MTN Nigeria Communications Plc has vested 1.3 million ordinary shares to 33 key employees, including senior executives, as part of a long-term incentive strategy to align staff interests with corporate performance.
The shares, distributed between March 26 and 27, 2025, were disclosed in regulatory filings to the Nigerian Exchange, highlighting the telecom giant’s efforts to retain talent through equity-based rewards.
Under the Performance Share Plan (PSP), introduced in 2022, top management received conditional shares tied to three-year performance targets. Chief Financial Officer Kadri Modupe led the allocations with 187,496 shares, followed by Chief Technical Officer Ibrahim Yahaya (96,726) and Company Secretary Ukpanah Uto (85,213). Sanya Odunayo, Executive Director of the MTN Foundation, secured 26,553 shares. Eleven managers, nine senior managers, and nine general managers also received smaller stakes.
“Awards vest in full based on set performance targets. Employees are not entitled to dividends during the vesting period,” MTN Nigeria stated in its 2022 financial report. The PSP replaces the defunct Notional Plan Option, while non-management staff benefit from a separate Employee Share Ownership Plan (ESOP), a one-off grant unrelated to company performance.
The move reflects broader corporate trends in Nigeria’s telecom sector, where firms increasingly use equity incentives to mitigate high turnover and foster loyalty. MTN Nigeria, which reported a 22% revenue rise to ₦2.5 trillion ($1.9 billion) in 2024, has faced regulatory headwinds and currency volatility, making retention of skilled executives critical.
Analysts note the strategy could stabilize leadership amid Nigeria’s economic challenges, though diluted earnings per share remain a watchpoint for investors. Shares of MTN Nigeria closed flat at ₦230 following the disclosure, suggesting muted market reaction to the vesting schedule.
