MTN Nigeria shareholders have approved a new remuneration structure for the company’s chairman and non-executive directors for the 2026 financial year.
The approval was granted during the telecom giant’s Annual General Meeting held on April 30, 2026, according to a corporate filing submitted to the Nigerian Exchange Limited.
Under the newly approved package, the chairman of MTN Nigeria, Ernest Ndukwe, will receive N167.98 million for the 2026 financial year, while each of the company’s other non-executive directors will earn N108.37 million.
The telecom company explained that the payments would be made quarterly in arrears or at intervals approved by the board. MTN Nigeria also disclosed that the remuneration structure would be reviewed annually to reflect inflation and changing economic conditions.
The company stated:
“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.”
During the AGM, shareholders also approved the re-election of several board members, including Ifueko M. Omoigui Okauru, Jens Schulte-Bockum, Tsholofelo Molefe and Muhammad K. Ahmad.
In another major development, shareholders approved the restructuring of MTN Nigeria’s fintech operations ahead of the proposed sale of a 60% stake in its fintech subsidiaries to parent company MTN Group.
The proposed transaction, valued at N152.06 billion, 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% stake in the businesses.
According to the company, the move aligns with MTN Group’s Ambition 2030 strategy, which focuses on expanding its presence in connectivity, financial technology and digital infrastructure across Africa.
Meanwhile, MTN Nigeria also recorded a sharp increase in the number of highly paid staff members in 2025 amid rising inflation and competition for skilled workers in the telecom sector.
According to the company’s full-year financial report, employees earning at least N29.5 million annually — equivalent to about N2.4 million monthly — rose by 97.3% from 334 workers in 2024 to 659 workers in 2025.
The report further showed that MTN Nigeria’s total workforce increased from 1,912 employees in 2024 to 2,001 employees in 2025.
