MTN bosses get millions of rands worth of shares, but Ghana CEO missing

Selorm Adadevoh

MTN Group executives have been granted millions of rand in shares as part of the telecommunications company’s performance share plan.

These shares are set to vest in a three-year period.

On December 29, MTN disclosed the details of the share awards through a notification to investors via the JSE stock exchange’s news service.

The Group CEO and President, Ralph Mupita, received 321,077 shares under the scheme, valued at R36.9 million based on a share price of R115.

These shares are scheduled to vest in December 2026, contingent upon meeting certain conditions.

The Group Senior Vice President for Markets, Ebenezer Asante, was awarded 206,556 shares with a market value of R23.8 million.

Additionally, Asante received an extra allocation of 41,300 shares worth R5.4 million, rectifying an “omission” in the previous financial year’s allocation.

Other senior figures in MTN included in December’s share awards are:

  • Group chief financial officer Tsholofelo Molefe: 171,738 shares worth R19.7-million.
  • Outgoing group chief operating officer Jens Schulte-Bockum: 212,614 shares worth R24.5-million.
  • Group chief human resources officer Paul Norman: 86,431 shares worth R9.9-million.
  • MTN Nigeria CEO Karl Toriola: 108,375 shares worth R12.5-million.
  • MTN South Africa CEO Charles Molapisi:144 529 shares worth R16.6-million.
  • Group chief risk officer Ferdi Moolman: 98 635 shares worth R11.3-million.
  • MTN South Africa chief financial officer Dineo Molefe: 51 174 shares worth R5.9-million.
  • Group chief technology and information officer Mazen Mroue: 125 249 shares worth R14.4-million.
  • Company secretary Thobeka Sishuba-Bonoyi:32 412 shares worth R3.7-million.
  • MTN South Africa company secretary Mateboho Rantofi: 15 693 shares worth R1.8-million.

Ghana CEO Missing

Conspicuously missing on the list of beneficiaries is MTN Ghana CEO, Selorm Adadevoh, who has now been promoted to the position of Group Chief Commercial Officer, beginning June this year.

Under Selorm’s leadership, MTN Ghana saw skyrocketing profits, to the extent that even the Group President and CEO described Ghana as the “jewel in MTN’s crown”.

Indeed, Selorm was recently adjudged the best CEO in the MTN Group.

It is rather ironic that Selorm’s counterparts in Nigeria and South Africa, as well as even some non-CEOs in South Africa, got shares but Selorm did not.

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