MTN directors rewarded with millions of dollars worth of shares

MTN Group directors have received millions of dollars worth of shares for performing well last year.

A statement to shareholders said the move was in line with the Group’s performance share plan.

It said “some executive directors and directors of major subsidiaries, as well as MTN company secretaries, were awarded shares in terms of MTN’s employee share scheme.”

Former MTN Ghana boss Brett Goschen, now MTN Nigeria Director, and former MTN Nigeria Director, now MTN West and Central Africa Director, Ahmed Farouk were among the beneficiaries.

Bret Goschen got 24,200 shares, valued at US$392,100, and Ahmed Farouk got 42,900 shares, with a value slightly more than US$744,200.

MTN Group President, Sifiso Dabengwa received 111,600 shares, valued at more than US$1.9 million.

Managing Director of MTN South Africa, Karel Pienaar got 24,200 shares, valued at US$392,100.

The statement said the shares allocated to the directors are performance-based, adding that Sifiso Dabengwa and his new team who took over from the iconic Phuthuma Nhleko hasn’t disappointed shareholders.

In August, MTN announced it had increased subscribers by 7.5% to more than 150 million in the last six months, which ended on June 30.

The pan-African telecoms giant said it now had 152.3 million customers using its network across the 21 countries it operates in Africa and the Middle East. These were the first set of results under the watch of Dabengwa, who took over the helm as CEO from Nhleko six months ago.

Dabengwa was quoted as saying the transition had been positive and the latest set of results was testimony to that.

Last year, MTN Group CEO Nhleko offloaded more than 3.2m shares in the mobile telecommunications group, which were valued at US$59,589,342 million.

But it is not yet clear how many shares MTN Ghana boss, Michael Ikpoki got, and what other group directors and bosses of the various MTN operations also got.