MTN Nigeria Communications Plc has announced an upward revision of the annual remuneration for its Board Chairman and directors, effective from the fiscal year ending December 31, 2024.
According to a resolution passed at the company’s Annual General Meeting (AGM), the Chairman of the Board will now receive an annual salary of N54.120 million. This adjustment will remain in effect for subsequent years until reassessed by the Board. The payments are scheduled to be disbursed quarterly in arrears, or at other intervals as approved by the Board.
In addition to the Chairman’s remuneration, each of the other non-executive directors will receive an annual fee of N36.285 million. These payments will also follow the quarterly disbursement schedule, as stated by the company’s secretary, Mrs. Uto Ukpanah, in the resolution sent to the Nigerian Exchange Ltd. (NGX) in Lagos.
The AGM also saw the re-election of several key directors, including Mr. Ralph Mupita, Ms. Tsholofelo Molefe, Mr. Muhammad Ahmad, and Mr. Jens Schulte-Bockum. Furthermore, shareholder representatives Mr. Nornah Awoh, Mrs. Josephine Ewitat, and Col. Ayegbeni Peters (Rtd) were elected to the Statutory Audit Committee. The Board’s representatives on this committee include Mr. Mohammad Ahmad and Mrs. Ifueko Okauru.
Additionally, the company obtained a general mandate to engage in routine transactions with related parties as part of its daily operations. These transactions, which include the procurement of goods and services on standard commercial terms, align with the company’s Articles and comply with NGX rules and other relevant Nigerian statutory and regulatory requirements.
This salary adjustment comes amid a challenging financial landscape for MTN Nigeria. The company recently reported a pre-tax loss of N575.69 billion for the first quarter of 2024, attributing this loss to inflation and the devaluation of the naira.
In related news, MTN has announced plans to exit markets in Guinea-Bissau, Guinea-Conakry, and Liberia due to market challenges. According to MTN’s CEO, Ralph Mupita, inflation and currency issues across several markets have necessitated this move. The company holds approximately 30% of the market share in Guinea-Bissau and Guinea-Conakry, contributing around 18.6% to MTN’s revenue.
