Shareholders of MTN Nigeria have approved a new remuneration package for the company’s non-executive directors, with chairman Ernest Ndukwe set to earn N167.9 million for the 2026 financial year.
The company disclosed this on Thursday in a corporate filing published by the Nigerian Exchange Limited.
The resolution was passed during the company’s annual general meeting held on April 30.
According to the resolutions released by the telecom company, each of the other non-executive directors will receive N108.3 million for the financial year ending December 31.
MTN said the remuneration would be paid quarterly in arrears or at intervals approved by the board.
The company also stated that the remuneration structure would be subject to annual inflation adjustments in subsequent years.
“The remuneration for Non-Executive Directors for the financial year ending 31 December 2026, be and is hereby fixed at N167,977,679 for the Chairman, and N108,368,288 for each of the other Non-Executive Directors respectively,” the company stated.
MTN also said Mr Ndukwe and four other non-executive directors were re-elected at the AGM.
The other directors re-elected are Ifueko Okauru, Jens Schulte-Bockum, Tsholofelo Molefe and Muhammad Ahmad.
In another resolution, shareholders approved a general mandate allowing MTN to enter into recurrent related-party transactions required for its operations.
The approval covers the procurement of goods and services on commercial terms and indemnification of directors either directly by the company or through insurance arrangements in line with the company’s articles.
The company said the transactions would comply with the rules of the Nigerian Exchange and other regulatory requirements in Nigeria.
Shareholders also approved the separation of MTN’s fintech business and authorised the board to implement a transaction that will see MTN Nigeria sell a 60 percent stake in its fintech subsidiaries to the MTN Group.
The subsidiaries involved are MoMo Payment Service Bank and Y’ello Digital Financial Services.
Under the arrangement, MTN Group, through MTN Group Fintech B.V., will acquire majority ownership in the two companies, while MTN Nigeria will retain a 40 percent stake.
