MTN Nigeria Extends Company’s Ownership to 33 Workers, Releases Their Names
- Top executives at MTN Nigeria Communications Plc have been awarded 1.3 million common shares
- 33 employees received their shares between March 26 and 27, as part of the company's share-based compensation scheme
- Employees or founders might progressively purchase shares in a company through share vesting
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
MTN Nigeria Communications Plc has granted its top executives 1.3 million ordinary shares.
Source: UGC
In order to compensate employees, the corporation used a share-based compensation plan, vesting the shares to 33 workers between March 26 and 27.
When certain requirements are met, share vesting gives founders or employees the opportunity to gradually acquire shares in a business
Ukpanah Uto, the company secretary; Kadri Modupe, the chief financial officer; Ibrahim Yahaya, the chief technical officer; and Sanya Odunayo, the executive director of the MTN Foundation, were given 85,213, 187,496, 96,726 and 26,553 shares, respectively, according to corporate disclosures that MTN Nigeria filed with the Nigerian Exchange.
Eleven managers, nine senior managers, and nine general managers are among the other recipients of the share vesting.
MTN Nigeria replaced the Notional Plan Option scheme with two new share plans for its employees in 2022: the Performance Share Plan (PSP) and the Employee Share Ownership Plan (ESOP).
Every year, management employees get shares through the PSP, a conditional share offer that allots a certain number of shares to qualified participants.
“The vesting period for the PSP is three years and the awards vest in full based on set performance targets. Employees are not entitled to receive dividends on the shares during the vesting period,” MTN Nigeria stated in its financial statements for the nine-month period ended 30 September 2022.
The ESOP is a one-time share award given by MTN Nigeria to eligible non-management employees; it is unrelated to business performance and comes at no cost to the workers.
The financial documents show that the shares are split into three parts, with the first part becoming vested three years after the grant date, the second part after four years, and the third part after five years.
Source: Getty Images
MTN Nigeria achieved a record N3.4 trillion revenue last year but reported a 192.2 per cent jump in net loss, led by a sharper net foreign exchange loss.
After reporting huge losses, MTN Nigeria and Airtel Africa Plc are on track to achieve profitability again in 2025.
Analysts say that after the harsh economic headwinds of 2023 and 2024, the tides will change in 2025, and the major telecom operators will return to profitability.
Recall that both companies suffered huge losses following the depreciation of the naira in 2024.
MTN Nigeria’s 2024 financial report shows a N400.44 billion loss after tax, almost a 200% increase from the N137 billion loss in 2023.
MTN successfully tests Africa’s first direct-to-satellite voice call
Legit.ng reported that the telecom giant has been looking into partnerships with satellite providers to get around the restrictions of rural connectivity.
MTN South Africa, in collaboration with American low-earth orbit (LEO) provider Lynk, announced on Thursday, March 27, 2025, that it had made Africa's first phone call via satellite, indicating a potential boost for telecom coverage.
Satellites, especially LEO models, can provide high-speed internet in locations where deploying terrestrial infrastructure is prohibitively expensive or impossible.
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Source: Legit.ng
