MTN Nigeria Approves N54 Million Annual Salary for Board Chairman, Directors to Get N36 Million

• MTN Nigeria Plc has approved an upward review of the annual salaries of its board chairman and directors
• While the board chairman is to be annually remunerated with N54 million, directors will get N34 million
• According to resolutions reached at the AGM, three shareholder representatives were elected to the Statutory Audit Committee

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

MTN Nigeria Communications Plc has set an annual remuneration of N54.120 million for the Chairman of its Board of Directors, effective for the fiscal year concluding on December 31, 2024, and continuing for subsequent years until reassessed.

Mrs. Uto Ukpanah, the Company Secretary of MTN Nigeria, announced this in the resolution from its Annual General Meeting (AGM) sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

The telecom company's foundation recently announced scholarship opportunities for Nigerian students in three categories.

Board compensation set by MTN Nigeria

Ukpanah mentioned that an annual fee of N36.285 million was also approved for each of the telecommunication company's other non-executive directors.

She noted that these fees would be paid quarterly in arrears or at other intervals approved by the Board.

She added that the shareholders re-elected Mr. Ralph Mupita, Ms. Tsholofelo Molefe, Mr. Muhammad Ahmad, and Mr. Jens Schulte-Bockum as directors of the company.

Additionally, the company secretary reported that shareholder representatives Mr. Nornah Awoh, Mrs. Josephine Ewitat, and Col. Ayegbeni Peters (Rtd) were elected to the Statutory Audit Committee.

Ukpanah also mentioned that the Board's representatives on the Statutory Audit Committee are Mr. Mohammad Ahmad and Mrs. Ifueko Okauru.

She stated that the company, one of the most valuable in Nigeria, received a general mandate to engage in routine transactions with related parties as part of its daily operations.

This encompasses, but is not limited to, the procurement of goods and services on standard commercial terms and the indemnification of directors, either directly by the company or through appropriate insurance.

Ukpanah highlighted that this mandate aligns with the Company’s Articles and complies with the NGX Rules Governing Transactions with Related Parties or Interested Persons and other relevant Nigerian statutory and regulatory requirements.

MTN Nigeria recently announced a pre-tax loss of N575.69 billion for the first quarter of 2024, attributing this setback to inflation and the devaluation of the naira.

MTN to halt services in two countries

In related news, Legit.ng reported that MTN had revealed plans to leave Guinea-Bissau, Guinea-Conakry, and Libe due to market challenges.

According to Ralph Mupita, the telecom’s CEO, inflation and currency across several markets are responsible for the move.

MTN holds about 30% of the market share in Guinea-Bissau and Guinea-Conakr, which contribute about 18.6% to MTN’s revenue.

Source: Legit.ng

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