By Ayomide Otitoju
MTN Nigeria Communications Plc has vested 1,303,029 shares in 33 of its executives, according to multiple corporate disclosures filed with the Nigerian Exchange Limited. The vesting of shares took place in Lagos, primarily between March 26 and 28, 2025.
In its audited financial report for 2024, MTN Nigeria stated, “During the financial year, the Group granted eligible employees share rights under the Performance Share Plan (PSP). These rights were granted to employees on levels 3, 4, 5, and 6. The PSP was established to attract, retain, and reward selected employees capable of contributing to the business of the employer companies. It aims to stimulate their involvement, thereby encouraging their continued service and motivating them to advance the interests of the relevant employer company and the Group in general. All options granted vest after three years from the date of grant.”
Among the top beneficiaries of the vested shares are Company Secretary Ukpanah Uto, who received 85,213 units; Chief Financial Officer Kadri Modupe, with 187,496 units; General Manager, Internal Audit and Fraud Management, Etea Ibe, who got 110,721 units; Chief Technical Officer Ibrahim Yahaya, with 96,726 units; and General Manager, Finance Business Reporting, Akinola Stephen, who received 83,959 units of shares.
Based on Friday’s closing share price of N245, the total vested shares for the 33 executives are valued at approximately N319.24 million.
Meanwhile, MTN Nigeria reported a N400.44 billion loss after tax for the financial year ended December 31, 2024, as the naira’s devaluation significantly impacted foreign exchange losses and weakened the company’s earnings. The telecom operator, which serves over 80 million customers, said the sharp depreciation of the naira drove forex losses to N925 billion, up from N740 billion in the previous year.
