A total of 14 MTN top brass, include two MTN Ghana executives have been awarded a sum of US$9.5 million worth of shares under the company’s Performance Share Plan, according to a regulatory filing by the African telecoms giant.
The shares were awarded to these executives based on their performance in terms of meeting and exceeding specific targets in the year under review – 2025. But the shares are not vested yet. The 14 beneficiaries need to sustain impressive performance over the next three years, ending December 2028 before they can actually reap the benefits of the shares.
The 14 are the Group President and CEO Ralph Mupita, Group Senior Vice President for Markets, Ebenezer Asante, MTN Ghana CEO, Stephen Blewett, MTN Ghana Chief Finance Officer (CFO), Antoinette Kwofie, and MTN Ghana Director Sugentharen Perumal.
The rest are MTN Nigeria CEO and Vice President of Franchophone Africa, Karl Toriola, CEO of MTN South Africa, Ferdinand Moolman; Group CFO Tsholofelo Molefe, MTN Nigeria Director, Modupe Kadri, Group Company Secretary, Lucy Mokoka, MTN South Africa Company Secretary, Mateboho Rantofi, and other group executives like Yolanda Cuba, Paul Norman and Dineo Molefe.
Here is the breakdown from the highest earner to the lowest:
- Ralph Mupita – 207,633 shares worth about US$2.45 million
- Ebenezer Asante – 120,880 shares worth about US$1.43 million
- Tsholofelo Molefe – 111,931 shares worth almost US$1.32 million
- Ferdinand Moolman – 104,545 shares worth about US$1.23 million
- Yolanda Cuba – US$740,307 worth of shares
- Paul Norman – US$660,770 worth of shares
- Dineo Molefe – US$416,040 worth of shares
- Sugentharen Perumal – US$416,040 worth of shares
- Karl Toriola – $336,503 worth of shares
- Stephen Blewett – US$250,848 worth of shares
- Antoinette Kwofie – US$159,074 worth of shares
- Modupe Kadri 12,008 shares worth US$140,719
- Lucy Mokoka – 12,008 shares worth US$140,719
Per the regulatory filing, the share allocation distribution highlights how the company rewards performance at the highest level. The shares were granted on March 31, 2026, and will remain so over the next three years ending December 2028 before the benefits will accrue.
It is important to note that the allocations given to the three executives from Ghana was on the back of the fact that MTN Ghana emerged as the subsidiary with the highest ARPU (average revenue per user) in the group during the year under review.
This feat by MTN Ghana was a clear indication that, despite the general poor quality of service across all networks in Ghana, MTN Ghana’s heavy investments into network optimization is paying off. Indeed, the government’s decision to allow MTN Ghana to reintroduce affordable data packages has also yielding value for both consumers and the company.
Basis for the share awards
MTN evaluates executives against four criteria: shareholder returns, free cash flow, return on equity (ROE), and environmental, social, and governance (ESG) targets, including broadband coverage, diversity, and net-zero commitments.
Achieving these targets unlocks the full value of the shares, while underperformance reduces the payout.
For executives, it’s both a reward and a retention tool, linking pay directly to company performance. It signals to investors that MTN is aligning leadership incentives with long-term growth and accountability.
In a competitive African telecom market, these high-value, performance-linked share awards demonstrate how MTN motivates results and keeps its top executives focused on delivering shareholder value.
