MTN Nigeria Communications Plc has vested a total of 1,303,029 shares in 33 executives of the company, according to multiple corporate disclosures filed with the Nigerian Exchange Limited. The vesting of the shares, which took place in Lagos between March 26 and 28, 2025, is part of the company’s Performance Share Plan (PSP) aimed at attracting, retaining, and rewarding top-performing employees.
The PSP, established to stimulate employee involvement and encourage their continued service, grants eligible employees share rights that vest after three years from the date of grant. The vesting of shares is a common practice in the corporate world, allowing employees to earn shares in a company over a period of time, thereby aligning their interests with those of the company.
Some of the top beneficiaries of the vesting include the company secretary, Ukpanah Uto, who received 85,213 units of shares; Chief Financial Officer, Kadri Modupe, who was vested with 187,496 units; General Manager, Internal Audit and Fraud Management, Etea Ibe, who received 110,721 units; Chief Technical Officer, Ibrahim Yahaya, with 96,726 units; and General Manager, Finance Business Reporting, Akinola Stephen, who received 83,959 units of shares.
Based on Friday’s closing price of N245, the shares vested in the 33 executives are worth approximately N319.24 million. This development comes amidst a challenging financial year for MTN Nigeria, which reported a N400.44 billion loss after tax for the year ended December 31, 2024.
The company’s loss was largely driven by foreign exchange losses resulting from the devaluation of the naira, which weighed heavily on the company’s earnings. Despite this, MTN Nigeria remains committed to investing in its employees and incentivizing top performance through its PSP.
The vesting of shares in the company’s executives is a testament to MTN Nigeria’s commitment to its employees and its efforts to drive growth and profitability in the face of challenging market conditions. As the company continues to navigate the complexities of the Nigerian telecommunications market, it is clear that its employees will play a critical role in driving its success.
In conclusion, the vesting of 1.3 million shares in 33 executives of MTN Nigeria Communications Plc is a significant development that underscores the company’s commitment to its employees and its efforts to drive growth and profitability. Despite the challenges posed by the devaluation of the naira and the resulting foreign exchange losses, MTN Nigeria remains focused on investing in its employees and incentivizing top performance.