MTN Group, Africa’s largest telecom operator, has awarded roughly R160 million ($9.5 million) in shares to its top executives under its Performance Share Plan, according to a regulatory filing released after Tuesday’s market close.Â
State of play: It highlights how the company rewards performance at the highest level. The allocations, part of MTN’s Performance Share Plan, were granted on March 31, 2026, and vest over three years through December 2028.
Ralph Mupita, MTN Group CEO, received the largest individual allocation—shares worth almost R40 million ($2.4 million). Ferdinand Moolman, CEO of MTN South Africa, received shares valued at R20.1 million ($1.2 million), while Karl Toriola, MTN Nigeria CEO and Vice President of Francophone Africa, received shares valued at R5.5 million ($326,000). Stephen Blewett, CEO of MTN Ghana, the subsidiary that recorded the group’s highest average revenue per user (ARPU) in 2025, was awarded shares worth R4.1 million ($243,000). Other executives and company secretaries received smaller allocations, ranging from R1.9 million ($113,000) to R23 million ($1.4 million).
The awards are performance-linked. 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.