MTN CEO Ralph Mupita.
Image: Independent Media
MTN Group, which after six years is still struggling to exit its Middle Eastern businesses, has awarded its directors substantial long-term performance (LTI) awards, with the CEO’s 2025 award more than double that which vested in 2024.
This week, the group announced that its President and CEO, Ralph Mupita, had been awarded R39.97 million worth of shares in the company, while other executives received about R120m of shares between them. In 2024, Mupita received R18.43m in vested long-term incentive (LTI) awards, and the year before, R45.80m, according to the group’s annual report.
The long-term incentive shares are awarded based on the group’s success in implementing its objectives over the medium to long term. The MTN board also evaluates its executives’ performance based on shareholder return, operating free cash flow, return on equity, and ESG (environmental, social, and governance) factors.
MTN, which currently serves more than 300 million customers at its mobile operations in 16 countries, announced in 2020 its aim to exit its Middle Eastern businesses. Last month, Mupita met with the Syrian Arab Republic Minister of Communications and Information Technology, His Excellency Abdulsalam Haykal, and reached an agreement to regularise MTN’s exit from Syria, to be implemented “imminently.”
MTN Group had abandoned its business operation in Syria in 2021 due to regulatory factors. It exited Yemen in 2021 and Afghanistan in 2022. However, it is still seeking to exit its 49% investment in Iran, where conflict and US sanctions have impacted these plans. The group has warned it may not realise the full market value of its investment in Irancell.
Last month, the group appointed five new directors, effective from 31 March 2026. Herman Bosman, Advocate Ouma Rasethaba, Stéphane Richard, Ignatius Sehoole, and Saf Yeboah-Amankwah joined the board as independent non-executive directors.
Stan Miller and Nkululeko Sowazi planned to retire as non-executive directors at the annual general meeting scheduled for 29 May 2026.
MTN South Africa chairman Mike Harper stepped down on 31 March 2026 after almost a decade. Sindi Mabaso Koyana took over as chairperson of MTN SA on April 1, 2026.
MTN’s profit surged to R20.3 billion in 2025 after it did not experience a repeat of currency devaluations that dented some of its businesses in previous years, notably in Nigeria. The strong commercial outcomes were led by MTN Nigeria and MTN Ghana, alongside a resilient performance from MTN South Africa, robust free cash flow, improved return generation, and a 45% jump in the dividend.
BUSINESS REPORT