MTN Nigeria Communications Plc has vested 1,303,029 shares in 33 executives in the company.

This was indicated in multiple corporate disclosures filed with the Nigerian Exchange Limited, which showed that the vesting of the shares was done in Lagos, mostly between March 26 and 28, 2025.

Vesting allows employees to earn shares in a company over a period of time.

In its audited financial report for 2024, MTN Nigeria said, “During the financial year, the Group granted eligible employees share rights under the Performance Share Plan. These rights were granted to employees on levels 3, 4, 5, and 6. The PSP was established to attract, retain, and reward selected employees capable of contributing to the business of the employer companies. It aims to stimulate their involvement, thereby encouraging their continued service and motivating them to advance the interests of the relevant employer company and the Group in general. All options granted vest after three years from the date of grant.”

Some of the top beneficiaries of the vesting include the company secretary, Ukpanah Uto, who got 85,213 units of shares; Chief Financial Officer, Kadri Modupe, who was vested with 187,496 units; General Manager, Internal Audit and Fraud Management, Etea Ibe, who received 110,721 units; Chief Technical Officer, Ibrahim Yahaya, with 96,726 units; and General Manager, Finance Business Reporting, Akinola Stephen, who received 83,959 units of shares.

Going by Friday’s closing price, N245, the shares vested in the 33 executives were worth about N319.24m.

Meanwhile, MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings.

The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year.