe, and Mr. Muhammad K. Ahmad.
More insights
In another key resolution passed at the AGM, shareholders granted MTN a general mandate to enter into recurrent related party transactions necessary for the company’s day-to-day operations.
- 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 the company’s Articles.
- According to the resolution, the transactions will be carried out in compliance with the Nigerian Exchange (NGX) Rules Governing Transactions with Related Parties or Interested Persons and other applicable regulatory requirements in Nigeria.
The shareholders also approved the structural separation of MTN’s fintech business and authorized the board to enter into and implement the proposed transaction, which will see MTN Nigeria sell 60% stake to the MTN Group.
What you should know
Nairametrics recently reported that MTN Nigeria was planning to sell a 60% stake in its fintech subsidiaries, MoMo Payment Service Bank and Y’ello Digital Financial Services (YDF), to MTN Group in a N152.06 billion transaction.
The deal forms part of MTN Group’s Ambition 2030 strategy to become Africa’s leading connectivity, fintech, and digital infrastructure platform business.
Under the arrangement, MTN Group, through MTN Group Fintech B.V., will acquire majority ownership in the two fintech subsidiaries, while MTN Nigeria will retain a 40% stake.
