Three MTN Ghana executives are among 14 senior leaders across the MTN Group who have been awarded approximately US$9.5 million worth of shares under the telecoms giant’s Performance Share Plan, following a regulatory filing disclosed on April 7, 2026.
The allocations were granted on March 31, 2026, and will vest over three years through December 2028, subject to the executives continuing to meet performance conditions during that period.
MTN Ghana Chief Executive Officer Stephen Blewett received 21,382 shares valued at approximately US$252,000, while Chief Financial Officer (CFO) Antoinette Kwofie was awarded 13,660 shares valued at approximately US$160,000. Sugentharen Perumal, a director of Scancom Ghana PLC, the entity through which MTN operates in Ghana, received 35,436 shares worth approximately US$415,000.
MTN Group President and Chief Executive Officer Ralph Mupita received the largest individual allocation, with shares worth nearly US$2.4 million. Group Senior Vice President for Markets Ebenezer Asante received shares worth approximately US$1.43 million, and Group CFO Tsholofelo Molefe was awarded shares worth approximately US$1.32 million.
MTN Ghana’s Stephen Blewett leads the subsidiary that recorded the group’s highest average revenue per user (ARPU) in 2025, a performance metric that the group’s results highlighted as a standout outcome for the year.
The shares were granted at a market price of R192.50 per share and are classified as off-market awards of shares to employees, with all recipients holding direct beneficial interests. The company confirmed that all award recipients with minimum shareholding requirements have fulfilled their obligations.
MTN evaluates executives against four criteria: shareholder returns, free cash flow, return on equity (ROE), and environmental, social, and governance (ESG) targets including broadband coverage, diversity, and net-zero commitments. Meeting those targets unlocks the full value of the shares, while underperformance reduces the payout.
The awards follow MTN’s 2025 full-year results, in which the group’s profit surged to R20.3 billion after it was spared a repeat of the currency devaluations that weighed on its businesses in prior years.
MTN Nigeria CEO Karl Toriola and MTN Nigeria Director Modupe Kadri also receive separate long-term incentive awards linked to MTN Nigeria shares in addition to their group-level allocations.
