MTN Nigeria’s Average Staff Pay Reaches ₦4.7m Monthly as Share Awards Lift Cost to ₦10.4m

MTN Nigeria’s employee costs rose 96.5% to ₦186.8 billion in the first nine months of 2026, according to its unaudited financial statements. The increase was driven largely by a rise in the value of staff share awards after the company’s share price gained 64%. Based on the group’s 2025 headcount of 2,001 full-time employees, salaries and wages averaged about ₦4.72 million per employee each month during the period. Including share-based incentives, the total average employee cost was about ₦10.37 million monthly. These are averages, and senior employees are likely to receive a larger share of the incentive pool. Share-based expenses rose 272% to ₦65.18 billion, accounting for more than half of the increase in employee costs. MTN Nigeria said the awards were valued using its share price of ₦837 at the end of September, compared with ₦511 at the end of 2025.

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