MTN Nigeria Shareholders Fixed Fees of Board Chairman at N28.9 Million, Non-Executive Directors Fixed at N16.5 Million

Shareholders at the just concluded Annual General Meeting of MTN Nigeria Communications Plc held on Monday 7th, June 2021, fixed the fees of the Board Chairman at N28,920,000 (Twenty-eight million nine hundred and twenty thousand Naira only).

The increase in fees will be effective from the year ending 31st December 2021 and will be phased over two years, according to the annual general meeting resolutions.

Shareholder representatives fixed Non-Executive Directors fees at N16,472,000 (Sixteen million four hundred and seventy-two thousand naira only). Similarly, the increase will be phased over two years.

The Board of Directors was authorised to permit the use of Company’s information in all offer documents to be issued in connection with the establishment of the Programme and the offer (s) for Sale thereunder.

MTN Nigeria was authorised to established an Equity Shelf Programme for purpose of facilitating offer(s) for the sale of shares in the Company by MTN International (Mauritius) Limited, which is being undertaken to, amongst others, expand the free float and shareholders base of the Company.

Shareholders also approved a total sum of N120,091,626,995.00 (One hundred and twenty billion ninety one million six hundred and twenty-six thousand nine hundred and ninety-five Naira) which translates to N5.90 kobo per every 2 kobo ordinary share; to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, May 4, 2021 (bringing total dividend for the year ended 31st December 2020 to N9.40), subject to withholding tax, be and is hereby approved.

Ms. Tsholofelo Molefe was elected as a Director of the Company while Dr. Ernest Ndukwe, OFR was re-elected as a Director. Mr. Ralpha Mupita and Mr. Jens Schulte-Bockum were also relected as Directors at the Annual General Meeting (AGM).