MTN Nigeria Communications Plc shareholders have approved a new remuneration structure for the company’s non-executive directors, with Chairman Ernest Ndukwe set to earn ₦167.98 million for the 2026 financial year.
The approval was granted during the company’s Annual General Meeting held on April 30, 2026, according to a corporate disclosure filed with the Nigerian Exchange Limited on Thursday.
Under the new compensation structure, each of the other non-executive directors will receive ₦108.37 million for the financial year ending December 31, 2026.
MTN Nigeria stated that the remuneration would be paid quarterly in arrears or at intervals approved by the board. The telecom operator also noted that the compensation package would be subject to annual inflation adjustments in subsequent years.
“The remuneration for Non-Executive Directors for the financial year ending 31 December 2026 is hereby fixed at ₦167,977,679 for the Chairman and ₦108,368,288 for each of the other Non-Executive Directors respectively,” the company stated in its filing.
At the AGM, shareholders also approved the re-election of several board members, including Ifueko M. Omoigui Okauru, Jens Schulte-Bockum, Tsholofelo Molefe, and Muhammad K. Ahmad.
Sale of Fintech Assets
In another major resolution, shareholders granted the company a general mandate to enter into recurrent related-party transactions required for its routine operations.
The approval covers procurement of goods and services on normal commercial terms as well as indemnification arrangements for directors through insurance or direct company support, in line with applicable regulations.
MTN Nigeria said the transactions would comply with NGX rules governing related-party dealings and other regulatory requirements in Nigeria.
Shareholders also approved the structural separation of the company’s fintech business, paving the way for the proposed sale of a 60% stake in its fintech subsidiaries to the parent company, MTN Group.
The proposed ₦152.06 billion transaction involves the sale of majority stakes in MoMo Payment Service Bank and Y’ello Digital Financial Services to MTN Group through MTN Group Fintech B.V., while MTN Nigeria will retain a 40% interest.
The deal aligns with MTN Group’s Ambition 2030 strategy aimed at strengthening its position as a leading African connectivity, fintech, and digital infrastructure platform.
