- MTN Nigeria shareholders have approved a new remuneration package that will see the CEO and directors earn
- Shareholders also approved the sale of a 60% stake in MTN Nigeria’s fintech subsidiaries, including MoMo Payment Service
- The telcom giant also nearly doubled the number of employees earning at least N2.4 million monthly in 2025
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MTN Nigeria shareholders have approved a new remuneration package for the company’s chairman and non-executive directors, with Chairman Ernest Ndukwe set to earn N167.98 million for the 2026 financial year.
The approval was granted during the telecom operator’s Annual General Meeting held on April 30, 2026, according to a corporate disclosure filed with the Nigerian Exchange Limited.
Photo: Bloomberg
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Under the approved structure, each of the company’s other non-executive directors will receive N108.37 million for the financial year ending December 31, 2026.
MTN Nigeria stated that the remuneration would be paid quarterly in arrears or at intervals approved by the board, adding that the compensation package would be adjusted yearly to reflect inflation trends.
The company said in its filing:
“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.”
MTN to separate fintech business,
Shareholders at the AGM 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 decision, shareholders approved the structural separation of MTN Nigeria’s fintech business, paving the way for the proposed 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.
The telecom company said the transaction aligns with MTN Group’s Ambition 2030 strategy focused on strengthening its position in connectivity, fintech and digital infrastructure across Africa.
Photo: MTN
Source: Getty Images
MTN staff salary hit 2.4m monthly
Meanwhile, MTN Nigeria nearly doubled the number of employees earning at least N2.4 million monthly in 2025, highlighting the company’s aggressive compensation strategy amid rising inflation and growing competition for skilled workers, Tech Cabal reports.
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.
MTN suspends airtime, data borrowing
Earlier, Legit.ng MTN Nigeria has explained its decision to temporarily suspend airtime and data lending services, popularly known as Xtratime.
In a corporate filing to the Nigerian Exchange Limited on Thursday, April 16, the telecom giant said that its decision is due to new regulatory requirements governing digital lending in Nigeria.
MTN noted that 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).
Source: Legit.ng