MTN Nigeria vests 1.3 million shares to key staff

MTN Nigeria Communications Plc has vested 1.3 million ordinary shares to its key executives, according to regulatory filings by the mobile network operator.

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The company vested the shares to 33 employees between 26 and 27 March as a share-based compensation strategy to reward staff.

Share vesting allows the founders or employees the right to earn shares in a company over a period of time after meeting certain conditions.

According to corporate disclosures filed by MTN Nigeria at the Nigerian Exchange, Ukpanah Uto (company secretary), Kadri Modupe (chief financial officer), Ibrahim Yahaya (chief technical officer) and Sanya Odunayo (executive director, MTN Foundation) were awarded 85,213, 187,496, 96,726 and 26,553 shares in that order.

Other beneficiaries of the share vesting include 11 managers, nine senior managers and nine general managers.

In 2022, MTN Nigeria introduced new share schemes called Performance Share Plan (PSP) and Employee Share Ownership Plan (ESOP) for its staff, both replacing an old scheme called Notional Plan Option.

The PSP, a conditional share offer, awards shares to management staff yearly and allows eligible participants to receive a specific number of shares.

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Name	Position	Number of Shares Vested
Ukpanah Uto	Company Secretary	85,213
Kadri Modupe	Chief Financial Officer	187,496
Ibrahim Yahaya	Chief Technical Officer	96,726
Sanya Odunayo	Executive Director, MTN Foundation	26,553
Omodara Bamidele	Manager, Financial Operations	13,228
Odufisan Samusideen	Senior Manager, Financial Services & Budget Control	31,004
Odebunmi Olushegun	Senior Manager, Tax	29,243
Ajewole Oludare	Manager, Order Management	9,609
Shonubi Oladimeji	Senior Manager, Planning & Fulfilment	13,389
Ogoro Emamoke	GM, Brand Management	29,877
Jegede Olufunmilayo	Senior Manager, Facilities	36,186
Inino Callima	General Manager, Regional Operations	30,022
Etea Ibe	General Manager, Internal Audit & Fraud Management	110,721
Akinola Stephen	GM, Finance Business Partnering	83,959
Ugboajah Victor	Manager, Sales Analysis and Reporting	9,615
Dada Olubukonla	Manager, Trade Partners Support	12,495
Ugbekile Friday	Senior Manager, Revenue Assurance Forensic and Analysis	38,275
Oyerinde Moses	Senior Manager, Financial Operations (Fixed Assets & Expenditure)	35,874
Osazuwa Inyang	General Manager, Organisation Effectiveness & Performance	42,546
Okon Uko	Manager, Revenue Assurance	13,389
Oduntan Adeola	General Manager, Global Sourcing & Supply Chain	31,273
Folaji Irene	Senior Manager, Financial Operations	31,661
Chukwuemeka Cosmas	Manager, Financial Operations	13,158
Badru Saidat	Manager, Financial Planning Management	11,070
Adeleye Oluyemisi	General Manager, Financial Operations	99,496
Adenuga Adeboye	Senior Manager, Cloud Enterprise Resources Planning	32,504
Temisanren Jemide	Manager, Project Implementation (Facilities)	9,574
Maduanwusu Patience	Manager, Financial Operations	13,389
Ufot Osebi	Manager, Financial Operations	6,516
Omobude Sylvanus	Manager, Sales Analysis, Reporting & Supplier Performance	6,695
Olaleye Kolapo	General Manager, Financial Planning	30,588
Balogun Esosa	General Manager, Risk Management	77,658
Chima Nwuta	Senior Manager, Business Assurance Support	4,017
TOTAL		1,303,019

“The vesting period for the PSP is three years and the awards vest in full based on set performance targets. Employees are not entitled to receive dividends on the shares during the vesting period,” MTN Nigeria stated in its financial statements for the nine-month period ended 30 September 2022.

The ESOP is a one-off share award by MTN Nigeria to qualifying non-management staff at no cost to the employees and is not tied to company performance.

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According to the financial statements, the shares are divided into three with the first part vested after three years, the second after four years and the final part after five years from the grant date.

MTN Nigeria posted a record N3.4 trillion revenue last year but reported a 192.2 per cent surge in net loss, driven by a sharper net foreign exchange loss.