MTN sets annual fees for chairman, directors

MTN Nigeria Communications Plc has established an annual fee of N54.120 million for the Chairman of its Board of Directors for the fiscal year ending Dec. 31, 2024, and subsequent years until reviewed.

MTN Nigeria Communications Plc has fixed N54.120 million as annual fees for the Chairman of its Board of Directors for the financial year ending Dec. 31, 2024 and for succeeding years until reviewed.

Mrs Uto Ukpanah, Company Secretary, MTN Nigeria, said this in the resolution of its Annual General Meeting (AGM) which was sent to the Nigerian Exchange Ltd.(NGX) in Lagos.

Ukpanah said that N36.285 million annual fees was also fixed for each of the other Non-Executive Directors of the telecommunications firm, respectively.
She stated that such fees are to be payable quarterly in arrears or at such other intervals as approved by the Board.

According to her, the shareholders also re-elected Mr Ralph Mupita, Ms. Tsholofelo Molefe, Mr Muhammad Ahmad, Mr Jens Schulte-Bockum as directors of the company.

The company secretary stated that the representatives of the shareholders were also duly elected to the Statutory Audit Committee of the Company and are namely:
Mr Nornah Awoh, Mrs Josephine Ewitat and Col. Ayegbeni Peters (Rtd).

Ukpanah mentioned that the Board representatives on the Statutory Audit Committee are: Mr Mohammad Ahmad and Mrs Ifueko Okauru.

“The Directors are authorised to fix the remuneration of the auditors for the year ending Dec.31, 2024,”she said.

According to her, a general mandate was also given to the company to enter into recurrent transactions with related parties for its day-to-day operations.
She said this included without limitation, the procurement of goods and services on normal commercial terms and the indemnification of directors whether directly by the company or by obtaining appropriate insurance.

Ukpanah noted that this is in accordance with the Company’s Articles; in compliance with the NGX Rules Governing Transactions with Related Parties or Interested Persons and other applicable Nigerian statutory and or regulatory requirements.

The News Agency of Nigeria(NAN) reports that MTN Nigeria recorded a Loss Before Tax of N177.8 billion for the year ended Dec.31, 2023, compared to a pre-tax profit of N518.8 billion posted in the year 2022.
The financial downturn, as indicated by MTN in its audited financial result for the year ended Dec.31, 2023 resulted in a Loss After Tax of N137 billion, as against a Profit After Tax (PAT) of N348.7 billion reported in the previous year.

The telecommunication firm stated that the repercussions of the financial decline extended to a negative retained earnings and shareholders’ equity of N208 billion and N40.8 billion, respectively, as at Dec. 31, 2023.

MTN attributed this significant shift to its substantial forex loss of N740.4 billion, a consequence of the steep devaluation of the naira in year 2023.(NAN