Leading telecoms company MTN Nigeria Communications Plc has announced that it has vested 129,129 ordinary shares to 6 employees under its long-term incentive plan. According to a formal discl
Leading telecoms company MTN Nigeria Communications Plc has announced that it has vested 129,129 ordinary shares to 6 employees under its long-term incentive plan.
According to a formal disclosure made by MTN on the Nigerian Exchange (NGX) on Monday, the disclosure follows transactions completed on March 30 and 31, 2026.
The process, which occurred on June 18, 2026, shows that the development is a transfer of ownership of previously awarded shares after they’ve met certain conditions in the Employee Share Ownership Plan (ESOP) and Performance Share Plan.
The scheme, introduced in 2002, rewards staff for meeting service and performance targets without requiring any cash payment from employees.
Of the six, Omolara Micheal-Nwadu received the highest share of 99,122, followed by Owolabi Adejoke with 12,123 and Ayoade Adedapo with 12,403. Others are Alao Taiwo – 2,192, Bukola Ogunjana – 2,192, and Kenneth Egwutu – 1,097.
At the current share price of ₦800, the entire package is worth about ₦103.3 million.
MTN Logo. Image Source: Reuters/Afolabi Sotunde/File Photo The development substantiates MTN Nigeria’s tradition of rewarding remarkable employee performance with shared ownership. With the vesting, the employee becomes the legal owner of those shares.
MTN Nigeria stressed that the vesting of shares is not a purchase or sale transaction, whereas shares were transferred to the employees after they satisfied predetermined conditions in the share ownership plan.
In addition, the move is part of strategies used by companies to reward performance, improve staff retention, and align employees’ interests with those of shareholders. Awarding employees with stakes in the company aims to seek long-term commitment.
Also Read: MTN Nigeria CFO Modupe Kadri acquires 1,589,041 shares worth ₦1.25 billion in 3days.
MTN Nigeria’s ESOPThe latest share transfer follows a recent development in April, where the company vested 3,771,677 shares to 106 employees under its ESOP and performance share plan.
Karl Toriola, Chief Executive Officer of MTN Nigeria, received the largest portion with 795,958 shares. Modupe Kadri, Chief Financial Officer, was vested with 382,491 shares, while Lynda Saint-Nwafor, Chief Enterprise Business Officer, got 178,092 shares. With this, the three senior executives accounted for about 36% of the total vesting.
Also in 2025, MTN Nigeria transferred about 1.3 million shares to 33 executives in March and another 536,000 shares to 31 employees in April.
Karl Toriola The vesting comes amid recent strengthening of MTN Nigeria’s share price in the market, an improvement attributed to an historic profit-after-tax in 2025 and Q1 2026 and its expected acquisition of IHS Towers.
Recognising the growth, Modupe Kadri, the company’s CFO, acquired a combined 1,589,041 ordinary shares valued at approximately ₦1.25 billion between June 15 and 17, 2026.
