Annual Report and Financial Statements 2020 1

A n n u a l R e p o r t 2 0 2 0

Forward
together...

MTN Nigeria Communications PLC

2 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 3

...at MTN Nigeria

Communications PLC
we continue to reach
out with hope, to those
who have been impacted
by the effects of the
pandemic, even as we
work relentlessly towards
a brighter life with a more
connected future for all.

The ‘Wear it for me’ campaign was launched nation-wide leveraging the power of mothers and
loved ones to reinforce the steps we can take individually within our communities, towards
collective protection. The face mask which has become symbolic of the Covid-19 crisis, remains
one thing our communities can do together to stave off further incursions of the virus.

*Please note that many of the photographs featured in this publication were taken before the
extensive lock-down and physical distancing regulations came into effect.
Ese, wear it for me Banji, wear it for me Hanatu, wear it for me
everywhere you go everywhere you go everywhere you go

Spread the message, not the virus. Search wear it for me. Spread the message, not the virus. Search wear it for me. Spread the message, not the virus. Search wear it for me.
#WearItForMe #WearItForMe #WearItForMe
2 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 3

Contents

04 Overview 120 Financials

06 Notice of Annual General Meeting 122 Consolidated and Separate Statement of

Profit Or Loss
11 Explanatory Notes to the Resolutions to be proposed
at the AGM 123 Consolidated and Separate Statement of
Other Comprehensive Income
15 Who We Are
124 Consolidated and Separate Statement of
18 A Brief History of MTN Nigeria Communications PLC Financial Position

21 Recent Awards and Recognition 125 Consolidated and Separate Statement of

Changes in Equity - Group
22 MTN Nigeria’s response to the COVID 19 pandemic
126 Consolidated and Separate Statement of
24 Key Financial Highlights Changes in Equity - Company

27 Chairman’s Statement 127 Consolidated and Separate Statement of

Cash Flows
32 Strategic Report
128 Notes to the Audited Consolidated and
34 Business Model and Strategy Separate Financial Statements

41 Chief Executive Officer’s Statement Other National Disclosures

46 Our People and Culture 205 Value Added Statements

51 Risk Management 207 Five-Year Financial Summaries

58 Corporate Social Investment 210 Additional Information

74 Governance 212 Share Capital History

76 Directors, Officers and Professional Advisers 215 Request for Change of Address

77 Board of Directors 217 E-Mandate Activation Form

83 Executive Management 219 Proxy Form

84 Corporate Governance Report 223 List of Unclaimed Dividends

107 Report of the Independent Consultant to the Board of

Directors of MTN Nigeria Communications Plc on their
Appraisal for the Year Ended 31 December 2020

108 Directors’ Report

113 Statement of Directors’ Responsibilities in Relation to

Financial Statements

114 Audit Committee Report

115 Report of Independent Auditors to the Members of

MTN Nigeria Communications PLC

The CGRS (Corporate Governance Rating System) badge is for listed companies who have attained CGRS certification on their corporate governance status.
4 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 5

Overview
Overview 06 Notice of Annual General Meeting (AGM)

06 Notice of Annual General Meeting 07 Who We Are

11 Explanatory Notes to the Resolutions to be proposed at the AGM 10 A Brief History of MTN Nigeria Communications PLC (MTN Nigeria)

15 Who We Are 13 Recent Awards and Recognition

18 A Brief History of MTN Nigeria Communications PLC 14 Key Financial Highlights

21 Recent Awards and Recognition 17 Chairman’s Statement

22 MTN Nigeria’s response to the COVID 19 pandemic

24 Key Financial Highlights

27 Chairman’s Statement

MTN Nigeria Communications Plc remains the largest player in the Nigerian
telecommunications industry. Developing and providing innovative mobile financial and
communications solutions to the formal and informal sectors in the country, our services
have enabled transformations in livelihoods and the economy
6 MTN Nigeria Communications PLC
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting (“AGM”) of MTN Nigeria Communications PLC (Company) will be
held on Monday, 7th of June 2021 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos at 11.00 a.m. to transact
the following business:
A. ORDINARY BUSINESS
1. To lay before the members of the Company, the
audited Financial Statements of the Company for
the financial year ended 31st of December 2020
and the Reports of the Directors, Auditors and the
Audit Committee thereon.
2. To declare a dividend.
3. To elect Ms. Tsholofelo Molefe who was appointed
as a Non-Executive Director by the Board of
Directors since the last Annual General Meeting of
the Company.
4. To re-elect the following directors retiring by
rotation:
4.1 Dr. Ernest Ndukwe OFR (72);
4.2 Mr. Rhidwaan Gasant;
4.3 Mr. Ralph Mupita; and
4.4 Mr. Jens Schulte-Bockum.
5. To authorise the Directors to fix the remuneration
of the Auditors of the Company.
6. Disclosure of the remuneration of Managers of the
Company.
7. To elect members of the Statutory Audit Committee.
B. SPECIAL BUSINESS
8. To consider and if thought fit, to pass the following
as ordinary resolutions of the Company:
8.1 “That the Fees of the Board Chairman be and is
hereby fixed at N28,920,000 (Twenty-eight million
nine hundred and twenty thousand Naira only)
commencing from the year ending 31st December
2021; the increase will be phased over two (2)
years.”
8.2 “That the Directors’ Fees for the Non-Executive
Directors of the Company be and is hereby fixed
at N16,472,000 (Sixteen Million four hundred and
seventy-two thousand Naira only); the increase will
be phased over two (2) years.”
8.3 “That the Company be and is hereby authorised
to establish an Equity Shelf Programme (‘’the
Programme’’) for purposes of facilitating Offer(s)
for Sale of shares in the Company by MTN
International (Mauritius) Limited, which is being
undertaken to, amongst others, expand the free
float and shareholder base of the Company.
8.4 That the Board of Directors of the Company be
and is hereby authorised to permit the use of
Company’s information in all offer documents to be
issued in connection with the establishment of the
Programme and the Offer(s) for Sale thereunder.
8.5 That a general mandate be given to the Company
to enter into recurrent transactions with related
parties for the Company’s day-to-day operations,
including the procurement of goods and services,
on normal commercial terms, in compliance with
the Nigerian Exchange Limited (“NGX”) Rules
Governing Transactions with Related Parties or
Interested Persons”.
9. To consider and if thought fit, to pass the following
as a special resolution of the Company:
9.1 “That the Articles of Association of the Company
be and are hereby altered to incorporate the
provisions set out below as directed by the NGX and
the Articles be renumbered accordingly.
9.5 Alter the current Article 41 (new Article 44) thus:
9.2 A new Article 8: “No fee shall be payable in respect
of any transfer lodged for registration”.
9.3 A new Article 9: “The Company may refuse to
register more than 3 (three) persons as joint holders
of a share, provided that such right of refusal shall
not apply to executors or trustees of a deceased
holder”.
9.4 A new Article 33: “A Director shall be capable of
contracting or participating in the profits of any
contract with the Company in the same manner as
if he were not a Director subject nevertheless to the
following provisions:
(1) He shall declare the nature of his interests in
any contract or proposed contract in which he is
interested; and
Annual Report and Financial Statements 2020 7
(2) After he has become interested therein and a PROXY
conflict has been established, he shall not vote as
a Director in respect of the contract or proposed A member entitled to attend and vote at the Annual
contract or any matter arising therefrom and if General Meeting is entitled to appoint a proxy from the
he does so vote his vote shall not be counted. The proxies stated in the Notice to attend and vote in his/
prohibition against voting shall not, however, apply her/its stead. For the appointment to be valid, executed
to: proxy forms must be deposited at the office of the
a. any contract or arrangement for giving security Registrar, Coronation Registrars Limited, 10, Amodu
to a Director for advances made or to be made by Ojikutu Street, Off Adeola Odeku Street, Victoria Island,
him to the Company or for liabilities or obligation Lagos or via email to
whether by way of guarantee or otherwise, eforms@coronationregistrars.com; not less than 48
incurred or assumed to the benefit of the hours before the time fixed for the meeting. A blank
company; or proxy form is attached to the Annual Report.
b. any contract for or relating to the subscription by
a Director (whether absolutely or conditionally) Dated this 14th day of May 2021.
for any shares or debentures of the Company BY ORDER OF THE BOARD
or of any Company in which this Company is
interested; or
c. any contract or arrangement with any other
Company, in which he is interested only as a
director, officer, employee or as holder of any of
its shares or other securities; provided that the
Directors shall in establishing the existence of Uto Ukpanah
a conflict adhere to the Company’s Conflict of Company Secretary
Interest Policy. (FRC/2014/NBA/00000005748)
(3) A Director shall be counted for the purpose of
forming a quorum notwithstanding that he may be
disqualified from voting under this Article”.
“The Directors may exercise all powers of the
Company to borrow money, and to mortgage or
charge its undertaking, property and uncalled
capital or any part thereof, and to issue debentures,
debenture stock and other securities whether
outright or as security for any debt, liability or
obligation of the Company or of any third party
provided that the aggregate amount at any time
owing in respect of moneys borrowed by the
Company and its subsidiaries (exclusive of inter-
company borrowings and temporary loans) shall
not exceed a reasonable amount except with the
consent of the Company in general meeting”.
8 MTN Nigeria Communications PLC
Notice of Annual General Meeting - continued
NOTES
Attendance and Voting by Proxy
In the interest of public safety and having due regard to
the Nigeria Centre for Disease Control (NCDC) COVID-19
Guidance for Safe Mass Gatherings in Nigeria, (and
the guidelines on public gatherings by the Lagos State
Government) and pursuant to the Corporate Affairs
Commission’s (CAC) Guidelines on holding Annual
General Meetings by Public Companies using Proxies,
only persons indicated to be selected proxies on the
Proxy Form would attend the Meeting physically. All
other Shareholders would be required to attend the
Meeting online and to vote at the Meeting through a
proxy.
A proxy may be selected from any of the following
individuals (the Selected Proxies):
i. Dr. Ernest Ndukwe, OFR
ii. Mr. Karl Toriola
iii. Mr. Mohammad K. Ahmad
iv. Mr. Oye Hassan-Odukale, MFR
v. Mr. Nornah Awoh
vi. Col. Ayegbeni Peters (Rtd).
The Selected Proxies are to attend the Meeting and
vote on their own behalf as well as on behalf of the
Shareholders who selected them as proxies. The
Selected Proxies are encouraged to comply with
relevant public health advice in order to protect the
health of others. Other Shareholders can attend the
meeting and participate in the proceedings online via
real-time streaming options which have been provided
in this notice.
Stamping of Proxy Forms
The Company has made arrangements, at its cost, for
the stamping of the duly completed and signed proxy
forms submitted to the Company’s Registrar within the
stipulated time.
Accreditation of Shareholders to attend the AGM via
Electronic Platform
Shareholders who intend to attend the meeting
electronically are required to register for the meeting
by visiting https://app.coronationregistrars.com/agm/
Accreditation. Kindly be informed that Shareholders will
be required to provide their registered email address(es)
and phone number(s) in completing the accreditation.
A message containing a unique link to be utilized for
attending the meeting will be sent to the registered email
of Shareholders upon completion of the accreditation
process.
Live Streaming of the AGM
The AGM will be streamed live online. This will enable
shareholders and other stakeholders who will not be
attending physically to follow the proceedings. The link
for the AGM live streaming will be made available on the
Company’s website at www.mtnonline.com.
Closure of Register of Members
Notice is hereby given that the Register of Members
and the Transfer Books of the Company will remain
closed from Wednesday, 5th of May 2021 to enable the
Registrar prepare for payment of dividend.
Dividends and Closure of Register of Members
If approved by members at the Annual General Meeting,
dividend will be paid on Tuesday, 8th of June 2021
at the rate of N5.90 per every 2 Kobo ordinary share
(subject to appropriate deduction of withholding tax); to
shareholders whose names appear in the Company’s
Register of Members at the close of business on
Tuesday, 4th of May 2021 (bringing total dividend for the
year ended 31st December 2020 to N9.40).
E-Dividend
Notice is hereby given to all Shareholders to open bank
accounts for dividend payment. A detachable application
form for e-dividend is included in the Annual Report to
enable all Shareholders furnish their accounts to the
Registrar as soon as possible.
Unclaimed Dividend Warrants
All Shareholders are hereby informed that the Registrar
of the Company is holding Dividend Warrants which
have been returned by the Post Office as “unclaimed”.
Some Dividend Warrants sent to Shareholders’
registered addresses are yet to be presented for
payment or returned to the Registrars of the Company
for validation. All Shareholders are encouraged to
complete e-dividend Mandate Form to ensure that all
outstanding dividends are paid electronically.
Election/Re-election of Directors
In accordance with the provisions of the Companies and
Allied Matters Act No. 3 of 2020 (as amended) (“CAMA”),
a resolution will be proposed for the election of Ms.
Tsholofelo Molefe who was appointed since the last
AGM. Furthermore, the Directors to retire by rotation at
the Annual General Meeting are Dr. Ernest Ndukwe OFR
(Age 72), Mr. Rhidwaan Gasant, Mr. Ralph Mupita and
Mr. Jens Schulte-Bockum. The retiring Directors, being
eligible, offer themselves for re-election.
The profiles of the Directors including those offering
themselves for election/re-election are available in the
Annual Report and on the Company’s website at
www.mtnonline.com.
Statutory Audit Committee
In accordance with section 404(6) of the CAMA,
any shareholder may nominate a shareholder for
appointment to the Statutory Audit Committee. Such
nomination should be in writing and should reach the
Company Secretary at least twenty-one (21) days before
the Annual General Meeting.
Kindly note that by virtue of the provisions of the Code
of Corporate Governance issued by the Securities
and Exchange Commission (“SEC”) and the CAMA, all
members of the Statutory Audit Committee should be
financially literate and at least one member must be a
member of a professional accounting body in Nigeria
established by an Act of the National Assembly and be
knowledgeable in internal control processes.
In view of the foregoing, nominations to the Statutory
Audit Committee should be supported by the curricula
vitae of the nominees.
Annual Report and Financial Statements 2020 9
Explanatory Notes to Special Business
Resolutions 8(1) and 8(2)
The Board has reviewed and recommended the fees
payable to the Chairman of the Board and other Non-
executive directors having due regard to the findings
of a remuneration survey conducted by external
consultants. The fees paid to the Chairman and other
non-executive directors were reviewed against that paid
to the non-executive directors of a comparator group of
listed companies. The particular skills, experience and
capabilities of the non-executive directors were also
considered. The fee levels proposed in resolutions 8(1)
and 8(2) are to ensure that their remuneration remains
market-related and accords with the increasing level of
responsibility placed on them.
Resolutions 8(3) and 8(4)
Regarding the registration of the Programme that will
enable MTN Group Limited (“MTN Group”), through
MTN International (Mauritius) Limited (“MTNI” or ‘’the
Selling Shareholder”) undertake a proposed Offer for
Sale (in tranches) of a portion of the shares held by it
in MTN Nigeria Communications PLC (“Company”) (‘’the
Offer for Sale”) - the SEC has directed that a resolution
of the shareholders of the Company authorizing the
establishment of the Programme under which MTNI will
undertake the Offer for Sale be obtained.
The SEC has advised that its approval will be granted
to establish the Programme and proceed with the Offer
for Sale (in tranches) under the Programme only if the
approval of the Company’s shareholders has been
sought and obtained. This requirement for a shareholder
resolution of the company is not expressly contained
in the SEC Rules and Regulations, 2013 (as amended)
(“SEC Rules”) in connection with an offer for sale by
shareholders. The SEC has, however, in making this
request, relied on and referred to a general provision in
the SEC Rules which empowers the SEC to request for
‘such information or documentation’ that is considered
expedient to the Commission’s review and approval of
a transaction.
Based on the provisions of the Nigerian Exchange
Limited (“NGX”) (formerly Nigerian Stock Exchange)
Rulebook (2015) (the “Rulebook”), the establishment
of the Programme by the Company is not considered
a related party transaction and therefore not impacted
by the NGX’s Rules Governing Transactions with
Related Parties or Interested Persons; as the proposed
transaction only enables a shareholder to exercise its
inherent rights in an orderly manner. Accordingly, all
shareholders - including MTNI - are entitled to vote on
the resolution, at the AGM.
10 MTN Nigeria Communications PLC
Notice of Annual General Meeting - continued
The Programme, upon establishment and registration
with the SEC, will be valid for three (3) years from the
date of SEC approval of the Programme (save as may
be extended further to obtaining the approval of the
SEC). The shareholder resolution will remain valid for
the duration of the Programme.
Resolution 8(5)
The resolution is proposed in accordance with the
requirements of the NGX Rulebook 2015.
Resolutions 9(1) -9(5)
Pursuant to the Listing by Introduction of the Company’s
securities on the NGX in 2019, the Company gave an
undertaking to alter certain provisions in its Articles
of Association to align with the requirements of the
Rulebook. Accordingly, the proposed amendments
to the Articles of Association of the Company are in
fulfilment of this undertaking.
Right of Shareholders to ask Questions
Shareholders have a right to ask questions not only at
the Annual General Meeting, but also in writing prior
to the meeting. Questions should be submitted to the
Company Secretary at the Company’s registered office
or via email not later than 5 (five) days to the date of
the AGM.
Electronic Annual Report
The electronic version of the Annual Report is available
online for viewing and download from our website at
www.mtnonline.com. Shareholders who have provided
their email addresses to the Registrar will receive
the electronic version of the Annual report via email.
Furthermore, shareholders who are interested in
receiving the electronic version of the Annual Report
should request via email to
info@coronationregistrars.com.
Explanatory Notes
to the Resolutions to be proposed at the Annual General Meeting
Dear Shareholders,
We welcome you to the Annual General Meeting of your
Company which is holding at the Rooftop Event Centre,
MTN Plaza, Falomo, Ikoyi, Lagos State on Monday June
7, 2021 at 11:00 a.m.
Explanatory Notes are provided below to the resolutions
set out in the Notice of Annual General Meeting. At the
meeting, you will be requested to vote in favour of the
proposed resolutions. Please note that if you abstain
from voting you will not be counted in the calculation of
the proportion of votes for or against a resolution.
A. ORDINARY BUSINESS
Resolution 1: Annual Report and Accounts
“To lay before the members of the Company, the audited
Financial Statements of the Company for the financial
year ended 31st of December 2020 and the Reports of
the Directors, Auditors and the Audit Committee thereon.”
Explanatory Note
Pursuant to the requirements of Section 377 (1) of
the Companies and Allied Matters Act, 2020 (‘CAMA’)
Directors of the Company are mandated to prepare
Financial Statements for each year. In line with this
provision, the 2020 Audited Financial Statements have
been prepared and included in the 2020 Annual Report
and Accounts. The Report also contains the Auditor’s
Report, the Audit Committee’s Report, the Directors’
Report and the report of the External Consultants on the
2020 Board Appraisal.
The directors are required under Section 388 (1) of the
Companies and Allied Matters Act 2020 to lay before
the company in General Meeting for each financial
year, copies of the financial statements of the company
made up to a date, not exceeding nine months prior to
the date of the meeting. This provides the shareholders
the opportunity to ask questions on the content of the
Annual Report and Financial Statements.
We urge you to vote in support of the motion to receive
these reports and the audited financial statements.
Resolution 2: Declaration of Final Dividend
“That a dividend payment in the total sum of
N120,091,626,995.00 (One hundred and twenty billion
ninety one million six hundred and twenty six thousand
nine hundred and ninety five Naira) which translates
to N5.90 kobo per each 2 kobo ordinary share of the
Company held, to shareholders whose names appear
in the Company’s Register of Members as at the close
of business on May 4, 2021, (bringing total dividend for
the year ended December 31, 2020 to N9.40), subject to
withholding tax, be and is hereby approved.”
Annual Report and Financial Statements 2020 11
Explanatory Note
By Section 426 (1) of the Companies and Allied Matters
Act 2020, the Company in General Meeting is empowered
to declare dividends in respect of any year or other
period only on the recommendation of the directors.
Furthermore, Section 426 (3) provides that the General
Meeting shall have the power to decrease the amount of
dividend recommended by the Directors but shall have
no power to increase the recommended amount.
If the final dividend of N5.90 per 2 kobo ordinary share
recommended by the Directors is approved, the final
dividend net of withholding tax will be payable on June 8,
2021 to those shareholders registered on the Company’s
register of shareholders as at May 4, 2021.
Kindly vote in support of the motion to approve the
payment of the proposed Dividend.
Resolution 3: Election of Directors
“That the election of Ms. Tsholofelo Molefe as a Non-
Executive Director of the Company be and is hereby
approved.”
Explanatory Note
Ms. Tsholofelo Molefe was appointed as a Non-Executive
Director effective May 3, 2021. Ms. Molefe assumed the
role of Chief Financial Officer of MTN Group Limited in
April 2021. She brings on board extensive experience
in various industries including electricity utility,
telecommunications, banking and financial services. In
addition, Ms. Molefe brings with her extensive financial
strategy, financial management and accounting
experience, with a strong background in enterprise risk
management and financial controls.
Kindly vote in support of the motion to elect Ms.
Tsholofelo Molefe to the Board of Directors.
Resolutions 4(1) -4(4): Re-Election of Directors
4(1). “That Dr. Ernest Ndukwe OFR (72), who having
retired by rotation, being eligible and having
offered himself for re-election, is duly re-elected
Chairman of the Company.”
4(2). “That Mr. Rhidwaan Gasant, who having retired by
rotation, being eligible and having offered himself
for re-election, is duly re-elected a director of the
Company.”
4(3). “That Mr. Ralph Mupita, who having retired by
rotation, being eligible and having offered himself
for re-election, is duly re-elected a director of
the Company.”
4(4). “That Mr. Jens Schulte-Bockum, who having retired
by rotation, being eligible and having offered
himself for re-election, is duly re-elected a director
of the Company.”
12 MTN Nigeria Communications PLC
Explanatory Notes to the Resolutions to be proposed at the AGM
Explanatory Note
Section 285 of CAMA 2020 provides that unless there is
a contrary provision in the Articles of Association of a
Company, all the directors of the Company shall at the
first Annual General Meeting (AGM) retire from office
and at subsequent AGMs, one third of the directors, or
if their number is not three or a multiple of three, the
number nearest to one-third shall retire. In line with this
provision of CAMA 2020, the directors to retire in every
year are those who have been longest in office since
their last election.
In accordance with statutory requirements, four
directors will be retiring at this meeting. They are Dr.
Ernest Ndukwe OFR (72); Mr. Rhidwaan Gasant; Mr.
Ralph Mupita; and Mr. Jens Schulte-Bockum. Being
eligible, they have offered themselves for re-election.
Their profiles are contained in the Annual Report and
are also available on the Company’s website.
In view of the foregoing, we urge you to vote in support
of the motion to re-elect directors retiring by rotation to
the Board.
Resolution 5: Approval of Auditors’ Remuneration
“That the remuneration and expenses of the Company’s
Auditor, Messrs. Ernst and Young (EY) be fixed by the
Directors in respect of the period ending at the end of
the next Annual General Meeting.”
Explanatory Note
Section 408(1) (b) of CAMA 2020 provides that the
remuneration of Auditors may be fixed by the Company
in General Meeting or in such manner as the Company
in General Meeting may determine.
In line with the referenced provision of CAMA 2020, it is
usual practice to ask the General Meeting to authorise
the Board to negotiate and fix the remuneration of the
External Auditor.
The Board will be guided in this regard by the Audit
Committee in line with the provisions of Section 404 (7)
(e) of CAMA which provides that the Audit Committee
shall make recommendations to the Board with regards
the appointment, removal and remuneration of the
company’s External Auditors.
At the Annual General meeting of your Company held on
May 15, 2020, Ernst and Young (EY) was appointed as
the statutory Auditor of the Company.
We request that you vote in support of the motion to
authorise the Directors to fix the remuneration of EY
in respect of the period ending at the end of the next
Annual General Meeting.
Resolution 6: Disclosure of the Remuneration of the
Managers of the Company
‘The Directors hereby disclose that the remuneration for
the Managers of the business for the 2020 financial year
was N4.01billion.”
Explanatory Note
One of the new provisions introduced in CAMA 2020
(Section 257) is the requirement for the disclosure of the
compensation of managers of a company to be made
to the members of the Company as part of the ordinary
business to be transacted at an AGM.
For the year ended 31st December 2020, a total sum of N
N4.01billion was paid to the managers of the Company.
Shareholders will be requested to note the disclosure on
the compensation of the managers of the Company as
contained in Page 181 of the Annual Report.
No resolution is required to be taken on this item.
Resolution 7: Election of Statutory Audit Committee
Shareholders are requested to vote to elect three
Shareholders to serve on the Audit Committee for the
2021 financial year. The Board will be represented by:
1. Mrs. Ifueko M. Omoigui Okauru MFR (Director)
2. Mr. Rhidwaan Gasant (Director).
Explanatory Note
The provisions of Section 404(2) of CAMA 2020 mandate
all public companies to establish a Statutory Audit
Committee (SAC) to ascertain whether the accounting
and reporting policies of the Company are in accordance
with legal requirements and agreed ethical practices. The
Committee shall have a maximum of five (5) members
including three (3) shareholder representatives and two
(2) Non-Executive directors.
In accordance with Section 404(6) of CAMA 2020, any
shareholder may nominate another shareholder for
appointment to the Statutory Audit Committee. Such
nomination should be in writing and must reach the
Company Secretary not less than 21 days before the
AGM.
The duties and role of the SAC are enumerated in Section
404 (4) and (7) of CAMA 2020. At the AGM, Members will
be required to elect three shareholder representatives to
serve on the SAC.
In addition to the three representatives of the
shareholders to be elected at the AGM, the two Directors
(their appointment to the SAC is not subject to election),
to represent the Board on the SAC are:
1. Mrs. Ifueko M. Omoigui Okauru MFR
2. Mr. Rhidwaan Gasant.
We urge you to vote in support of the election of
shareholder representatives to serve on the Statutory
Audit Committee.
Explanatory Notes to the Resolutions to be proposed at the AGM
B. SPECIAL BUSINESS
Shareholders will be requested to consider the following
special business and pass as ordinary resolutions of the
Company.
Resolutions 8(1) and 8(2): Approval of Directors’ Fees
8.1 “That the Fees of the Board Chairman be and is
hereby fixed at N28,920,000 (Twenty eight million
nine hundred and twenty thousand Naira only) resolution of the company is not expressly contained
commencing from the year ending 31st December
2021; the increase will be phased over two (2) years.”
8.2 “That the Directors’ Fees for the Non-Executive
Directors of the Company be and is hereby fixed
at N16,472,000 (Sixteen Million four hundred and
seventy two thousand Naira only); the increase will
be phased over two (2) years.”
Explanatory Note:
The Board has reviewed and recommended the fees
payable to the Chairman of the Board and other Non-
executive directors having due regard to the findings
of a remuneration survey conducted by external
consultants. The fees paid to the Chairman and other
non-executive directors were reviewed against that paid
to the non-executive directors of a comparator group of
listed companies. The particular skills, experience and
capabilities of the non-executive directors were also
considered. The fee levels proposed in resolutions 8(1)
and 8(2) are to ensure that their remuneration remains
market-related and accords with the increasing level of
responsibility placed on them.
In view of the foregoing, we urge you to vote in support
of the motions to fix the fees of the Board Chairman and
Non-Executive Directors.
Resolutions 8(3) and 8(4): Establishment of an Equity
Shelf Programme and Use of Company Information in
Offer Documents
8.3 “That the Company be and is hereby authorised
to establish an Equity Shelf Programme (‘’the
Programme’’) for purposes of facilitating Offer(s)
for Sale of shares in the Company by MTN
International
(Mauritius) Limited, which is being
undertaken to, amongst others, expand the free
float and shareholder base of the Company.”
8.4 “That the Board of Directors of the Company be and
is hereby authorised to permit the use of Company’s
information in all offer documents to be Nigerian Exchange Limited (“NGX”) Rules Governing
issued in connection with the establishment of the Transactions with Related Parties or Interested
Programme and the Offer(s) for Sale thereunder.”
Explanatory Note
Regarding the registration of the Programme that will
enable MTN Group Limited (“MTN Group”), through
MTN International (Mauritius) Limited (“MTNI” or ‘’the
Selling Shareholder”) undertake a proposed Offer for
Sale (in tranches) of a portion of the shares held by it
in MTN Nigeria Communications PLC (“Company”) (‘’the
Annual Report and Financial Statements 2020 13
Offer for Sale”) - the SEC has directed that a resolution
of the shareholders of the Company authorizing the
establishment of the Programme under which MTNI will
undertake the Offer for Sale be obtained.
The SEC has advised that its approval will be granted
to establish the Programme and proceed with the Offer
for Sale (in tranches) under the Programme only if the
approval of the Company’s shareholders has been
sought and obtained. This requirement for a shareholder
in the SEC Rules and Regulations, 2013 (as amended)
(“SEC Rules”) in connection with an offer for sale by
shareholders. The SEC has, however, in making this
request, relied on and referred to a general provision in
the SEC Rules which empowers the SEC to request for
‘such information or documentation’ that is considered
expedient to the Commission’s review and approval of a
transaction.
Based on the provisions of the Nigerian Exchange
Limited (“NGX”) (formerly Nigerian Stock Exchange)
Rulebook (2015) (the “Rulebook”), the establishment of
the Programme by the Company is not considered a
related party transaction and therefore not impacted
by the NGX’s Rules Governing Transactions with
Related Parties or Interested Persons; as the proposed
transaction only enables shareholders exercise their
inherent rights in an orderly manner. Accordingly, all
shareholders - including MTNI - are entitled to vote on
the resolution, at the AGM.
The Programme, upon establishment and registration
with the SEC, will be valid for three (3) years from the
date of SEC approval of the Programme (save as may
be extended further to obtaining the approval of the
SEC). The shareholder resolution will remain valid for the
duration of the Programme.
Shareholders are requested to kindly vote in favour of
the motions to approve the establishment of the Equity
Shelf Programme and use of the Company’s information
in offer documents to be issued in connection with the
Programme.
Resolution 8(5): Approval for General Mandate for
Recurrent Transactions with Related Parties
8.5 “That a general mandate be given to the Company
to enter into recurrent transactions with related
parties for the Company’s day-to-day operations,
including the procurement of goods and services,
on normal commercial terms, in compliance with the
Persons”.
Explanatory Note
The resolution is proposed in accordance with Rule
20.8 of the NGX Rulebook 2015. Rule 20.8 of the
NGX Rulebook provides that a company may seek a
general mandate from securities holders for recurrent
transactions of revenue or trading nature or those
necessary for its day-to-day operations such as the
14 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 15

Explanatory Notes to the Resolutions to be proposed at the AGM

Who We Are

purchase and sale of supplies and materials, but not in
respect of the purchase or sale of assets, undertakings
or businesses. A general mandate is subject to annual
renewal.
Kindly vote in favour of the motion to grant a general
mandate to the Company.
(3) A Director shall be counted for the purpose of
forming a quorum notwithstanding that he may be
disqualified from voting under this Article.”
9.5 Alter the current Article 41 (new Article 44) thus:
“The Directors may exercise all powers of the
Company to borrow money, and to mortgage or

Shareholders will be requested to consider the following

charge its undertaking, property and uncalled
capital or any part thereof, and to issue MTN Nigeria Communications PLC
special business and pass as special resolutions of the debentures, debenture stock and other securities
Company. whether outright or as security for any debt, liability
or obligation of the Company or of any third party is part of the MTN Group...
Resolutions 9(1) and 9(5): Alteration of the Articles of provided that the aggregate amount at any time
Association

9.1 “That the Articles of Association of the Company be

and are hereby altered to incorporate the provisions
set out below as directed by the NGX and the
Articles be re-numbered accordingly.”
9.2 A new Article 8: “No fee shall be payable in respect
of any transfer lodged for registration.”
9.3 A new Article 9: “The Company may refuse to
register more than 3 (three) persons as joint
holders of a share, provided that such right of Articles of Association of the Company are in fulfilment
refusal shall not apply to executors or trustees of a
deceased holder.”
9.4 A new Article 33: “A Director shall be capable
of contracting or participating in the profits
of any contract with the Company in the to the Articles of Association.
same manner as if he were not a Director subject
nevertheless to the following provisions:
(1) He shall declare the nature of his interests in
any contract or proposed contract in which he is
interested; and
owing in respect of moneys borrowed by the
Company and its subsidiaries (exclusive of inter-
company borrowings and temporary loans) shall
an emerging market communication
not exceed a reasonable amount except with the
consent of the Company in general meeting.“ services provider at the forefront of
Explanatory Note
Pursuant to the Listing by Introduction of the Company’s
securities on the NGX in 2019, the Company gave an
technological and digital innovation
undertaking to alter certain provisions in its Articles
of Association to align with the requirements of the
Rulebook. Accordingly, the proposed amendments to the
with a presence in 21 countries in
Africa and the Middle East.
of this undertaking.
In view of the foregoing, we urge you to kindly vote in
favour of the motion to approve the proposed alterations
MTN Nigeria currently serves over 76.5 million people and communities
nationwide. Our enduring industry leadership in coverage, capacity and
innovation, reflect the steadfast and progressive nature of our customer base
from day one.

(2) After he has become interested therein and a conflict

has been established, he shall not vote as a Director
in respect of the contract or proposed contract or MTN Group: Located in

21countries
any matter arising therefrom and if he does so vote,
his vote shall not be counted. The prohibition against
voting shall not, however, apply to:
a. any contract or arrangement for giving security
to a Director for advances made or to be
made by him to the Company or for liabilities MTN Group: Subscribers worldwide
or obligation whether by way of guarantee or
otherwise, incurred or assumed to the benefit
of the company; or
273.4million
b. any contract for or relating to the subscription by
a Director (whether absolutely or conditionally) MTN Nigeria: Subscribers nationwide

76.5million
for any shares or debentures of the Company
or of any Company in which this Company is
interested; or
c. any contract or arrangement with any other
Company, in which he is interested only as a
director, officer, employee or as holder of any of
its shares or other securities; provided that the The MTN Group has operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire , Ghana, Guinea Bissau, Guinea
Directors shall in establishing the existence of Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland,
a conflict adhere to the Company’s Conflict of Syria, Uganda, Yemen and Zambia. MTN also has ISP licences in Namibia and Kenya and a Value Added Service licence in
Interest Policy. Ethiopia.
16 MTN Nigeria Communications PLC
Who We Are - continued
Our purpose is
to make lives brighter
Inspired by our vision, driven by an
unshakeable belief, and guided by our values,
we work towards one purpose - to make our
customers’ lives a whole lot BRIGHTER.
Our vision is
to lead the delivery of a
bold, new digital world
A proudly Nigerian company with a rich African heritage,
we are committed to using our technology and assets
to help build a better tomorrow - where businesses
expand; the economy grows, and people progress.
Guided by the principle of shared value which enables
shared prosperity; we know that the success and
growth of our business are tied to the wellbeing
and development of the communities where we live
and work. That is why we are constantly looking for
opportunities and possibilities, to make a positive and
sustainable impact.
The opportunity we have been granted to play a role
in Nigeria’s evolution has been our great privilege.
From this vantage point, we have borne witness to
the ingenuity, drive, and resilience at the heart of our
great nation. We understand that with real access and
support, there is nothing Nigerians cannot achieve. And
they choose us.
People, businesses and communities across the country
have kept faith with us for over 18 years; trusting us to
connect them with each other and the world.
Annual Report and Financial Statements 2020 17
Our values
define what is important
to us, they guide our
conduct and inform our
actions
Our people drive our success and exemplify
leadership, innovation, relationships, integrity
and a can-do spirit – MTN’s core values.
In a complex world of constant, rapid change
and an ever-changing business environment,
our organisational values are guiding
principles that help shape our culture, inform
our decisions and define our company. They
are a shared set of beliefs that drive our
behaviour and bind us together; permeating
every aspect of our company, including our
relationships with and among our employees,
customers and partners.
We believe
everyone deserves the
benefits of a modern,
connected life
Our dedication to enabling connections
that matter – among families, friends and
communities is fuelled by this conviction, and has
not faltered since the very first call was made on
the MTN network - at Maritime House Apapa on
May 16 2001.
This commitment, coupled with the support and
trust placed in us by our customers, have made
our growth and success possible.
18 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 19

A brief history of
MTN Nigeria

The history of MTN Nigeria overlaps with some of the most

revolutionary events that have taken place in the telecoms sector of
the country and one story cannot be told without touching on the
other.
Prior to deregulation of the sector, the telecoms industry witnessed
limitations in infrastructure and quality of service. However, in
1992, the Nigerian Communications Commission was established
which paved the way for the democratization of the Nigerian
telecommunications space, through the auction of licenses to private
sector players.
The sheer size of the market and its hunger for communications
technology made Nigeria an extremely compelling proposition.
In collaboration with local partners and notwithstanding local
reservations, the MTN Group was determined to invest by bidding for
the GSM 900 and GSM 1800 license. On the 19th of January 2001,
the MTN Group won their bid and became one of 5 international
companies to do so. This would enable the birth of MTN Nigeria and
thus irrefutably change the landscape of the telecoms industry.
In a matter of months, the first call was made in Lagos and by 2003,
just 2 years after, MTN Nigeria had connected 1 million customers.
Since then, we have been central to the exponential growth
witnessed in the industry, and remain a major player in the Nigerian
telecommunications market which is arguably the largest and the
most competitive in Africa.
Comprehensive planning and a robust infrastructure meant that
network rollout was seamless and swift, a fact for which MTN Nigeria
won awards. In the subsequent years, voice services were soon
followed by the provision of data with major investments in fibre
optics and 4G expansions; further expanding capacity and the ability
to provide communication solutions through video and content, and
the delivery of mobile financial services. HISTORICAL MILESTONES
MTN Nigeria’s customers, stakeholders and now shareholders have
remained at the heart of major investments made in the expansion of
MTN’s network coverage, capacity and quality of service. This has led 2001 2003 2004 2005 2006 2007 2010 2013 2014
to the design and development of communication solutions across
formal and informal sectors in the country that have enabled growth,
transformed livelihoods, and ultimately many parts of the national
economy. • Tower business
• First call • Connected • Incorporated • Launched • Connected • Acquired 3G • Commissioned • Connected
one of the transferred to IHS,
Since MTN Nigeria began operations, it has created over 2.5 million made 1 million MTN Nigeria fibre 10 million spectrum; 50 million
largest network streamlining operations;
jobs, contributed over N2.3 trillion to the national purse in taxes, on MTN subscribers Foundation network subscribers • Awarded subscribers
switching • Launched mobile financial
levies and fees. Its innovative services have benefited stakeholders Nigeria Unified
centres in services (Diamond Y’ello &
in the telecoms industry and has impacted Nigeria’s socio-economic network Licence
Africa On Demand)
growth and development favourably. It has become known for its wide
network coverage, operational stability and fast Internet connectivity,
serving about 5% of Africa’s population.

In 2019, MTN Nigeria became the first network to conduct trials for 2020 2019 2018 2017 2016 2015
5G technologies in West Africa, and became listed on the Premium
Board of the Nigerian Exchange Limited, a milestone achievement.

Top Right: One of MTN Nigeria’s earliest customers, Joy Taylor, receiving • Launched trial • Became listed • Set up Yello • Launched • Acquired • Acquired
her phone. In 2003, just 2 years after starting operations, MTN Nigeria had eSIM card on the Premium Digital Financial BRIGHT 2.6GHz Visafone;
connected up to one million customers. services; Board of Services strategy; spectrum; • 700MHz
• Commenced the Nigerian Limited; • Modernised • 4G launch in spectrum
Main Right: A photograph taken in 2006, of an MTN Nigeria friendship National Exchange • Launched subscriber Lagos, Abuja acquisition;
centre in Enugu. Over a decade later, MTNN’s services have evolved, Roaming trial Limited; Africa’s first 3G definition and Port • Launched
growing from voice calls, to providing data, better call quality and with 9Mobile; • Obtained Super- smart feature Harcourt; MTN Music+
an extensive coverage. From 2G to 4G, we have always focused on • Launched Y’ello Agent licence; phone • Reached NCC
giving our customers greater freedom to live their best lives. Hope: COVID-19 • Conducted 5G fine resolution
support technology trial,
first in West
Africa
20 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 21

A brief history of MTN Nigeria - continued Recent Awards

and Recognition
OUR STORY IN NUMBERS

Good together...
Buoyed by the
Commercial launch unstoppable spirit of
August 8, 2001 the people we serve,

76.5
MTN is Nigeria’s
Serves over 76.5m customers premier provider
of communication
In September 2020, MTN
million+ Employs over 1,856 people solutions, and one of the
largest mobile service
Nigeria won the year’s
subscribers Listed on the Nigerian Exchange providers in Africa and Risk Award, for the Most
Limited May 16, 2019 the Middle East.
Responsive Organisation
Shares held by over 8,392 For this, we are grateful
investors to YOU. to the Covid-19 Crisis, in
recognition of our efforts
to support the national
Extensive coverage
response to the pandemic.
We marvel at your
2G population coverage: 88.9%
indomitable spirit MTN Nigeria was also
3G population coverage: 80.4%
and round-the- recognized for its Human
88.9%
4G population coverage: 60.1% clock pursuit of
20 million Nigerians live in places progress. Striving Resource values, with the
to keep up with
coverage where MTN is the sole provider
you, we have Investors in People (IIP)
nationwide Over 16,700 base stations
14 switching centres
continued to
expand coverage
“Employer of the Year:
Over 29,550 km of fibre and capacity. Platinum 250+” award in
Over 410 customer touchpoints You keep going… November 2020.
Over 395,000 mobile money agents

Enabling growth and

transformation A powerhouse of ideas,
we remain in awe as
Serving over 11,000 businesses you create, evolve and
including 2,100 corporations grow your business

1.6bn+ Facilitating over 1.6 Billion financial

transactions via USSD
from the comforts
of home, shared Awards Awarding Body Year
USSD Connecting over 117,500 automatic
workspaces, workshops
and traditional offices. 1 Most Responsive Organisation to Nigeria Risk Awards 2020
transactions tellers and point-of-sale devices
You worked with us to
Protecting over 11,700 vehicles the Covid-19 crisis
develop solutions and
Carrier of carriers to over 180 services tailored to suit
ISPs (Internet Service Providers), your needs.
Carriers and ICT resellers 2 Most valuable multinational brand Top 50 Brands Nigeria 2020
Created over 600,000 direct and
indirect employment through trade
partners and agents

3 Top CEO Award Businessday 2020

- Ferdi Moolman, CEO MTN Nigeria
Giving where we live

Working with you to support We are inspired as

4 Brand of the year Marketing Edge Awards 2020

N22 28.8 million people you leap from one

accomplishment to

bn+ 860 projects across 36 States

and the FCT
the next, bringing the
entire community
Corporate forward with you.
You welcomed us and 5 Employer of the Year Investors in People 2020
Social Over N22 billion invested in
made it possible to - Platinum category
Investment various projects across the walk in step with you.
country through MTN Nigeria
Foundation
22 MTN Nigeria Communications PLC
MTN Nigeria’s
response to
the COVID 19
pandemic
During the first quarter of 2020, when
it became apparent that the Covid-19
pandemic had gained momentum, one
of MTN Nigeria’s objectives was to
support national efforts to contain the
virus and thereby mitigate its social
and economic impact. It was important
that our communities continued to
make connections to loved ones, critical
resources and support.
Informative and striking, the ‘Wear it For
Me” campaign resonated with people in our
communities, driving home the need to act
responsibly, for the good of one another.
Annual Report and Financial Statements 2020 23
Over 4bn free sms sent in 3 months
Over 1.7m free money transfers by about
Customers 100,000 people using the MoMo Agent Network
N20.3 Over 3,000 Terrabytes’ free data used to access
zero-rated health websites
billion Daily free access to Ayoba messaging app.
including:
Zero-rated access to educational websites for
students and pupils.
Frontline N500m in Personal Protective Equipment - PPE
and medical supplies from MTN Foundation
workers
N503
Toll-free lines (for 3 months) to help support
consultations for high-risk patients and
on-call doctors
million 350kva generator - Given to the Nigeria Centre
including: for Disease Control - NCDC’s Abuja Isolation
centre
The Revv Programme
- Over 24,000 registered for masterclasses
Communities
- Empowerment tools and awareness creation
& businesses opportunities for 200 SMEs (the Y’ello 200)
N1.05 N1bn - CACOVID fund.
billion
Y’ello Hope
N10m food - Lekki Foodbank.
including: N5m technical & mentorship support - COVID
Innovation Challenge
A broad set of initiatives (valued at approximately
N1.4bn in airtime, toll-free lines, devices and
N25 billion) deployed to support national efforts
data - NCDC at containing the spread of the COVID-19 virus,
Government
N500m in airtime, devices, data, and analytics
- 36 State Governments and FCT
mitigate the pandemic’s social and economic
N4.2 N9.2 m in data and airtime - impact, and keep our customers connected to their
billion
Lagos State Government
loved ones, critical resources, and support.
N3.6 million in data - Federal Ministry of Health
including: https://www.mtnonline.com/covid-19/
Toll-free lines & airtime - Ministry of
Humanitarian Affairs, Disaster Management,
and Social Development
24 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 25

Key Financial Highlights

Revenue and ARPU EBITDA

-1.2% 9.7% Growth 2020 2019 2018 2017 2016

2020: N1,501 2020: N685.7 bn (N billion, unless otherwise indicated)
2019: N1,519 2019: N625bn

Subscribers (million) 19.0% 76.5 64.3 58.2 52.31 61.8

15.1% ARPU2 -1.2% 1,501.0 1,519.1 1,503.2 1,411.2 1,071.5
2020: N1,346.4bn
2019: N1,169.8bn
Revenue 15.1% 1,346.4 1,169.8 1,039.1 887.2 793.7

Voice revenue 5.9% 897.9 848.3 782.3 657.6 608.6

ARPU Data3 51.2% 332.4 219.9 154.4 107.3 57.6
Digital4 107.2% 9.5 4.6 20.0 60.3 80.0
Revenue Fintech 27.3% 44.8 35.2 28.6 21.5 12.8
Others5 -0.1% 61.7 61.8 53.8 40.5 34.0
‘20 ‘19 ‘18 ‘17 ‘16
‘20 ‘19 ‘18 ‘17 ‘16
EBITDA6 9.7% 685.7 625.0 433.9 345.6 356.0

Capital Expenditure Revenue EBITDA margin6 (% of revenue) 2.5pp 50.9% 53.4% 41.8% 39.0% 44.9%

15.2% Voice 5.9% Data 51.2% Capital expenditure7 15.2% 240.1 208.3 184.2 225.4 196.0
2020: N240.1bn 2020: N897.9bn 2020: N332.4bn
2019: N208.3bn 2019: N848.3bn 2019: N219.9bn
Capital expenditure margin (% of revenue) 0.02pp 17.8% 17.8% 25.5% 25.5% 24.7%

Adjusted Free Cash Flow (AFCF)8 2.7% 429.9 418.8 223.3 143.0 191.0

AFCF margin (% of revenue) -3.9pp 31.9% 35.8% 21.5% 16.2% 24.1%

Notes:
‘20 ‘19 ‘18 ‘17 ‘16 1
In June 2017, MTN Nigeria initiated subscriber redefinition to accurately reflect the active customer base and exclude
‘20 ‘19 ‘18 ‘17 ‘16 ‘20 ‘19 ‘18 ‘17 ‘16
customers whose transactions are limited to incoming SMS messages, incoming calls on its network and airtime refills
from the active subscriber definition.
AFCF (Adjusted Free Cash Flow) ARPU - Average revenue per user.
2
Digital 107.2% Fintech 27.3%
Data revenue includes fixed data.
3

2.7% 2020: N9.5bn

2019: N4.6bn
2020: N44.8bn
2019: N35.2bn Digital revenue consists of revenue generated from rich media services, content VAS and mobile advertising.
4
2020: N429.9bn
2019: N418.8bn Other revenue consists of revenue from SMS, ICT and Infrastructure, devices, leased line and non-service revenue.
5

EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) includes the impact of N19.2 billion CBN resolution
6

(2018). IFRS 16 relating to accounting for leases was implemented in 2019 and EBITDA relating to periods prior to 2019
was prepared on an IAS 17 basis where lease expenses were included in EBITDA.
2020 and 2019 capital expenditure excludes the impact of IFRS 16.
7

AFCF excludes non-cash transactions.

8

‘20 ‘19 ‘18 ‘17 ‘16 ‘20 ‘19 ‘18 ‘17 ‘16 ‘20 ‘19 ‘18 ‘17 ‘16
26 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 27

Chairman’s Statement

“...2020 was a unique year that

challenged each of us. Despite
this, our Company performed
well, delivering returns to
shareholders, while intervening
across the value chain to
support our stakeholders in
navigating the pandemic.”

Dear Shareholders stories of the health, social and

financial consequences of the Dividend Per Share

It is my great delight to welcome you
all to the 2020 Annual General Meeting
of our Company and to present to
you the Annual Report and Financial
Statements for the year ended 31st
December 2020.
18.7%
pandemic despite the collective best
efforts of government and the private
sector. Within MTN Nigeria, sixty-six of
our employees were diagnosed with 2020: N9.40k | 2019: N7.92k
COVID-19 in the year. While sixty five
have fully recovered, regrettably, one
employee passed on. Our thoughts 2020 PROFIT BEFORE TAX

The onset of a global pandemic
at the very beginning of the year,
caused unprecedented disruptions,
challenging even the most resilient
of businesses and impacting the
lives and livelihoods of most people
nationwide. Thanks to the quick
2.6%
and prayers remain with all those
around the country, who lost loved
ones or are struggling with health
issues related to the virus. 2020: N298.9bn; 2019: N291.3bn
Navigating the Pandemic
2020 SERVICE REVENUE

14.7%
response of the board and executive The response of our workforce - their
management, who ensured that resilience, innovation, commitment,
the company was able to swiftly re- and empathy, have made me and my
organise operational procedures and fellow members of the Board of MTN
2020: N1.3 trillion | 2019: 1.2 trillion
processes to enable us cope with the Nigeria incredibly proud. Beyond
Dr. Ernest Ndukwe, OFR disruptions. The nation also woke up the direct impact of the challenges
Chairman to a greatly enhanced dependence experienced by all, our people had to
on the services provided by the maintain and enhance the network
information and communications during a time of unprecedented
technology industry occasioned by demand to continue delivering
extended periods of lockdown and services. This way everyone could
restrictions on movements of people. stay connected, conduct business
Our company lived up to the challenge and access information when, how
with the deployment of manpower and and wherever they wanted. The
material resources to enhance our company rapidly embraced the
capacity, minimise service disruptionswork from home structure to ensure
and downtime. business continuity together with the
implementation of intensified health
Regrettably, most people were faced and safety measures to protect the
with the now-familiar and distressing wellbeing of our staff.
28 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 29

Chairman’s Statement - continued

Right: Karl Olutokun Toriola was announced

CEO designate on October 26 2020 and
assumed office on March 1 2021.
Mr. Toriola has an intimate understanding of
the telco business with over 14 years in the
MTN family.

Far Left: Ferdi Moolman, the outgoing Chief

Executive Officer of MTN Nigeria, makes a
comment on proceedings during MTN Nigeria’s
1st Annual General Meeting after being listed on
the Nigerian Stock Exchange. The Chairman,
Dr. Ernest Ndukwe (middle) and the Company
Secretary Uto Ukpanah, (right) look on.

The Y’ello Hope Initiative
Not only was MTN Nigeria going to
have to find ways of operating in
the ‘new normal’ but we had to be at
the forefront of supporting the fight
against the pandemic. As a result, we
acted swiftly to offer support to the
national response with the launch
of what we call Y’ello Hope - a broad
set of initiatives deployed to support
national efforts at containing the
spread of the COVID-19 virus,
mitigating the social and economic
impact, and keeping our customers
connected. Through Y’ello Hope,
we provided support to a broad
base of stakeholders to the value of
approximately N25 billion.
We also launched various initiatives
to provide support for our people,
customers, and various agencies of
Government. Working closely with
the COVID-19 Presidential Task
Force, Ministry of Health, Nigerian
Centre for Disease Control (NCDC)
as well as State governments, we
provided access to our infrastructure
to help coordinate the response. We
also provided data, airtime, devices
and SMS channels to each of these
organisations, helping them stay in
touch with each other and the wider
population; and provided personal
protective equipment (PPE) to frontline
workers.
Access to critical information websites
such as NCDC, World Health
Organisation, and Federal Ministry of
Health was zero-rated to ensure our
customers had credible information.
We also provided free SMS to all
customers, ensuring that the more
vulnerable in the society were able to
send messages and stay connected
to family and friends while complying
with social distancing imperatives.
Working with other operating
companies in the MTN Group, we
leveraged the power of community
and the family ties that bind us in
deploying the continent-wide Wear-
it-for-me campaign to help create
awareness around wearing masks. At
the request of government, we paid
our taxes early, ahead of established
deadlines, to support the Federal
Inland Revenue Services’ revenue
acceleration efforts.
Macro Economic Overview
The global economy in 2020 slumped
into its worst economic downturn
since the great depression of the
1930s, due to the COVID-19 health
pandemic. Governments all over the
world deployed stringent measures
to flatten the COVID-19 infection
curve, which resulted in slowing down
of business activities. Nigeria was
not left out of the global economic
and healthcare challenges of
2020. Against the backdrop of the
lockdown imposed in April 2020 and
other restrictions introduced by both
states and Federal authorities, the
economy shrank by 6.1% year-on-
year in the second quarter of 2020,
and a recession was confirmed by
the third quarter of the year when
the economy contracted by 3.6%
year-on-year. However, the recession
turned out to be short-lived, as the
economy made an early V-shaped
recovery in quarter four, growing
by a marginal 0.11% year-on-year.
Overall, economic activities shrank by
1.92% in full year 2020, representing
the worst annual growth since 1993
(-2.0%). The oil and gas sector was
the most affected, as it shrank by
8.9% due to the OPEC+ oil production
cuts. The non-oil sector was more
resilient at -1.3%, thanks to strong
performance by sub-sectors such as
agriculture and telecommunication
and information services.
Consumer prices came under
increased pressures in 2020, due
to several factors, including the
border closures in 2019, impact of
COVID-19 restrictions on supply
chains, depreciation of the currency,
and increase in prices of petrol and
power tariffs. Nigeria’s headline
inflation rate printed at a 3-year high
of 15.75% year-on-year in December
2020, an increase of 377 basis points
compared to 11.98% year-on-year
in December 2019. The exchange
rate also came under pressure in
the year, as the Naira weakened
against the U.S Dollar across all the
segments of the foreign exchange
market. Notably, the Naira weakened
in the Investors’ and Exporters’
foreign exchange window by 11%
to N410.30/US$, and by 19% in the
official window to N379.00/US$. In
addition, liquidity declined sharply in
the investors’ and exporters’ window,
with an average daily transaction
volume of US$145mn, down 45% from
US$263mn in 2019. The weak liquidity
in the regulated segments of the
market led to a wider parallel market
premium, as the Naira exchanged for
N470.00/US$ in the parallel market in
December 2020.
In 2021, the global economy is expected
to enter a synchronised expansion
phase, mainly due to earlier than
expected discovery of vaccines, rollout
of the vaccines, as well as strong fiscal
and monetary stimuli. The IMF expects
Nigeria to make a stronger recovery
from the COVID-19 induced recession,
with an estimated GDP growth of
2.5%. The recovery is expected to be
powered by improvement in global oil
prices, re-opening of the economy and
sustained fiscal and monetary support
for businesses and households.
However, inflationary pressures are
expected to remain elevated in 2021,
particularly in the first half of the
year, due to subsisting food supply
chain challenges and adjustments in
fuel prices. In the foreign exchange
market, the existing parallel market
premium suggests a possibility of
further adjustments in the Investors’
and Exporters’ window, while the
Central Bank of Nigeria is also
expected to increase its intervention
sales across all segments of the
foreign exchange market.
Performance Overview
Despite the challenging operating
conditions during the year, I am
happy to report that our Company
recorded improved performance
across all key metrics, creating
the shareholder value achieved.
This performance demonstrates
the success of cost optimisation
measures initiated during the year,
the strong operational execution
of our people and resilience in our
business.
Service revenue increased by
14.7% year-on-year to N1.3
trillion driven by growth in voice
and data revenue;
Voice revenue increased by 5.9%
to N897.9 billion;
Data revenue rose by 51.2% to
N332.4 billion;
Earnings before interest, tax,
depreciation, and amortisation
grew by 9.7% to N685.7 billion
Profit before tax grew by 2.6% to
N298.9 billion
Profit after tax rose by 0.9% to
N205.2 billion
Following from our good operating
results and in line with our dividend
policy, the Board has recommended a
final dividend of N5.90 kobo per share
to be paid out of distributable net
income. This brings the total dividend
for the year to N9.40 kobo per share,
representing an increase of 18.7%.
We recognise that the availability of
foreign exchange remains a constraint
for our offshore shareholders,
however we will continue to explore
market determined sources for
dividend repatriation.
30 MTN Nigeria Communications PLC
Chairman’s Statement - continued
Board and Governance
As an entity listed on the Premium
Board of the Nigerian Exchange
Limited, we regard corporate
governance as the bedrock for the
Company’s sustainable growth.
We therefore continue to make
purposeful efforts to optimise our
governance standards and practices.
As a board, we are conscious
that our primary responsibility to
shareholders is to ensure that we
possess the expertise and levels of
independence necessary to perform
our oversight responsibilities and add
value to the Board’s deliberations.
In these uncertain times, the
Board’s priority has been to support
the Management Team without
encroaching on its operational role
while also safeguarding longer-
term shareholder and stakeholder
interests. During the Board Strategy
session held in October 2020,
we encouraged Management to
undertake a broad strategic re-
evaluation that would entail bold
moves. The Board identified and
continues to monitor the execution
of those strategic priorities.
Mr. Rob Shuter, the former MTN
Group President/Chief Executive
Officer (CEO), resigned as a Non-
Executive Director of MTN Nigeria
with effect from 1st September 2020
following his disengagement from
MTN Group. We thank him for his
services.
Mr Ferdi Moolman completed his
term as CEO of MTN Nigeria, after
five years of meritorious service
to the company, by the end of
February 2021. I would like you to
join me in thanking Ferdi for the
great successes recorded during his
tenure and the passion he brought.
He has since taken up a new role at
MTN Group as the Chief Risk Officer
and remains on the Board of MTN
Nigeria as a Non-Executive Director.
I am particularly pleased to welcome
our new Chief Executive Officer
(CEO), Mr Karl Toriola, who has
been a longstanding member of the
Board of MTN Nigeria. Karl, whose
appointment was effective 1st March
2021, is saddled with the task of
leading our Company through the
next phase of expansion and growth.
Please join me in wishing Karl a very
successful tenure.
During the year, we also welcomed Mr.
Modupe Kadri as Executive Director/
Chief Financial Officer, effective 1st
March 2020. Ms. Tsholofelo Molefe,
the Group Chief Financial Officer, was
recently appointed to the Board as a
Non-Executive Director effective 3rd
May 2021.
We are pleased that these
appointments will further strengthen
the capacity and diversity of our
Board to deliver on its corporate
governance responsibilities.
MTN Nigeria Foundation
Our corporate social investment
activities are driven by MTN Nigeria
Foundation (MTNF) and powered
by our dedicated commitment of up
to 1% of our profit after tax (PAT)
to the MTNF. Driven by our belief
that thriving communities can only
bring good to all, the MTN Nigeria
Foundation continues to engage
in activities and interventions that
improve the quality of lives and
positively impact our communities.
In the course of the year, MTNF
supported the fight against
COVID-19 through the donation of
Personal Protective Equipment worth
N250million to the NCDC. Our strong
commitment to Youth Development
remained unwavering as over 6,000
Youths were empowered through
the MTN scholarships, the ICT/Digital
skills training and the Employability
workshops. In partnership with the
Bank of Industry (BOI), the Foundation
awarded grants and equipment loans
to emerging entrepreneurs and
SMEs. Our communities were not left
out as we equipped Primary Health
Care Centres in partnership with
the National Primary Health Care
Development Agency (NPHCDA) and
installed solar powered boreholes in
various communities.
Since inception, MTN has invested over
N22.7billion through the Foundation,
evidenced in over 860 projects
spanning the 36 states of the country
and the Federal Capital Territory.
These projects have benefited over 28
million people pan – Nigeria.
Annual Report and Financial Statements 2020 31
We launched our maiden Sustainability
Report during the year covering our
sustainability activities in 2019. At MTN
Nigeria, we are always committed to
making a difference in the lives of the
people we serve, the communities in
which we operate and the environment
that provides us with the needed
resources to meet our business goals.
To this effect, we continue to align
our efforts with the United Nations
Sustainable Development Goals and
constantly look for opportunities to
make positive and sustainable impact
through various human-centred
initiatives.
to invest heavily in expanding our achievements of the BRIGHT Finally, on behalf of the Board, I wish
networks in time to meet the ever- strategy in the past four years lay to thank our very talented workforce,
Environmental, Social and
growing demands of our customers the foundation for our new strategy including staff and Management, for
Governance (ESG) at the Core
and maintain our market leadership. called “Ambition 2025”. Ambition their passion and enthusiasm. It is this
We are also well placed to unlock 2025 is built on four key strategic collective effort that has ensured that
Aligned to business priorities, ESG
the opportunities that have arisen priorities: build the largest and most we have come through this period
principles remain at the core of
in the areas of financial inclusion valuable platforms, drive industry with the commendable performance
everything we do. Our priorities
along with the rising demand for leading connectivity operation, achieved and which we are confident
at MTN Nigeria are aligned to
connectivity and digitalisation. create shared value and accelerate will continue in 2021.
drive sustainability through eco-
portfolio transformation. These
responsibility, sound governance and
We remain focused on the safety and priorities will define the focus of our Thank you.
economic value for all.
well-being of our staff, customers Company for the next five years.
and broader stakeholders while
Looking ahead to a Future of
we safeguard our liquidity and Appreciation
Continued Growth
financial position. We reiterate our
commitment to continue supporting I want to take this opportunity
Though the operating environment
Government’s efforts through to thank our shareholders, our
remains challenging and uncertain
our Y’ello Hope Programme by customers, our business partners
due to the effects of the pandemic,
engaging strongly in intervening and other stakeholders for your trust,
we remain optimistic of good
across the value chain to support loyalty and support during the year.
performance of our business well
our stakeholders in navigating the The Board has always encouraged
into the future. The products and
challenges of the pandemic. a good working relationship with
services we provide have continued Dr. Ernest Ndukwe, OFR
governments at all levels and the
to be invaluable and essential to Chairman
We have refined our strategy to Regulatory bodies that oversee our
enhancing the standard of living for
enable us continue to take advantage businesses and I want to thank them (FRC/2020/003/00000020337)
everyone. We will therefore continue
of emerging opportunities. The for their valued support.
32 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 33

Overview
Strategic Report 06 Notice of Annual General Meeting (AGM)

34 Business Model and Strategy 07 Who We Are

41 Chief Executive Officer’s Statement 10 A Brief History of MTN Nigeria Communications PLC (MTN Nigeria)

46 Our People and Culture 13 Recent Awards and Recognition

51 Risk Management 14 Key Financial Highlights

58 Corporate Social Investment 17 Chairman’s Statement

MTN Nigeria Communications Plc consistently adheres to a rigorous framework of

processes and systems that underpin the many facets of its business activities.
34 MTN Nigeria Communications PLC
Business Model and Strategy
2020 characterised new
ways of interaction,
replacing more
traditional modes of
engagement....
...This ‘new norm’ reinforced
our core belief that “everyone
deserves the benefits of a
modern connected life”, as
individuals and businesses
needed to rely on digital to stay
connected.
We adapted to the peculiarity
of the times, leveraging digital
platforms in furtherance of customer
engagement, operations
Social
(our people & communities)
Commercial
(Including our customers)
Network
& supply chain
Funding
& liquidity
Annual Report and Financial Statements 2020 35
Enterprise
Consumer Wholesale
Our
segments
and service delivery at scale. We For our most valued stakeholders, Our segments leverage our assets to provide services. Key activities include
were particularly committed to our customers, we provided a robust Our customer segmentation high-quality services to wholesale making and receiving calls, social
continuous engagement with all our set of data and digital solutions and philosophy is anchored on the customers. media, remote payment options, and
customer segments and provided a platforms for continuous customer premise of developing a deeper limited time on online entertainment
robust set of data, digital solutions, engagement. knowledge of and relationship with A. Consumer platforms.
and platforms for this purpose. these segments, adopting the ‘EPIC’ This segment provides us with the
MTN Nigeria acted swiftly to address (easy, personalised, in-control and unique opportunity to offer tailored Key products and propositions
For our staff, we initiated remote the various challenges resulting from connected offerings) concept for products and services to different
work before the lockdown by the the COVID-19 pandemic. designing suitable products and groups based on needs. Below is a • TruTalk
Federal Government was enforced, engagement platforms to drive brief description of each group: • BetaTalk
facilitated by a strong set of workflow growth in each segment. • Yafun Yafun
systems and productivity tools. High value • Ayoba instant messaging App
We still maintain three broad These are heavy users of our voice, • MTN Beep
customer segments, which we data and/ or digital services. Key
have further segmented based on activities include business meetings, Youth segment
demographics and behavioural connecting with family and friends This segment covers the
characteristics. through calls, entertainment (digital undergraduate and young
Impact Managing the crisis Future focus services e.g. music, videos), etc. professionals, with interest towards
Consumer social networking, entertainment/
• Economic slowdown • Y’ello Hope • Agile work Key products and propositions infotainment, gaming, etc
• Lockdowns • Work from home • Support to staff & communities • High value
• Health & wellbeing • Safety measures • Continued support for Government’s • Mass market • MTN HyNetflex Key products and propositions
efforts in combatting the pandemic
• Youth • XtraValue Carte/ Xtratime
• Teen • Music Time • Pulse
• Affordability pressure • Digital channels ramped up • Accelerate digitalisation • Ayoba instant messaging App,
• Lower transactions • Zero rated sites & transaction fee • Stimulate usage Enterprise Mass market • Music Time
• Shift from voice to data on person to person transfers • Home connectivity
These sub-segments are moderate • MTN CallerTunez
• Payment moratorium and Revv
support programme for MSMEs • Large corporates and multilateral to low users of voice, data and digital • GoodyBag Social
agencies
• Site rollout delays • Focus on resilience & capacity • Resume rollout • Public sector
• Port congestion • Build an inventory of critical
parts
• Modernisation/spectrum • Small and medium scale
• Supply chain disruption • Supply chain management
enterprises (SMEs) and Small
• Leveraged bonded warehouse
at the FTZ Office/ Home office (SOHO) Affordability.
Coverage. Sepeed.
• Paucity of foreign exchange • Build financial resilience • Diversify funding sources Wholesale Everything is better with
• Currency volatility • Cash conservation & liquidity • Reduce funding costs HyNetflex Broadband!
• Volatile capital markets headroom
• Low foreign exchange exposure
As the largest player in the industry,
to borrowings with expansive fixed and mobile
infrastructure in the country, we
36 MTN Nigeria Communications PLC
Business Model and Strategy - continued
As part of our engagement plan for
the youth segment, we launched the
MTN Y’ello Star Project. This is one of
our youth capacity and empowerment
programmes in response to the
Federal Government’s call for public-
private partnership in the creative
industry.
Aimed at creating opportunities and
equipping with the competencies
to succeed in the music industry,
the programme was enabled by a
custom-built digital platform.
Approximately 10,000 youths across
the nation auditioned for the project
in 2020.
Six finalists emerged and were
sponsored to attend Berklee College
of Music USA, while the overall winner
also won a recording Session at
Power Station New York, in addition
to other benefits.
Teen segment
This segment includes individuals
within the primary and secondary
school age bracket and was designed
to drive more focus on the unique
educational and development needs
of this segment.
Key products and propositions
• mPulse
• Free daily 500MB to access
a selection of government
approved educational websites
to facilitate continuous learning.
B. Enterprise
Focused on wholesale use of our
products (voice and data), this
segment addresses the widest variety
of customer needs from simple mobile
services of Small Office/ Home Office
and micro enterprises to vertical and
bespoke needs of small, medium,
large enterprises, and public sector
institutions.
Below is a brief description of each
group:
Large Corporates
This includes large and mid-size
companies across several sectors
and industries – Energy (oil & gas,
power, etc.), Financial services
(banking, insurance, fintech, etc.),
Agriculture, etc.
Public sector
The public sector segment covers
federal and state governments and
their ministries, departments and
agencies. We provide them with
technology, advisory and digital
services.
Small and Medium-scale Enterprises
(SMEs) and Small Office/ Home
Office (SOHO)
This remains one of the most
important segments because of the
role it plays in the economy and is
typically recognised as the “engine of
growth.”
We designed an innovative suite
of products to meet their various
needs covering voice and messaging,
data centre services, web services,
cloud, internet of things, submarine
cables, networks, broadband and
enterprise mobility. These suite of
products are categorised under three
verticals - mobile, fixed and ICT.
In the wake of the economic
disruptions from the pandemic, we
designed and delivered the multi-
faceted REVV programme aimed at
supporting micro, small and medium
enterprises (MSMEs).
Annual Report and Financial Statements 2020 37
LEFT: L - R: Malik Yusef, Six-time Grammy award winner and judge Y’ello Star;
Osaze Ebueku, Senior Manager, Events and Sponsorship, MTN Nigeria; Oladotun
‘Dotti’ Okeowo, Winner, MTN Y’ello Star; Music star, Olubankole Wellington, also a
Y’ello Star Judge; and Stephen Budd, CEO Stephen Budd Management, UK at the
grand finale of the maiden edition of MTN Y’ello Star.
Over 20,000 MSMEs registered for Enterprise business product suite:
our masterclass sessions and we
provided support for 200 MSMEs
(Y’ello 200) who were selected from
the programme, helping them to
adapt to the digital marketplace.
We also delivered customised
MOBILE ICT
offerings for different verticals
to continue their activities via online
channels during the pandemic.
Mobile Postpaid
FIXED Data Hosting
• MTN Education Suite – an array
of packages to enhance online Closed User Group HyConnect Voice Mobile Advertising
learning and collaboration
among teachers and students. Device Proposition HyConnect Internet WASP*
• MTN Worship Suite – carefully
curated packages to enable RAID** IP Connect M2M***
congregations attend services,
despite social distancing.
Data Gifting Direct Connect Sponsored Data
• MTN Healthcare Suite –
intelligent calling services and
Mobile Prepaid Colocation
shareable data to hospitals Intercity & Metro
and other healthcare service
providers. Access to zero-rated SME Datashare HyNet & HyNetflex Digital Services
websites and apps to engage
with patients where physical
FibreNet
consultation is restricted or
unavailable.
• Deployment of Microsoft
All Segments Large Enterprises only SMEs only
Teams’ solution for the Nigeria
Governors’ Forum.
*WASP - Wired Application Service Providers
**RAID - Project RAID | ***M2M - Machine to Machine
C. Wholesale
To provide high-quality services to wholesale customers, Key Performance Indicators
MTN GlobalConnect was established to accelerate the In 2020, we continued to deliver on our BRIGHT
procurement of relevant infrastructure, which can be strategy’s clearly defined KPIs. Introduced in 2017
shared among the operating companies and facilitate and designed to build our core business sustainably
the routing of the traffic in the markets where MTN and strengthen operations, these KPIs are hinged on
operates. execution excellence, towards driving measurable
impact on revenue, cost and efficiency.
This enables us to make available our infrastructure to
third parties, including other telecommunications and Looking ahead we will measure our performance
technology companies and to resell excess capacity. against Ambition 2025.
38 MTN Nigeria Communications PLC
Business Model and Strategy - continued
B.R.I.G.H.T.
Elements Description
of BRIGHT
B Best customer
experience
R Returns and
efficiency
I Ignite commercial
performance
G Growth through
digital and data
H Hearts and minds
T Technology
excellence
*impacted by the lockdown restrictions which slowed down economic activity
The case for change and future focus
– How we will measure our performance against Ambition 2025
The achievements of the BRIGHT
strategy in the past four years are
the foundation for our new strategy
– Ambition 2025. BRIGHT delivered
improved core business with stronger
and more consistent operational
performance. Ambition 2025
provides the focus for the next five
years, ensuring that we continue to
evolve and stay relevant, harnessing
opportunities to create and preserve
value for our stakeholders.
Measures of Success
- Lead market Net Promoter Score
(NPS)
- Achievement of best brand in the
market
- Improvement in EBITDA margin
- Improvement in shareholder
return (dividend paid per share)
- Increase in Free Cash Flow (FCF)
- Improvement in Return on
Invested Capital (ROIC)
- Growth in mobile subscribers
- Growth in voice revenue
- Growth in enterprise and
wholesale revenue
- Growth in data subscribers
- Growth in digital subscriptions
- Growth in fintech users
- Growth in agent network
- Smartphone penetration
- Lead market in employee NPS
- Improvement in employee
engagement
- Staff turnover
- Ensure effective risk and
compliance practices
- Lead market in network NPS
- Increase in 4G population
coverage
- Increase in 3G population
coverage
The pandemic triggered a shift in the
operating environment. Lockdowns
catalysed accelerated demand for
more flexible and affordable access
to digital services, including financial
services and entertainment. The work
we had already done to prepare for
greater digital humanism put us in a
good position, but the events of 2020
gave our work new urgency. What we
had expected to evolve in five to ten
years, is happening today.
2020 Performance (vs 2019)
#1 (#1) in NPS
Won Brand of the Year Award by
Marketing Edge
50.9% (53.4%) EBITDA margin
N9.4k (N7.9k) dividend per share
N387.1bn (N375.0) FCF
33.8% (31.8%) ROIC
76.5m (64.3m) subscribers
5.9% (8.4%) voice
Enterprise* 1.5% (20.3%)
Wholesale* -1.9% (4.2%)
32.6m (25.2m) active data users
2.8m (1.0m) digital subscriptions
4.7m (0.6m) fintech subscribers
395,100 (108,000) MoMo agents
45.9% (41.9%) penetration
66% (63%) Employee NPS
88% (88%) employee engagement
3.1% (4.8%) employee turnover
105% (104%) BRM Index
#1 (#1) network NPS
60.1% (43.8%) 4G coverage
80.4% (78.2%) 3G coverage
Ambition 2025 rests on four priorities
and five vital enablers which are key to
operationalising our strategy. These
are summarised in the schematic
following:
Annual Report and Financial Statements 2020 39
Ambition 2025
Brief statement “Everybody deserves the benefits of a modern connected life”
Strategic intent Ambition 2025: :Leading digital solutions for Africa’s progress”
Drive industry
2025 strategic Build the largest Accelerate
leading Create shared
priorities & most valuable portfolio
connectivity value
platforms transformation
operations
Leading Best talent, Value based
Technology
Vital enablers ESG at the platforms
customer culture & capital
core second to
experience future skills allocation
none
Ambition 2025 is hinged on the underlying potential, attracting products and programmes
primary objective of accelerating capital through partnerships. that meet these needs for the
growth and unlocking the value of our • Drive industry-leading long-term sustainability of our
infrastructure assets and platforms. connectivity operations - business. We are also able to
This strategic path will position our strengthening our networks and better align our priorities to those
business to capture opportunities operations to deliver “second of our stakeholders, in particular,
within our market. to none” performance that the government’s development
will effectively enable future agenda as we strive to create
The four strategic pillars of Ambition data, digital and platform greater shared value.
2025: propositions. Drive effectiveness • Accelerate portfolio
• Build the largest and most and efficiencies through smart transformation -
valuable platforms – pivot decisions. enhance and crystallise the value
products currently embedded • Create shared value - of our infrastructure assets and
in our GSM business as stand- understand what matters to our platforms, through structural
alone, exposing them more stakeholders in the communities separation.
as platforms to unlock their in which we operate and design
Our strategic priorities are supported by a strong investment case summarised below:
Investment case - A compelling Nigeria growth story
Nigeria’s leading mobile Exciting demographic
operator and provider of Platforms opportunity
communication services accelerating growth • Largest telco in Africa
• #1 subscriber market share • Fast growing youthful population
• Leader with a strong competitive advantage across all • Low data, fintech and digital adoption
segments with significant lead over competitors • Partner in socioeconomic
Fintech development of our economy
API
market
Well-positioned for the long-term place ayoba Attractive return profile
• Largest fibre network in Nigeria
• Wide range of spectrum holding
• Double-digit revenue growth
• Strong cash flow generation
• Best coverage in Nigeria with #1 • Consistent dividend payment
network NPS
• Moderate leverage
• Leading brand and commercial NaaS Enterprise
proposition
Enhanced risk and regulatory framework
Deeper stakeholder relationship
Disciplined capital allocation
40 MTN Nigeria Communications PLC
Karl Olutokun Toriola
Chief Executive Officer
Chief Executive Officer’s
Statement
“I am very excited about
the impact I believe we can
make. We will continue to
pursue stronger and deeper
stakeholder relationships
and enhance shared value
across our stakeholder
ecosystem...”
Introduction
2020 was an extraordinary year for
everyone. The COVID-19 pandemic
disrupted businesses and impacted
lives and livelihoods, forcing us to
adapt, modifying the way we live, work
and engage with each other. Although
the operating environment remains
challenging, the easing of lockdown
restrictions led to improved economic
activity and market conditions. Amidst
the uncertainty and impact on our
operating environment, we were able
to emerge stronger, deliver on our
priorities for the year, and position
the business for future growth. We
recognised that we must keep rising
the best way we have learned to -
together.
That is why our priorities have
remained focused on providing a
network that brings people together,
presents a platform for everyone’s
voice to be heard, supports the
accelerated need for digitalisation.
With more people working from
home, there is an increased reliance
on a ubiquitous and effective digital
network.
Our response to COVID-19
We took swift and decisive action
establishing safeguards to
protect the health and safety of
our people, partners, customers
and communities, while ensuring
network resilience and efficiency.
Through Y’ello Hope, we provided
support to our broad base of
stakeholders to the value of
approximately N25 billion.
The immediate priority for our
people remained their wellbeing. We
equipped our staff to work remotely
and implemented health measures
and monitoring to ensure their
safety. We also launched a staff-
care emergency fund providing an
added buffer for our people.
Our customers, particularly lower-
income earners, benefitted from
the free SMS initiative introduced
in the second quarter of 2020.
This provided customers with 300
complimentary text messages every
month for three months to ensure
that they remained in touch with
friends and family. Over 4.3 billion
Annual Report and Financial Statements 2020 41
text messages were sent by more
than 75% of our subscribers. We also
zero-rated access to a range of health
and education sites, enabling our
customers to access vital information
at no cost to them. In addition, fees
for local money transfers via the
MoMo Agent Network were waived
for a month during the lockdown to
support our customers.
We also rolled out several interventions
to support the thousands of small
businesses that rely on us for
connectivity. These included the
extension of bill payment cycles for
postpaid customers at the beginning
of the crisis.
We designed and deployed the multi-
faceted REVV programme, aimed at
supporting MSMEs amid the economic
disruptions resulting from the
COVID-19 pandemic.
In line with our commitment to
supporting Government’s efforts, we
donated N1 billion to the Coalition
Against COVID-19 (CACOVID). This
private sector led group has driven
multiple initiatives, such as building
isolation centres across the country.
42 MTN Nigeria Communications PLC
Chief Executive Officer’s Statement - continued
“Following an unprecedented surge
in data traffic... we accelerated
site rollout in the second half of
the year despite restrictions and
logistics challenges. As a result,
we achieved a 60% 4G population
coverage, in line with our target”
Through the MTN Nigeria Foundation,
we delivered N250 million worth of
personal protective equipment (PPE)
to the Nigeria Centre for Disease
Control (NCDC). This is in addition
to logistics and communications
support provided to the Nigerian
Governors Forum, NCDC and State
Governments. Along with the early
payment of our taxes - ahead of
established deadlines, to support
the Federal Inland Revenue Services’
(FIRS) revenue acceleration efforts.
From a commercial and network
perspective, the demand for data
and digital services grew significantly
as lockdowns were imposed and
remained at elevated levels due to
shifts in consumer spending patterns.
In response, we deployed additional
resources to upgrade the capacity
of the network and maintain service
quality. Demand for voice services
declined in April 2020 again due to
movement restrictions which resulted
in slower economic activity and
reduced people’s earning capacity.
However, we have seen a recovery
in voice demand with voice traffic
reaching new highs as economic
activity continues to improve.
Constraints on movement, paucity
of foreign exchange and port
congestion limited the rollout of sites.
However, we accelerated site rollout
in the second half of the year despite
restrictions and logistics challenges.
As a result, we achieved 60% 4G
population coverage in 2020, in line
with our target.
We are humbled that MTN Nigeria
was named the ‘Most Responsive
Organisation to COVID-19’ at the
2020 Nigerian Risk Awards. The
award reflects our commitment
to our country and her people, as
demonstrated by our Y’ello Hope
initiatives. We will continue to provide
support as the country navigates the
pandemic and its associated impact.
Our Performance
Against the backdrop of the
macroeconomic headwinds arising
from the impact of the pandemic
and dearth of foreign exchange, as
well as the 2.5 percentage points
increase in value-added tax to
7.5% and the suspension of SIM
sales and activation, we continue
to demonstrate strong operational
execution and resilience in our
business.
Despite the introduction of additional
customer registration requirements
and the suspension of the sale and
activation of new SIMs towards the
end of the year affecting subscriber
growth, we connected 12.2 million
Sta
new subscribers to our network,
taking total subscriptions to 76.5
million. Active data users grew by
7.4 million to 32.6 million, supported
by growth in gross connections and
the expansion of our 4G network.
Our active digital subscriber base
rose by 172% to 2.8 million, mainly
driven by subscriptions for instant
messaging platform - ayoba, an
instant messaging platform. Our
Mobile Money (MoMo) business
also continued to accelerate, with
a 269.2% increase in the number of
registered agents to over 395,000
and 4.7 million active subscribers
from approximately 553,000 in 2019.
Service revenue grew by 14.7%, in line
with our medium-term targets, driven
mainly by voice and data revenue.
Voice revenue growth was 5.9%, and
although this was subdued in the
second quarter due to COVID-19
induced restrictions, we saw a pickup
in momentum into H2. Data revenue
rose by 51.2%, with increased data
usage and traffic. To accommodate
this and enhance service quality, we
focused on capacity upgrades and 4G
population coverage while expanding
our investments in rural connectivity.
Our 4G network now covers 60.1%
of the population, up from 43.8% in
2019.
y
Sa
fe 4G
Fintech revenue rose by 27.3%,
boosted by MTN Xtratime, our airtime
lending service and increased
adoption of our MoMo services.
The uptake of our digital business
continued to gain traction with the
revamp of our products and services,
improved customer journey and an
increase in the active user base. As
a result, digital revenue recorded
growth of 107.2%, reinforcing the
positive structural turnaround in the
business.
Enterprise revenue increased by 1.5%,
supported by growth in revenue from
devices and fixed connectivity. The
economic impact of the COVID-19
lockdown, particularly in the second
quarter, led to a decline in the uptake
of our products and services by
the businesses we support. We are,
however, encouraged by the recovery
that occurred in the latter part of
the year as restrictions eased and
economic activity began to improve.
Enterprise revenue was also
impacted by the non-recognition
of USSD revenue. We continue to
engage with the NCC, Central Bank
of Nigeria (CBN) and deposit money
banks (DMBs) to conclude the
operational modalities for the new
pricing framework that has been
agreed upon for USSD services.
The mechanism for and timing of
NEW SUBSCRIBERS
12.2million
TOTAL: 76.5 million
NEW Active data users
7.4million
TOTAL: 32.6 million
Data revenue
51.2%
2020: N332.4 billion | 2019: N219.9 billion
the recovery of the industry-wide
outstanding debts that exist for USSD
services provided to the DMBs form
part of this process. In the meantime,
we continue to account for USSD
revenue on a cash basis.
Capital expenditure in the year was
N298.6 billion, up 19.4%. Excluding
right of use assets, capex was up
15.2% to N240.1 billion. We accelerated
site rollout in the second half of the
year following a slowdown in the first
half due to foreign exchange paucity
and port congestion. As a result and
in line with our guidance, we were
able to increase our 4G population
coverage to 60.1% with the delivery of
5,724 sites during the year, of which
74% are 4G sites.
During the year, we expanded the
scope of our service agreement
with IHS Holding Limited (IHS) and
amended the currency conversion
provision for tower services in view of
the long-term benefits. This led to the
movement of the reference rate for
conversion to Naira, from the Central
Bank of Nigeria’s official rate to the
NAFEX rate. We also reviewed the
treatment of non-recoverable VAT on
lease payments to account for it as an
expense over the lease period. These,
together with the effects of Naira
depreciation, put upward pressure
Annual Report and Financial Statements 2020 43
on lease rental costs in the period.
In addition to these, the combined
effect of the 2.5 percentage points
increase in value-added tax (VAT),
and COVID-19-related costs led
to a 27.2% increase in operating
expenses with a knock-on effect on
EBITDA margin.
EBITDA rose by 9.7%, and the EBITDA
margin was 50.9%. We delivered a
healthy free cash flow of N387.1
billion, up 3.2%. Depreciation and
amortisation rose by 11.7% due to
exchange rate and VAT impact, while
net finance cost rose by 25.4% arising
from higher borrowings and lower
yields earned on our investments
in government securities. As a
result, we recorded a PBT growth
of 2.6%. In H1, we issued a N100
billion commercial paper, which was
oversubscribed, at a blended rate of
5.7% per annum. This allowed us to
broaden our sources of funding and
lower our overall cost of funding. PAT
and EPS each rose by 0.9%, reflecting
an increase in taxation mainly due
to lower investment allowance and
exempt income.
Our People
Our People are at the core of what
we do and are a vital part of our
business’s continued success
44 MTN Nigeria Communications PLC
Chief Executive Officer’s Statement - continued
and sustainability. This is why we
introduced initiatives aimed at
creating a conducive environment for
our people to flourish. The Beyond
Work Programme helped address
issues relating to successfully
balancing work demands with life and
family needs during the pandemic. An
offshoot of this was the Employee
Assistance Programme (EAP)
deployed to help our people handle
some of the pressures associated
with the pandemic. The Employee
Persona, a novel practice globally,
encouraged diversity and inclusion
whilst improving line manager
effectiveness and overall team
dynamics by enabling employees to
share their attributes with colleagues
and Line Managers. In recognition, we
won the 2020 Investors in People (IiP)
Employer of the Year Award (Platinum
250+ Category), a testament to our
efforts to make lives a whole lot
brighter and MTN Nigeria a great
place to work.
Looking forward
The duration and long-term impact
of the COVID-19 pandemic remains
a key uncertainty for businesses
globally. With the acceleration of
vaccination programmes and the
experience gained last year, I am
confident that we can continue
building and growing long-term
shareholder value and unlocking
many new opportunities that the
new normal has presented even as
we monitor the pandemics’ potential
longer-term impacts.
The pandemic has also reaffirmed
our belief that the private sector
has a crucial role in supporting the
delivery of national priorities and
driving an inclusive recovery that
addresses social problems. We will
build on the broad range of pandemic
related support that we provided
across stakeholder groups in 2020.
Not just continuing to support the
COVID response but also deepening
our investments across a range
of social sectors and providing a
much more comprehensive range of
opportunities for Nigerian’s to engage
with MTN Nigeria and participate in
our success. I am very excited about
the impact I believe we can have.
We will continue to pursue more robust
and deeper stakeholder relationships,
enhancing shared value across our
ecosystem. Environmental, social and
governance (ESG) principles remain
front and centre, with a focus on
aligning our priorities to drive eco-
responsibility, sustainable society,
sound governance and economic
value for our country people and our
nation.
Given the NCC directive to update
subscriber SIM records with the
National Identity Number (NIN),
our priority is to collaborate with
the National Identity Management
Commission (NIMC) and the
Ministry of Communications and
Digital Economy to expand our NIN
enrolment centres and provide an
access point for as many Nigerians
as possible.
Following the commencement of
SIM sales and activations, the initial
run-rate of additions may be slower
than usual due to new process
requirements and system limitations
restricting the number of locations
for SIM registration. While this may
impact the rate of additions in the
short term, we are optimistic that
the current processes underway
will entrench a more robust and
sustainable registration process as
we reaccelerate subscriber growth
over the medium term.
Mindful of the unique responsibility
we have to keep Nigeria and
Nigerians connected to the people
they love and the information,
services and technology they
need, we will continue to invest
in the resilience of our network,
accelerating the expansion of our
4G coverage and rural connectivity
programme.
I would like to thank my predecessor,
Ferdi Moolman, for his contributions
to the business. I wish him well in
Annual Report and Financial Statements 2020 45
FAR LEFT: One of the
virtual sessions of the Revv
Programme- an initiative
aimed at supporting
MSMEs amid the economic
disruptions resulting from
the COVID-19 pandemic.
ABOVE: Some of the Y’ello
200 recipients ( a selection
of 200 MSMEs from the
programme) displaying their
certificates of completion.
LEFT: Y’ello Digital Financial
services in action at our
shops and unveiled at a
forum in Abuja
his new role as the Group’s Chief
Risk Officer and look forward to our
continuing to work together.
Thank you
Karl Olutokun Toriola
Chief Executive Officer
(FRC/2021/002/00000022839)
46 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 47

Our People and Culture

Left: A cross section of MTNers across

the country working from home. These
images were called for and shared
within the organization as a form of
engagement and inspiration showing
that even though physically apart, they
remain together.

Good
together:
people, practices Our Employee Value Proposition (EVP)

and business
deployed across the MTN Group and
also known as the MTN Deal, has
ensured an average of 2% regrettable
turnover over the years and an ever-
improving employee engagement score.

Some levers of the EVP include our

wellness and medical proposition,
an integrated learning management
strategy, flexible and performance-
Key information – December 31, 2020 driven reward and recognition programs,
end-to-end talent management strategy
and an empowering culture.
Permanent 3rd Party Core values:
Employees: Staff As a testament to the strength of our
Can-Do (optimism, future focus, passionate, happening) EVP, MTN Nigeria was awarded the IiP
1,856 917 Innovation (simplicity, imagination, insight, creativity)
Employer of the Year – Platinum Category
by the Investors in People (IiP) UK, edging
out other blue-chip organisations. MTN
won in a category that included other
Our People are our most Integrity (solid principles, trusted, togetherness)
bluechip organisations.
By Gender
valuable players... Leadership (foresight, commitment, guidance)
1,242 614 In the 2020 AHIRA (Africa Human
Resources Innovation Award). MTN
Underpinning our success is a focused and consistent Relationships (teamwork, friendly, personal, warm, caring,
Male: 67.26% Female: 32.74% connections) came tops in the employer branding
investment in our people. As an organisation, we
category with our Chief Human
strive to provide an enabling environment as well as
Resources Officer, Esther Akinnukawe,
hire and develop the best talent because our people
receiving a commendation award as a
make us who we are. Vital Behaviours:
North Central: 10.41%; top 50 Africa HR Leader
North East: 2.01%;
Committed to delivering a bold new digital world to 1. Complete Candour – openly and candidly sharing one’s views;
North West: 4.39% In line with our vision to go digital,
our customers, all employees are encouraged to regardless of the job level of the person being addressed. we have a cross – functional digital
South East: 23.32%; continually demonstrate MTN’s core values and vital
planning committee accountable for
South-South: 21.91%; behaviours, which remain the cornerstone of our 2. Complete Accountability - Holding everyone accountable to driving MTNN’s digital agend. Based on
South West: 37.36% business performance. commitments and results regardless of position. the outcome of an independent audit,
MTNN achieved an 11 point jump in our
3. Get It Done – Taking action to resolve problems; driving for results. Digital Maturity Index in 2020.

4. Active Collaboration – Partnering with colleagues, combining

forces supporting with time and resources to achieve objectives.
48 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 49

Our People and Culture - continued

A truly Nigerian company, MTNN embraces diversity;

As part of opportunities
over 99% of our 1,856 permanent workforce are Nigerians to enrich employee
experiences, Valentine’s Day
representing all geo-political zones, with 12 expatriates 2020 was celebrated with an
event tagged ‘Random Acts
(down from 300+ in 2002). 72% of our Executive of Kindness’. Staff came to
work in a festive mix of red
Management Committee members are Nigerians - four of and yellow and then visited
orphanages later in the day
whom are women. In addition, two out of the three people to make donations.

that occupy ‘Head of Region’ positions are women.

Creating a culture where
employees thrive...
We continuously engage and connect
with our employees to increase
levels of engagement and ultimately
improve work culture.
Our CEO consistently champions
and chairs the Annual Group Culture
Audit (GCA) survey and debrief
sessions. The GCA is an Employee
Opinion Survey (benchmarked with
several organisations). It provides
another avenue for employees
to give their opinions on different
areas of the work environment to
enable Management respond with
appropriate initiatives. In 2020,
we recorded a 100% employee
participation with the following key
results:
Improvement in 8 dimensions
relative to the GCA 2019 result.
We maintained our satisfaction
index of 85%, same points as
achieved in 2019.
Sustainable Engagement was
88%, sustaining our 2019
performance.
Leadership index rose by 4 points
99% of employees said they were
proud to work for MTNN.
Diversity & inclusion
A truly Nigerian company that
embraces diversity, over 99% of our
1,856 permanent workforce are
Nigerians representing all geo-
political zones, with 12 expatriates
(down from 300+ in 2002). 72% of our
Executive Management Committee
members are Nigerians - four of
whom are women. In addition, two
out of the three people that occupy
‘Head of Region’ positions are women.
MTN Nigeria has always taken a
bold stance on gender-pay parity.
To improve gender diversity and
enhance the career development of
women, in August 2018, we launched
the Women @ Y’ello (The WAY) a
networking platform for female
employees. Various activities were
deployed in 2020 on the back of this;
the commemoration of International
Women’s Day facilitated by Mr Bolaji
Balogun (Chief Executive Officer at
Chapel Hill Denham and CIO, Nigeria
Infrastructure Debt Fund) on the
theme for the year. ‘Each for Equal’.
Once the lockdowns were initiated
and work from home began, virtual
sessions were held one of which
was a workshop on “Coping Skills for
Working from Home” to help address
challenges arising from the fallout of
the pandemic. This was a telegram
session facilitated by Mrs. Temi Olajide
(CEO MummyClinic). The WAY’s 2nd
anniversary was held on Microsoft
Teams facilitated by Mrs Audrey Joe-
Ezigbo (Deputy Managing Director of
Falcon Corporation Limited).
Even more, the maternity policy
was reviewed to Six (6) months for
female employees with the option of
additional unpaid maternity leave for
up to six weeks.
The Men in our Yelloverse also had
a set of activities earmarked for
them which included: A financial
intelligence seminar; a career
management session facilitated in-
house by Adekunle Adebiyi, Chief
Sales and Distribution Officer
and International Men’s day was
celebrated with a virtual session titled
“Step Up - Leveraging Leadership
To Make A Difference” facilitated by
Chief Christopher Kolade, (Founder,
Christopher Kolade Foundation
(CKF))
Since 2009, MTN Nigeria Foundation
has been providing part sponsorship
to the Federal Ministry of Women
Affairs and Social Development
towards commemorating the
‘International Day of Persons with
Disabilities’. This demonstrates MTN’s
commitment to the social inclusion of
Persons with Disabilities.
In keeping with tradition, MTNNers
celebrated the International Day
of Persons with Disabilities on
December 3, 2020.
Accountability for performance
We have a high performing culture
that enables employees to deliver
results whilst demonstrating our
core values of leadership, integrity,
relationship, innovation and can-do.
We align the company’s priorities and
employees’ contributions through a
structured cascading of company’s
targets to employees in varying
degrees of accountability.
Team performance is tracked on
a monthly basis and shared during
weekly management operations
review meetings in order to provide
visibility of business performance to
leadership.
There is an abundance of research
linking the frequency of employee
feedback to the effectiveness of the
performance management system.
This is why we instituted Y’ello
Feedback Days where managers
are equipped and supported to have
performance conversations with
direct reports. Our managers are
also supported through the Licensed
Y’ello Manager platform- an internal
licensing and certification programme
to build managerial capabilities.
Recognising performance
Our employees are our greatest asset
and source of competitive advantage.
We reward and recognise their
contribution and good performance
using multiple approaches including
short-term incentives, recognition
campaigns, long-service awards,
quarterly team recognition awards,
annual performance-based salary
increases and notional share
incentives.
Building a learning organisation
One of the key elements of our
Employee Value Proposition is
investment in talent. We work to build
capability, both now and for the future.
Our employee development strategy is
based on the 70-20-10 global learning
philosophy.
In response to changing business
dynamics due to the pandemic, which
precipitated work from home, we
leveraged our online learning platform
- MTN Learn to deliver interventions
to employees. Development programs
were hosted on the platform, and
employees were required to complete
a minimum of 2 courses per month.
Over 50,000 learning activities were
completed resulting in an adoption
rate of 97%.
Additionally, 523 frontline employees
were trained on delivering excellent
services to our customers. Over 50
specialisation courses were curated
on MTN Knowledge hub, an online
portal providing easy access to
employees. We also had a series of
competency programmes developed
to boost productivity while working
from home.
24 Employees benefitted from our
Tuition Reimbursement Programme,
that supports employees in their
pursuit of further academic
qualification.
Engagement for results
According to Towers Watson, a 15%
boost in engagement leads to a 2%
increase in operating margin.
Once the Human Resources division
had deployed full scale telecommuting,
a #StaySafe Work From Home
engagement plan was implemented
across the business.
The plan leveraged digital tools
(such as Yammer, MS Teams, Ayoba,
WhatsApp, etc.) to:
(1) foster open communication,
(2) empower line managers to set
direction and drive accountability,
(3) enable real-time engagement,
(4) communicate business and safety
updates and
(5) deploy fun campaigns to promote
camaraderie and connectedness.
Some of the virtual activities
executed include:
(1) Brunch with Leadership in which
the leadership team engaged
employees and provided
business updates on actions and
initiatives taken to drive business
performance;
(2) Weekly Round Up with the
Chief Operating Officer which
re-capped the major activities,
engagements, activations and
events that transpired each week
since the commencement of Work
from Home;
(3) Divisional leadership engage-
ments which cascaded infor-
mation, deepened awareness of
business activities and addressed
employee concerns;
(4) #WECARisingTogether which
featured wellness sessions with
leaders from across the WECA
region;
(5) Apart Together’ - A Groupwide
engagement series which kept
employees abreast of business
initiatives in a fun captivating way.
A telecommuting playbook was de-
ployed to support employees to work
effectively. We also explored various
opportunities to enrich the employee
experience such as staff bonding ini-
tiatives and family activities.
The power of Employee Experience
We truly believe that having the best
talent is as important as having the
best network. Our creative solutions to
deliver superior customer experience
would not be sustainable if we are
not deliberate in driving employee
experience.
An 8-step employee experience
framework was created and subse-
quently, steps taken to improve user
journeys and digital interfaces on key
people impacting processes.
Furthermore, interwoven across all
employee journeys is the continuous
execution of an internal digitisation
plan to improve user interfaces that
delight our employees.
50 MTN Nigeria Communications PLC
Our People and Culture - continued
2 key projects were executed in
2020. First, the ‘Experience. The
Power.’ campaign, a 1st of its
kind platform leveraging multi-
faceted communication channels
with employees across all job
levels sharing personal, positive
experiences of the Y’ello brand. It
was also an opportunity for MTNN
leadership to take employees’ down
memory lane, remembering the
evolution in people management
practices since inception in 2001.
The 2nd project was the Employee
Persona project - in this project,
employees shared their attributes
with colleagues and Line Managers.
Employee Persona is a novel
practice across the globe to
encourage diversity and inclusion
whilst improving line manager
effectiveness and overall team
dynamics.
The result of both projects was a
74% employee participation which
will better enable the HR function
harvest and interpret data to deploy
interventions at both individual
and divisional levels to improve
employee engagement and drive
business productivity.
Managing Talent for Differentiation
Leadership development is
critical for business success and
sustainability. As an organisation,
we ensure there is a robust
leadership pipeline that is equipped
to unleash the potential of our
people. One of the ways this is done
is through the Talent Incubation
Programme - a robust and inclusive
development approach which
comprises a bouquet of customised
interventions across job levels
focused on executive, leadership
Left: One of the highlights of the
multifaceted communication campaign,
‘Experience the Power’, was a virtual
session for all staff where employees
gathered to listen to colleagues share
moving accounts of their experiences in
the Y’elloverse over the past 19 years.
and pipeline development. In 2020
279 employees benefitted from the
programme.
High Impact Leaders Development
Programme
77 employees were granted access
to the online Learning Platform -
Coursera to complete developmental
courses from reputable universities
and institutions.
A virtual fireside chat session with
Mrs. Mobolaji Johnson, One of MTN’s
directors, was also held during
the course of the year to inspire
employees with her experience and
story.
Pipeline Development
50 employees were beneficiaries of
the Aspire Leadership Programme
in 2020. This is a high impact ca-
reer development programme for
high-performing non-management
employees in preparation for future
leadership roles.
The Global Graduate Development
Programme (GGDP)
The Global Graduate Development
Programme is an initiative of MTN
Group HR designed to refresh and
build a long-term sustainable talent
pipeline to achieve MTN’s vision of
delivering a bold new digital world to
customers. Seven Graduate Trainees
graduated from the programme in
2020.
The programme is currently in its
fourth cycle with 5 participants at
various stages of completion.
In Q2 2020, the 2018 GGDP trainees
were successful transitioned to
new roles and a virtual graduation
ceremony was organised for the
trainees with 58 people in attendance
including the CEO, COO, CHRO and
all relevant stakeholders including
family members of the graduates.
The Career Mobility Framework
“Y’ello Careers”
Y’ello Careers provides a structured
platform aimed at building career depth,
improving employee engagement and
enabling business continuity. A total
of 193 employees benefitted from at
least one developmental intervention
(Acting Assignment, Job Rotation, Job
Shadowing, Job Transfer and Project
Participation) across the organisation
in 2020.
Mentoring
The MTN Nigeria Mentoring
programme contributes to equipping
participating employees to reach
their full potential. In 2020 alone,
through the MTN Mentoring Academy,
a combined total of 198 employees
benefited from our intensive
mentoring programme.
MTN Nigeria is an employer of choice;
and this is backed by our Investors In
People (IiP) Platinum accreditation,
among other awards. We purposely
continue to enrich our employee
value propositions to ensure that we
remain competitive to attract and
retain talent.
Ultimately, we believe in creating an
environment that inspires greatness
and fuels capability. This in turn drives
business performance, increases
opportunities for our partners, and
enhances MTN’s role as an agent of
National Development.
Risk Management
Our risk management methodology requires that we
constantly monitor new and emerging risks that can
disrupt business operations and impact our ability
to meet our commitments to customers and other
stakeholders.
The pandemic has been one such risk.
It has led to great uncertainty in world markets and a
shutdown of major aspects of the global economy. At
the time of this report, over 2.4 million deaths have been
recorded worldwide and over 1,800 in Nigeria.
The pandemic has become a global stress test of every
businesses’ financial, operational and commercial
resilience. The lockdown of certain states and institutions
and curfews in many others, impacted MTN Nigeria’s
operations across the country.
In the year under review, we rapidly adapted our
operations and ways of work by setting up a Crisis
Management Team (a cross-section of senior members
of staff) to oversee the planning and execution of all
contingency activities, to ensure the safety of our staff,
customers, and stakeholders as well as the continuity
of operations. In addition, we established a strategic
overarching initiative to direct our response to the
different COVID-19 scenarios we termed ‘’Black Swan’’
across the following work-streams:
Staff health, safety and welfare;
International supply chain;
Operational continuity;
Economic impact and capital markets;
Stakeholder engagement.
A governance structure - including the crisis
management team, executive management and the board
- exists to deliberate on and offer recommendations
that proactively address the impact of the pandemic or
any possible disruptions to our operations.
MTN Nigeria’s plan guided the board, executive
management and the crisis management teams’
response to the pandemic. This included the
implementation of precautionary measures for staff
health and safety, deployment of measures to mitigate
potential supply chain disruptions, strategic stakeholder
engagement, enhancement of our network and IT
systems and the stress testing of business plans.
We deployed telecommuting capabilities to enable
remote work and access to office platforms for all staff.
This included tools for virtual meetings allowing staff
to collaborate with internal and external parties from
the comfort and safety of their homes. Currently, all
meetings including executive management and board
meetings are conducted via virtual platforms.
Since the pandemic, telecommunications has been
categorised as an essential service by the Federal
Government of Nigeria. We have therefore prioritised
all required actions that ensure network availability and
improved customer experience in the country.
Annual Report and Financial Statements 2020 51
MTN Nigeria, in collaboration with the Nigeria Centre
for Disease Control (NCDC), activated various channels
of communication with key stakeholders to share and
manage information on the COVID-19 pandemic. The
sensitisation targeted staff, suppliers, customers, and
the general public, disseminating information via emails,
SMS, WhatsApp, and multimedia channels. We also
have hotlines that our staff can utilise in the event of an
emergency.
We launched our Y’ello Hope initiative which includes
supporting Government’s efforts, Federal and State
agencies and the private-sector-led coalition, in the fight
against the COVID-19 pandemic.
We remain vigilant, actively assessing the impact of the
pandemic on the business from the macroeconomic
standpoint, stemming from issues such as declining oil
prices, foreign currency pressures and global supply
chain disruptions. While it is uncertain how long the
pandemic will last, we work tirelessly to ensure the ‘lights
remain on’ safely and responsibly for our staff and all
stakeholders in our ecosystem, while responding to
emerging threats and changing priorities as they arise.
A RISK BALANCED AND COMPLIANCE DRIVEN CULTURE
Risk Management is an integral part of our strategy
guided by a balanced and compliance-driven culture.
MTN Nigeria’s risk management framework is focused on
the early identification of risks and emerging risks, which
may impact the achievement of our strategic objectives
and annual business plans, in line with our risk appetite
and risk preferences. This is reflected in our corporate
governance principles and structures, policy direction,
processes and procedures, standards of conduct, and
management systems.
At MTN Nigeria, we recognise that risk management is
about continuous improvement and we will consistently
develop our risk management processes to ensure
we are fully equipped to deal with the constantly
evolving operating business environment within the
telecommunications industry.
Our Enterprise Risk Management activities ensure that
the following risk management principles are embedded
in our organisational culture:
Value creation and protection
Risk management integration in all organisational
processes.
Risk management embedded in decision making.
Systematic, structured, and timely risk management.
Risk management based on the best available
information.
Risk management tailored to business needs.
Consideration of human and cultural factors.
Transparent and inclusive risk management.
Dynamic, iterative, and responsive to change.
Risk ownership and accountability.
Risk management that facilitates continual improvement
of the organisation.
52 MTN Nigeria Communications PLC
Risk Management - continued
These principles align with management’s mandate and
commitment across all key processes, products, and
services.
Our Risk Management approach is based on the
ISO 31000 guidelines and the COSO framework. It is
supported by other leading global standards for risk
management such as ISO 27001 and ISO 22301. The
process ensures the appropriate ownership of risk;
accountability for risk management by all stakeholders
in the value chain; and collaboration between the
risk management team and process owners across
the company. The process is built on a top-down and
bottom-up approach with the board responsible for the
governance of risk management while management and
staff play a critical role in supporting the achievement of
these objectives.
Primary Responsibility for Risk Management
To ensure the effectiveness of our Risk Management
process, the management of risks is embedded at each
level of the business. All functions and staff play a role
in the management of risks within the company. This
includes the monitoring and assurance functions.
MTN adopts the principles of the ‘Three Lines of
Defence’ model which provides a clear allocation of
responsibilities for the ownership and management of
risk, to avoid overlap and/or gaps in risk governance.
The first line of defence: Primary risk management.
These are the MTN Nigeria functions that own and
manage risks. They are members of operational
management who manage the company’s risks by
implementing and maintaining effective internal
control procedures on a day-to-day basis.
The second line of defence: Challenge and risk
control. These functions oversee risk management
and compliance. They collaborate with operational
management to develop and monitor processes and
controls to mitigate identified risks. They coordinate
and facilitate risk assessment sessions, develop
risk management programs, and alert management
to emerging issues and changing risk scenarios.
At MTN Nigeria, the Risk and Compliance division
leads the efforts of the second line of defence.
The third line of defence: Assurance. This
function provides independent assurance on the
effectiveness of controls and risk management
procedures. The Internal Audit and Fraud
Management division is responsible for the
activities of the third line of defence at MTN Nigeria.
OUR RISK MANAGEMENT GOVERNANCE STRUCTURE
Board of Directors/ Board Risk Management and
Compliance Committee
Our Board sets our overall risk appetite, approves our
risk management strategy and is ultimately responsible
for the effectiveness of the risk management process
and system of internal control within MTN Nigeria.
Specifically, the board, through the Board Risk
Management and Compliance Committee, reviews
the framework for the identification, measurement,
and management of risks; reviews quarterly risk
management reports and directs appropriate actions
to be taken by senior management. Periodically it
also evaluates MTN Nigeria’s risk profile, proposed
mitigation strategies, and progress on mitigation
actions implemented by management.
Management Governance Committee
The Management Governance Committee, headed by the
Chief Executive Officer, serves as the risk management
committee at the management level. It comprises key
divisional executives with responsibility for providing
independent risk oversight, coordination, facilitation,
monitoring, and challenge of the effectiveness and
integrity of our risk management processes. Specifically,
the Governance Committee reviews risk exposure
reports and recommends appropriate action to mitigate
the impact; review and recommend appropriate policies
and standards for the management of risks in the
company.
Risk and Compliance Division
The Risk & Compliance division, headed by the Chief
Risk and Compliance Officer, and overseen by the Board
Risk Management and Compliance Committee, leads
the efforts in risk management and compliance across
the company. The division provides central coordination
and oversight for all risk management activities in
MTN Nigeria to ensure that the full spectrum of risks
are identified, measured, monitored, and controlled.
Specifically, they co-ordinate:
The development of risk management policies and
programs to assist in the effective management of
risks;
Perform both entity and operational level risks
assessments;
Monitor the overall risk profile including risk trends;
Collaborate with other divisions to redesign controls
that mitigate control gaps noted in the internal and
external audit reports; and
Alert management to emerging issues and changing
risk scenarios.
Annual Report and Financial Statements 2020 53
Internal and External Audit
Our Internal Audit and Fraud Management Division provides independent and objective assurance of our internal
control systems and risk management processes within MTN Nigeria. The division reports functionally to the Board,
through the Board Audit Committee, and administratively to the CEO on the effectiveness of controls in place within
the company. Specifically, the Internal Audit and Fraud Management division provides independent assessment and
evaluation on the adequacy and effectiveness of the Risk Management and Internal Control Framework; and assurance
on the company’s compliance with relevant governance codes, laws and regulations.
Our external auditors are statutorily responsible to shareholders to provide an independent opinion of our financial
statements. The function also reports on risk management, internal control, and compliance issues that come to their
notice in the course of their audit.
OUR RISK MANAGEMENT PHILOSOPHY AND FRAMEWORK
Our risk strategy Our BRIGHT operational strategy
Our risk strategy takes a risk-based Our operational strategy requires strong
approach towards managing risks, growth in market share and returns, and
capital and our reputation, as well as our we will not be able to achieve this if our risk
compliance with laws and regulations. We strategy is too conservative. As a result, our
want to avoid taking excessive risks that risk strategy ensures that the risks we take
could threaten the financial security of
are not so great or so concentrated that
MTN Nigeria in any adverse operating and they could threaten our financial security
financial conditions
OUR RISK MANAGEMENT FRAMEWORK
Our risk philosophy Key risk indicators Our risk tolerance Risk methodology
Our risk philosophy is We use these We use a top-down as well This guides our actions to manage
to seek risk exposure in to monitor the as a bottom-up approach to the risks on a day-to-day basis.
markets: changes in define as well as continuously As part of continuously enhancing
• Where we have the core risk levels and refine the tolerance for various risk management culture across
competence to be a make suitable classes of risks. We continue all levels of decision making, Risk
market leader adjustments to the to use stress analysis as a and Compliance function, guided by
• Where it meets our risk mitigating actions. tool to refine the tolerance the Board Risk Management, and
return aspirations and understand the impact Compliance Committee, enhance
of a combination of risks the risk appetite framework, with
if they were to materialise refinement of the risk universe and
simultaneously. key risk indicators.
RISK MANAGEMENT PROCESS
At MTN Nigeria, the identification and management Establish Context
of risks are pivotal to the achievement of our
business objectives and the creation of long-term Risk Assessment
Communicate and Consult
shareholder value. Consequently, it is imperative
Risk Identification
that we consistently adhere to our risk management
framework and processes in conducting our
Enterprise Risk Management activities. Risk Analysis
Our Enterprise Risk Management methodology is
aligned to ISO 31000 Risk Management Standard Risk Evaluation
and the COSO framework supported by other
leading global standards such as ISO 27001 and
ISO 22301. Our framework is also in alignment with Risk Treatment
the requirement of the Nigerian Code of Corporate
Governance.
Monitoring and Review
Our risk management process (pictorially depicted
right) encompasses the following phases:
54 MTN Nigeria Communications PLC
Risk Management - continued
Establish Context: Effective risk management begins
with the information-gathering phase, aimed at gaining
an understanding of the scope of the risk and the internal
and external environment in which MTN operates to
achieve its objectives. In establishing the context of
the risk, we leverage information from MTN Nigeria’s
strategy and plan, policies and procedures, financial
reports and performance indicators, supporting
technology and information systems, relevant laws, etc.
Risk Identification: Regular risk identification is
imperative to the success of our risk management
process as it ensures the inclusion of emerging risks
in the risk management process and enables informed
decision-making. At MTN Nigeria, we ensure a rigorous
process of risk identification aimed at articulating all
the relevant and emerging risks that can impact the
achievement of our business and strategic objectives.
We adopt a bottom-up approach to risk identification.
Here, accountability for risk identification is embedded
in our business processes. Consequently, risks are
identified at a process level, then at a functional level,
and an entity/strategic level. Potential risks are identified
via one-on-one interview sessions with process owners;
focus group discussions /workshops; use of external
consultants; administering questionnaires and surveys,
and desktop research.
Risk Analysis and Evaluation: Our risk analysis process
aims at measuring the significance of identified risks in
relation to our business processes, strategic objectives,
and risk appetite. In evaluating the level of risk at MTN
Nigeria, we ensure a careful examination of risks, their
causes, their mitigating controls, their likelihood of
occurrence, and their impact if they crystallise. We utilise
qualitative and quantitative tools including key risk
indicator monitoring, risk assessment workshops etc.
in evaluating and prioritizing our risks. These processes
are supplemented with ad-hoc on-site assessments
or incident assessments when unexpected high-risk
incidents occur or are envisaged to occur.
Strategic
0
5
10
Compliance
15
20 4 6. Political and country
1
3 7. Managed services
7 5 6 8. Business continuity
25
8 10
2
9 to drive financial inclusion among
Operational
Technology
TOP RISKS TO VALUE CREATION IN 2020
Risk Ranking
Risk Treatment: After the identification, analysis, and
evaluation of existing and emerging risks, mitigation
strategies are recommended, implemented, monitored,
and reported to the Executive Committee and
Governance Committee monthly and the Board Risk
Management and Compliance Committee quarterly.
The committees review the monthly/quarterly risk
management reports and approve the implementation
of appropriate risk control measures aimed at reducing
the probability of occurrence and impact of the risks.
Risk Monitoring and Review: The objective of the
process is to ensure that risks are monitored, promptly
escalated, and reported to the right levels within the
MTN governance structure. The Risk and Compliance
division, headed by the Chief Risk and Compliance
Officer, champions the risk monitoring and review
process. They ensure the implementation of the risk
management framework across MTN Nigeria and the
management of all risks within the risk appetite of the
company.
TOP RISKS TO VALUE CREATION IN 2020
Using an integrated assurance methodology, in 2020,
we analysed and evaluated various key risk exposures
to MTN Nigeria. In doing so, we took into account the
residual risk rating of each exposure considering the
probability of the risk occurring, the impact should it
materialise and the mitigation strategies in place.
The top ten (10) risks faced by MTN Nigeria have been
classified based on the six (6) risk categories;
1. Strategic
2. Compliance
3. External
4. Operational
5. Financial
6. Technology
Map Label Definition
1. Evolving regulatory
environment
2. Foreign exchange volatility
External
3. Fintech strategy
4. Stakeholder management
5. Competition
management
9. Information security and
privacy
10. Brand perception and
reputation
Financial
LEGEND
Very High Risk High Risk
Risk Description Risk Ranking
1 Evolving regulatory environment 6 Legal
2 Stakeholder engagement and management 7 Information Security and Privacy
3 Foreign Exchange volatility 8 Brand perception and reputation
4 Political and Country 9 Business Continuity Management
5 Fintech strategy 10
2020 2019 Risk Description
Risk Risk
Ranking Ranking
1 1 Evolving regulatory environment
As a company, we have zero tolerance
for regulatory non-compliance.
Consequently, we strive to comply
with an extensive range of laws
and regulations, including license
conditions, subscriber registration, and
data privacy requirements.
Specifically, one of the major
highlights in the regulatory space
in 2020 was the ban in the sale and
activation of new SIM Cards and
the revised subscriber registration
requirement issued by the Nigerian
Communications Commission for
all subscribers to link their National
Identity Number (NIN) to their SIMs.
Impact
These regulatory requirements
continue to evolve towards enforcing
compliance.
2 3 Foreign Exchange volatility
Arising from limited ability to
effectively hedge against currency
volatility and devaluation, the company
is exposed to foreign exchange risk. To
the extent that some of the company’s
transactions are foreign-currency
denominated, this exposes the
company to foreign exchange risks
Impact
Foreign exchange paucity and adverse
fluctuations lead to OPEX and CAPEX
pressures which impact profitability.
3 5 Fintech Strategy
We seek growth through penetration
of the fintech industry and an
increased customer base.
In line with the government’s policy
the unbanked, we have developed a
fintech strategy to support this policy.
An inability to successfully implement
these strategic imperatives could
negatively impact the achievement of
the government’s policy objectives and
by extension the objectives of MTN
Nigeria.
Annual Report and Financial Statements 2020 55
Risk Description
Competition
Mitigating Strategies
We are committed to collaborating with all
relevant regulatory agencies in developing
practicable ways to ensure compliance.
We continue to build strong relations with key
stakeholders and regulators. We have a dedicated
regulatory management function and
framework, to improve the proactiveness of
engagements.
We also continue to strengthen our capability
to manage all regulatory risks and ensure
compliance with all directives including subscriber
registration, data privacy, information security,
etc.
We align our funding through local currency debt,
to match loan repayment to our revenue which is
mostly denominated in local currency.
We make efforts to renegotiate foreign exchange
denominated contracts to our local currency
where possible and maximise levels of local
currency debt as opposed to those denominated
in foreign currency.
We conduct short to medium-term stress tests
on business plans against currency volatility to
simulate volatile scenarios and devise/implement
proactive measures.
We explore opportunities to minimize exposure
to FX volatilities through financial hedge
instruments were available and economically
feasible.
We ensure continuous monitoring and oversight
of our strategic objectives and plans. Elements
of the strategy, for which approvals have been
obtained, are being implemented.
We continue to seek the right opportunities and
alternatives to achieve our objectives.
56 MTN Nigeria Communications PLC
Risk Management - continued
2020 2019 Risk Description
Risk Risk
Ranking Ranking
Impact
Inability to maximise new and evolving
opportunities.
4 2 Stakeholder engagement and
management
Uncertainty and complexity in the
political and regulatory environment
often pose a challenge to effectively
and comprehensively addressing
stakeholder requirements. It also
impacts our ability to predict the
actions of different stakeholder
groups.
Impact
Inability to effectively manage relevant
stakeholder groups may result in
business disruptions and adverse
impact on operational continuity.
5 10 Competition
Actions and inactions of other players
in the telecommunications industry
may impact the business objectives of
the company.
Impact
Reduced revenue arising from the
adverse impact on market share and
loss of competitive advantage.
6 4 Political and Country
The country continues to grapple with
pervasive incidents of armed banditry,
kidnapping, terrorism, protests, and
general insecurity across the country,
negatively impacting operations.
Challenging fiscal environment and
uncertainty around policy direction.
Impact
Threats to employees, assets, and
supply chain leading to business
disruptions and inability to effectively
operate in some areas of the country.
7 Managed Services
To effectively deliver quality network
services to our customers, we rely on
third parties to manage some of our
platforms, operations, and technology
infrastructure.
Our managed service network is
exposed to potentially adverse events
and service interruptions which may
lead to disruption in optimum service
delivery
Impact
Disruption in service delivery leading
to customer dissatisfaction.
Mitigating Strategies
We prioritise the effective management of
relationships with all stakeholders including
government, regulatory bodies, shareholders,
customers, and vendors
We continue to build better relationships, and
ensure transparency and proactiveness in dealing
with our stakeholder groups.
We have developed and are implementing
our stakeholder management strategy aimed
at improving relationships with our different
stakeholder groups.
We continue to proactively anticipate customer
needs and develop solutions that deliver a
premium customer experience.
We rely on strategic alignment, product cost, and
service delivery to serve as differentiators in the
industry.
MTN Nigeria continues to strategically engage
government security agencies for intelligence and
support purposes.
Our Crisis Management Committee has
implemented contingency plans to build resilience
against threats, that can be activated as required.
We perform scenario analysis and response
planning tailored to the foreseen and/or prevailing
circumstances.
We have fortified our facilities, increased alert
levels, and deployed measures to secure MTN
Nigeria’s operations across the country.
We are constantly monitoring the activities and
operations of our managed services vendors and
their ability to deliver on agreed terms.
We have implemented contingency plans to
manage the critical services provided by key
vendors to ensure business continuity in the
event of disruptions in their businesses.
2020 2019 Risk Description
Risk Risk
Ranking Ranking
8 9 Business Continuity Management
Business continuity challenges can
be seen in the absence of business
resilience for preventing or minimising
the impact of major disruptions,
especially from single points of
failure, inadequate business resilience
planning and ineffective incident
management.
The existence of single points of failure
on Network, Information Technology,
or Customer support infrastructure
may constitute significant exposure.
Impact
Business disruptions threatening the
continuity of operations and resulting
in reputational damage.
9 7 Information Security and Privacy
Our business is dependent on IT
systems and the management of
sensitive data.
Cyber-attacks and information
security breaches could result in
loss or compromise of our network,
systems and sensitive proprietary
information.
Impact
A breach in data privacy may lead to
legal and regulatory implications and
reputational damage.
10 8 Brand perception and reputation
Weak brand positioning, poor
reputation management will impinge
on reputational value.
Impact
A potential decline in market share,
revenue and share price.
Complaints Management Process
MTN Nigeria Communications PLC has in place a
Complaints Management Policy Framework which captures
the procedure for receiving, responding to, monitoring and
resolving complaints and enquiries from shareholders in a
timely and efficient manner. This can be assessed from the
Company’s website at
https://www.mtnonline.com/wp-content/uploads/2020/09/
Shareholder-Complaints-Management-Policy.pdf
Annual Report and Financial Statements 2020 57
Mitigating Strategies
The company performs end-to-end testing of
mission-critical systems and services.
There are also ongoing business resilience
assessments to determine single points of failure
and similar vulnerabilities across Information
Technology and Network systems.
MTN Nigeria has a robust framework for
managing its Information Security risk. These
are tested and monitored regularly to ensure
resilience. The company has also built a strong
incident management capability to respond to any
threat.
We have implemented controls and monitor
compliance with the provisions of data privacy
regulations including NDPR.
MTN Nigeria is committed to value creation. The
Foundation’s Corporate Social Investments and
scope of work across all geo-political zones is
testament to this.
We continue to provide products and render
services that meet customers’ needs while
ensuring a distinctive experience with us.
We also prioritise stakeholder engagement and
perception management among our most critical
stakeholder groups.
Regulatory contraventions for the year ended
31 December 2020
In October 2020, the Company received a fine in the sum
of NGN6m from the Nigerian Communications Commission
(NCC) for non-compliance with its SIM replacement
guidelines in respect of 24 MSISDNs picked up during a
SIM replacement audit earlier in the year. The fine has been
paid.
58 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 59

Corporate Social Investment

The MTN Nigeria Foundation Limited by Guarantee
Aligned with MTN Nigeria’s purpose
to ‘make its customers’ lives a whole
lot brighter’, MTN Nigeria Foundation
focuses on people…on improving the
quality of individual lives and progress
of our communities, because we believe
that prosperous communities can
only bring good to all.
And this is what we term...

CSI Corporate
Social
Investment

When MTN Nigeria began operations

in 2001, it became quickly acquainted
with many challenges present within the
communities where it operated across
Nigeria. The need was apparent and the
desire to help alleviate these challenges in
a significant and sustainable way informed
the creation of an independent organised
structure for implementation. The MTN
Nigeria Foundation was conceived for this
purpose.
To execute its desire for long term and
positive social impact on communities
where it operates, MTN Nigeria incorpo- MTN Nigeria and alignment with the
rated the MTN Nigeria Foundation Lim-
ited by Guarantee (MTNF) in July 2004.
United Nation’s Sustainable Development
The Foundation is solely funded by MTN Goals (SDGs)
Nigeria through 1% of its profit after tax
annually. In September 2015, The United Nations Sustainable
Development Summit adopted the 2030 Agenda for Sustainable
To date, the MTN Nigeria Foundation has Development, with 17 SDGs at its core. A road-map for peace
invested over N22 billion, in helping to and prosperity, it recognizes amongst others, that any efforts
improve the quality of lives, through its made towards ending poverty must include strategies, which
interventions. improve health and education, reduce inequality and spur
The MTN Nigeria Foundation operates economic growth. These Goals are:
under 4 Causes;
Youth Empowerment, Goal 1: No Poverty Goal 10: Reduced Inequality
Arts and Culture, Goal 2: Zero Hunger Goal 11: Sustainable Cities
Maternal and Child Health, Goal 3: Good Health and Well- and Communities
National Priority. being Goal 12: Responsible
Goal 4: Quality Education Consumption and
These causes are aligned with the United Goal 5: Gender Equality Production
Nations Sustainable Development Goals,

1%
Goal 6: Clean Water and Goal 13: Climate Action

28
Over Over which seek to ensure peace and prosperity Sanitation Goal 14: Life Below Water

N22
for all its member states. Goal 7: Affordable and Clean Goal 15: Life on Land
In the last 16 years, the Foundation has Energy Goal 16: Peace and Justice
touched over 27 million lives having Goal 8: Decent Work and Strong Institutions
Amount set aside BILLION implemented over 49 initiatives in 860 Economic Growth Goal 17: Partnerships to
each year invested since Million active project sites across the 36 states Goal 9: Industry, Innovation achieve the Goal.
by MTNN inception lives impacted and the Federal Capital Territory. This has and Infrastructure
contributed to improving the quality of
life in our communities. The vision of the The MTN Group, MTN Nigeria and MTN Nigeria Foundation
Foundation is to be a leader in Corporate policies are in alignment with the United Nations’ Sustainable
MTNN commits 1% of its Profit-After-Tax
Total amount: as at 31st Dec 47 Project Categories executed Social Investment initiatives in Nigeria, Development Goals (SDGs). In view of this, each of the
as its primary source of funding for its CSI
2020 - N22,657,311,000.00 across 2,476 sites, nationwide measured by the impact and sustainability Foundation’s initiatives and projects identifies with at least
activities through the Foundation
of those projects on our host communities. one of these 17 goals; some help to improve the health status
of people, others provide education, stimulate economic
In 2020, over 9 million lives were impacted. recovery, or alleviate poverty.
60 MTN Nigeria Communications PLC
Corporate Social Investment - continued
MTN Nigeria is committed to the socio-economic
growth and development of communities across
Nigeria through initiatives, implemented with its annual
contributions of 1% of Profit-after-Tax, to the MTN
Nigeria Foundation (MTNF).
This commitment is expressed through initiatives that
facilitate economic empowerment, provide access to
education, alleviate health issues and support arts and
culture. The Foundation continues to collaborate with
the government, private sector and other ecosystem
partners to launch and sustain projects that continue to
touch and change lives.
The following are some of the Foundation’s major
projects featured during the year:
ASAP
Anti Substance
Abuse Programme
Project implementation
period: 2018 to date
In response to the growing incidence of substance
abuse and addiction amongst young people in Nigeria,
the ASAP intervention was launched in December
2018. ASAP is a multi-stakeholder initiative focused
on young people between 10 and 25 years old, hinged
on Awareness, Advocacy and Empowerment in the
move towards curtailment. Substance abuse affects
the individual, families and communities, it has become
prevalent across a broad spectrum of ages and social
strata, as such this program speaks to the UN SDG 3,
which advocates healthy lives and well-being for all.
An estimated sum of N262,152,000 has been invested
in the project to date.
Top: David Jones David, a Nigerian musician, songwriter,
and actor, best known for his anti-drug campaign songs,
shares his view on substance abuse at the Webinar to
commemorate the World Drug Day, 2020
Annual Report and Financial Statements 2020 61
Above: A cross-section of Graduants
being inducted into the MTN
Foundation Alumni body
Left: Recipients of the MTN
Foundation Scholarship at the award
ceremony
MTNF Scholarship
Schemes
(Science & Technology and Blind Students)
Project
implementation
period: 2013 to
date ICT
...and Business
Skills Training
Science and Technology are critical drivers of
development through increased knowledge
and the facilitation of creative solutions to Project implementation
problems that drive infrastructure and economic period: 2018 to date
development. UN SDGs 4, 8 and 9 prescribe that
member states aim to provide quality education
and lifelong learning opportunities, to provide
decent and productive work as well as innovate
and build resilient infrastructure. A Youth Empowerment initiative who can contribute to the socio- Left: Participants of ICT
& Business Skill Training,
aimed at building capacity of young economic development of their
The MTNF Scholarship scheme is a long running surrounded by MTNF
people between the ages of 18 to communities and the nation. Again,
initiative that speaks to these goals by contributing Directors and Dignitaries, at
35. The Foundation, in collaboration this ties in with the UN SDGs 1, 8
to the development of the Science and Technology the Graduation Ceremony in
with MTN ecosystem partners such and 9 that encourage strategies
sector and to inclusivity in society. Scholarships Rivers State
as Oracle, Google, IBM, KPMG, that alleviate poverty, provide
are given to eligible 300 level students studying
CISCO and Digital Bridge Institute decent work and enable economic
STEM courses and also to 200 level blind students Right: Mr. Tosin Okuselu, a
(DBI) conducts ICT and Business growth through innovation and
studying in public tertiary institutions across facilitator from KPMG, one of
skills training programmes for industry.
Nigeria, all of whom must continue to meet the MTN’s Ecosystem Partners,
young people towards building speaking with participants
required CGPA of 3.5 and above. To date over 3,050 youth have
their entrepreneurial capacity and at the ICT Training in Rivers
improving their chances of gainful benefitted from the training
State
Till date, a total of 10,686 grants have been given programmes.
employment.
to 4,816 students out of which 369 were given to
blind students. The expected outcome is that a home- An estimated N57,057,000 has
grown community of young leaders been invested in the project to
The sum of N2,766,446,000 has been invested in
will emerge from the programme date.
the project to date.
62 MTN Nigeria Communications PLC
Corporate Social Investment - continued
YEDP
Youth Entrepreneurship
Development Programme
Project
implementation
period: 2019 to
date
Aligned with the United Nations Sustainable Develop-
ment Goals 4, 8 and 9, this initiative involves building the
entrepreneurial skills of 75 MTNF Scholars Alumni and
the provision of small business loans for 50 successful
recipients, to the tune of N100m. This will complement
Government efforts in the area of youth employment,
and enable these youths become business owners.
MTNN partnered with Enterprise Development Centre
(EDC) of Lagos Business School (LBS) and with the
Bank of Industry (BOI) to provide training in the form
of a 4-week online and four day in-class training, to
develop the entrepreneurial skills of these 75 alumni,
eventually supporting 50 successful small and medium
businesses with up to NGN 100m in loans.
A ‘Business Pitch Competition’ was held under the Youth
Entrepreneurship Development Programme (YEDP),
with 40 aspiring and emerging entrepreneurs qualifying
for the award of grants and equipment loans for their
businesses.
The sum of N21,277,000 has been invested in the
project to date.
Top: Ojotu Munirat, one of the recipients of the equipment
support under the Youth Entrepreneurship Development
Programme
Muson Scholars
- music education programme
Project implementation
period: 2006 to date
This project provides the opportunity for formal
training of young talented Nigerian students from
less privileged backgrounds in the area of music
education. Scholarships to study music at the
prestigious and internationally recognized Musical
Society of Nigeria (MUSON) are made available
to eligible young people by the Foundation. The
scholarship covers tuition, books and transportation
over a 2 year period. This project is in alignment with
the UN SDG4 that asks member states to provide
lifelong learning opportunities for all.
Over 360 Nigerians have benefited from the scholar-
ships and graduated from the programme.
The sum of N418,783,000 has been invested in the
project to date.
Top: A MUSON Scholar performing at an event
Orphanage Support
Initiative - donation programme
Project
implementation
period: 2010 to
date
This MTN Nigeria Foundation initiative
provides support and care to the children who
call the many orphanages, home.
Borne out of the fact that many orphaned and
vulnerable children often suffer from a lack
of adequate nutrition, while the orphanage
homes frequently lack essential and basic
household items, the MTNF Orphanage
Support Initiative provides support through
the donations of various food items, and
household goods and appliances for many
orphanage homes across the country.
Hence, this initiative is aligned with the United
Nations Sustainable Development Goals 2
and 3.
Since inception, the Foundation has visited
over 300 orphanage homes, reaching an
estimated 21,000 children across the nation.
In 2020 alone, 30 orphanage homes across
the country benefitted from the initiative.
The sum of N496,858,000 has been invested
in the project to date.
Annual Report and Financial Statements 2020 63
LEFT: Children at one of the many
orphanages supported by the MTN
Foundation.
Below: Prince and Mrs Adelusi Adeluyi
- MTN Chairman and wife, MTN COO,
Mazen Mroue and members of MTN senior
management handing over donations to the
management of Love Home Orphanage.
What Can We Project
implementation
Do Together period: 2015 to
- community outreach date
programme
The MTNF ‘What Can We Do for primary healthcare centres.
Together’ Campaign is an initiative Currently in its fourth phase, this
under our National Priority Area project identifies with UN SDGs
theme. It is designed to get Nigerians 3 and 4 that ask member states
to nominate projects in communities to provide quality education and
of their choice for consideration. ensure healthy lives.
Some nominated projects have
been in the areas of the installation The sum of N1,098,000,000 has
of boreholes, donation of school been invested in the project to
learning materials and equipment date.
Top: MTNF Director, Mr. Denis Okoro; Snr. Manager, Program
Implementation, MTNF, Mr. Abasi-Ekong Udobang; Snr. Manager, Public
Affairs MTN, Mr. Anas Galadima; alongside some esteemed nominators at the
2019 ‘What We Do Together’ Donors’ Appreciation Event, Abuja
64 MTN Nigeria Communications PLC
Corporate Social Investment - continued
MTN Nigeria Foundation - activities and interventions across key focus areas - 2020
Project Name
Commemoration of the
2020 International Day
Against Drug Abuse and
Illicit Trafficking (World
Drug Day)
Cause:
Maternal & Child Health
Provision of Medical
Equipment to the Police
Hospital, Ikoyi - Lagos
Cause:
Maternal & Child Health
Donation of Insecticide
Treated Mosquito Nets
Cause:
Maternal & Child Health
Donation of an ambulance
to the government of
Ekiti State
(COVID-19 Response)
Cause:
National Priority
Project Description & Activities
This initiative focuses on using
the International day as a call for
behavioural change through, awareness
creation, advocacy, Information &
resources dissemination, stakeholder
engagement and empowerment as tools
to curb the prevalence of substance
abuse in Nigeria in collaboration with
relevant agencies such as the UNODC,
NDLEA and other critical stakeholders.
ACTIVITIES:
Executed a digital media campaign
to create awareness about the menace
of substance abuse particularly among
youths
Collaborated with BusinessDay, NetNG
and MTV Base on a webinar with experts,
influencers and dignitaries participating.
Provision of medical equipment to
support health care services within the
police community and its environs.
ACTIVITIES:
Procurement of life-saving equipment Improve the well-being of persons
for use at the Police Hospital, Falomo:
Patient Vital Sign Monitors - 3 units
Cardiotocography Machines - 2 units
Radiant Warmers - 2 units
1.5HP split-unit Air Conditioner - 1 unit
Donation of Insecticide Treated Mosquito
Nets to MED-IN Specialist Hospital,
Lagos State
ACTIVITIES:
Provision of 500 insecticide treated
mosquito nets (ITMN) for Med-In
Specialist Hospitals outreach
Donation to the State Govt to assist in
the fight against Covid-19
ACTIVITIES:
Procure an ambulance for Ekiti State
Govt.
Project Objective
To prevent the 14 – 19 year olds
from becoming first time users.
To stop the 14 – 19 year old casual
users from becoming habitual users.
To increase awareness amongst
teenagers and foster conversations
around the effects of drug
dependency and abuse.
To engage and galvanise key
stakeholders to create awareness
about substance abuse in Nigeria,
to generate insight, mobilise
resources for the implementation of
sustainable solutions.
Contribute toward improvement
of health care by procuring and
donating life-saving equipment for
use at the Police Hospital, Falomo-
Lagos.
living in our communities.
Contribute to the reduction of
maternal and infant mortality due to
Malaria in Nigeria.
To support the state government in
the fight against COVID-19.
Annual Report and Financial Statements 2020 65
Outcome / Lives Impacted Alignment with SDGs & ESG’s
954 persons watched the live event on Zoom and SDG3
YouTube platforms Good Health & Well-Being
Over 9.5m people reached ESG
Social
Over 19m impressions across all digital channels
Executed MTNF’s first virtual event (webinar) with MTNF
offering support for the treatment of a young lady who
reached out during the webinar.
Increased exposure to anti-substance abuse messaging.
Brand association with ‘World Drug Day’
An average of 2,945 patients attend the Hospital monthly, SDG3
Good Health & Well-Being
thus an estimated 35,340 individuals would be impacted in
12 months
ESG
Engaged with critical stakeholders and neighbours- the Social
Nigeria Police at Falomo Hospital
500 households reached: an average of 4 persons per SDG3
household, approximately 2000 people Good Health & Well-Being
ESG
Social
Safer conditions of service for frontline health workers SDG4
Quality Education
Support of healthcare sector in Ekiti State
ESG
Social
66 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 67

Corporate Social Investment - continued

MTN Nigeria Foundation - activities and interventions across key focus areas - 2020 (continued)

Project Name Project Description & Activities Project Objective Outcome / Lives Impacted Alignment with SDGs & ESG’s

MTNF Scholarships
Cause:
Youth Empowerment
The scheme provides academic
scholarships for students studying
STEM (Science, Technology, Engineering
and Mathematics), also Pharmacy,
Law & Blind Students of any discipline
in public tertiary institutions across
the country. Annually, up to 360 new
scholarships are added, with old
scholarships renewed based on ongoing
academic performance.
Implementation of Scholarship Over 43,000 unique application received (45% > than 2019) SDG4
awards to 300 new intakes in Year 3 Quality Education
for the STSS and 60 new blind 368 new scholars were added to the pool of MTN Scholars
awardees (Year 3 Law students *SDG8
& other students in Year 2). Decent Work and Economic
growth
MTNF Employability Workshop equips
participants with employability skills SDG9
to give them an edge in the market Industry Innovation and
place. Infrastructure.

ACTIVITIES: ESG
Funded scholarship awards for the Social, Environment
following schemes:
i) MTNF Science & Tech. Scholarship
Scheme
ii) MTNF Scholarship Scheme for Blind
Students
iii)Prince Julius Prize for Best Students
in Pharmacy and Law

Announcement of Scholarships for

top 10 performing candidates at the
annual JAMB UTME exam

Virtual Employability Workshop,

Award Ceremony and Alumni Induction
Programme

(MTNF Employability Workshop

ensures that the MTNF Scholars
are well equipped to compete and add
value to Nigeria’s labour market)

MTNF-MUSON Music
Scholars Programme
Cause:
Youth Empowerment
Provision of annual scholarships for
talented youth to study music at the
prestigious Musical Society of Nigeria
(MUSON).
ACTIVITIES:
Funded scholarship awards to
enrolled scholars under the 2019/2020
and 2020/2021 Sessions
Provision of data to MUSON towards
online learning during the lockdown
To provide scholarships to talented 490 applications received for new session SDG4
musicians to acquire a diploma in (60% > than 2019) Quality Education
music at the MUSON School of Music
30 new MUSON scholars ESG
Social
Partnered with MTN MusicTime on ‘Business of the
Arts Webinar with panelists from WarnerMusic,
ViacomCBS, MTN Irancell, BHM
9.5million people reached with 28.3m impressions made
on social media

Held virtual Graduation Concert &

Ceremony in August 2020

Held ‘Business of the Arts Webinar’ in

August 2020
68 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 69

Corporate Social Investment - continued

MTN Nigeria Foundation - activities and interventions across key focus areas - 2020 (continued)

Project Name Project Description & Activities Project Objective Outcome / Lives Impacted Alignment with SDGs & ESG’s

Orphanage Support Support of orphaned and vulnerable To provide food items toward An average of 1000 orphans were visited in 20 orphanage SDG2
Initiative children across the country through the enhancing the nutrition of children in homes Zero Hunger
provision of food and household items. orphanages
Improved the health and nutrition of children in the SDG3
Cause: ACTIVITIES: To provide other required household Good Health & Well-Being
orphanages
items as captured through a needs
Provision of food and other household assessment of recipient orphanages. ESG
Maternal & Child Health items to enhance children’s nutrition and Social
wellbeing.

Donation of One Hundred
Million Naira to the Lagos
State Government
Cause:
National Priority
Donation to the State Govt to assist Activities as part of Y’ello Hope in SDG3
in the fight against the Covid-19 support of the Nation’s fight against Good Health & Well-Being
Pandemic Safer conditions of service for frontline health workers
COVID-19.
Support of healthcare sector in Lagos State ESG
ACTIVITIES: Social
Donation of N100m to the Lagos State
Govt.

Procurement of Personal
Protective Equipment to
the Nigeria Centre for
Disease Control (NCDC)
Cause:
National Priority
Donation of PPEs to the National Centre To support NCDC in the fight against SDG3
for Disease Control as support for the Covid-19 Pandemic. Safer conditions of service for frontline health workers for Good Health & Well-Being
frontline health workers in comabting 71,000 health workers
the Covid-19 virus ESG
Social
ACTIVITIES:
Donation of over 71, 000 Personal
Protective Equipment (PPE) valued
at N250Million to the Nigeria Centre
for Disease Control (NCDC) towards
the COVID-19 National response. The
items donated include:
- Face Mask N95 - 30,160 pcs
- Apron 75 Micron PVC - 8,000 pcs
- Boots - 2,000 pcs
- Protective clothing for medical use
(Vangelion Multi Global) - 20,000 pcs
- Disposable gowns - 11,000 pcs

Provision of 9 Solar
Powered Boreholes to
communities across
Nigeria.
Cause:
National Priority
Provision of solar powered boreholes to
communities across Nigeria where there
is limited access to potable water supply.
ACTIVITIES:
Engagement of suitable vendors/
contractors facilitated by MTN
Sourcing
Project implementation by vendors/
contractors
Inspection of completed projects and
handover.
To provide a cleaner, less stressful,
cheaper source of water for
communities.
SDG6
Completed installation of solar-powered boreholes in Clean water and Sanitation
9 communities across Abia, Akwa-Ibom, Kwara, Lagos,
Anambra, Bauchi, Osun and Oyo States impacting an SDG7
Affordable and Clean Energy
average of 4500 people
SDG11
Sustainable Cities and
Communities
SDC13
Climate Action
70 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 71

Corporate Social Investment - continued

MTN Nigeria Foundation - activities and interventions across key focus areas - 2020 (continued)

Project Name Project Description & Activities Project Objective Outcome / Lives Impacted Alignment with SDGs & ESG’s

MTN ICT & Business Skills
Training Initiative
(Phase 4)
Cause:
Youth Empowerment
An Initiative to build the capacity To increase ICT enabled small Capacity building of 1393 young aspiring and emerging SDG4
of young people between the ages businesses run by young people in entrepreneurs Quality Education
of 18 and 35 in the area of ICT and cities across Nigeria.
entrepreneurship towards enhancing SDG8
their capabilities. Decent Work and Economic
growth
ACTIVITIES:
Training programmes comprising ESG
self-paced and instructor-led virtual Social, Environment
classes targeted about 2000 youths
across five states (i.e. Abia, Akwa
Ibom, Borno, Kaduna and Katsina)
Held a virtual close-out ceremony
which included a case-study
challenge.
Gifts and e-certificates were awarded
to the participants.

Youth Entrepreneurship
Development Programme
(YEDP)
Cause:
Youth Empowerment
An initiative which involves
entrepreneurial skills training,
development of bankable business
plans; provision of grants and
equipment loans of up to N2,000,000
and business support services to alumni
of the MTNF scholarship programme.
ACTIVITIES:
4 weeks’ virtual training for
participants by the Enterprise
Development Centre (EDC) of Lagos
Business School (LBS)
To build the entrepreneurship skills of SDG4
Capacity building of 75 young aspiring and emerging
75 MTNF Scholarship Alumni towards Quality Education
entrepreneurs through training.
making them business owners;
SGD8
Financial support for 40 Small and Medium Scale
To provide financial inclusion for 50 Decent Work and Economic
Enterprises, identified from the business pitch competition
successful beneficiaries eligible for growth
small business loans; Facilitated equipment loan disbursement to 6 individuals;
the process is still ongoing for other qualified/interested SDG9
To monitor the businesses of the Industry Innovation and
participants
beneficiaries for loan repayment, Infrastructure
sustainability and best practice.
ESG
Social

4 days’ in-class training for

participants by Bank of Industry
(BOI)

A business pitch competition

Conducted loan requirement and

application processes

Disbursement of equipment loan by

BOI

Ongoing loan recovery process and

business support by BOI.
72 MTN Nigeria Communications PLC
Corporate Social Investment - continued
MTN Nigeria Foundation - activities and interventions across key focus areas - 2020 (continued)
Project Name
Commemoration of the
“International Day for
Persons with Disabilities”
- IDPWD
Cause:
National Priority
Donation of eLibrary
to Obafemi Awolowo
University, Ile-Ife, Osun
State.
Cause:
Youth Empowerment
Theatre Production
Cause:
Arts & Culture
Annual Report and Financial Statements 2020 73
Project Description & Activities Project Objective Outcome / Lives Impacted Alignment with SDGs & ESG’s
Sponsorship and celebration of Support the cause of Persons with Providing support to 135 persons living with disabilities, SDG3
people with disabilities on “International Disabilities (PWDs) through the fostering social inclusion. Good Health & Well-Being
Day for Persons With Disabilities annual commemoration of the
(IDPWD)” in partnership with the IDPWD SDG10
Federal Ministry of Humanitarian Reduced Inequality
Affairs, Disaster Management and
Social Development. ESG
Social
Participation at the commemoration
of the International Day for Persons
with Disabilities.
Donation of the following items:
- Adjustable Armpit crutches - 30
- Adjustable Elbow crutches - 30
- Guide Cane - 30
- Walking stick - 30
- Digital Tape recorder - 15
Donation of an e-Library at the Donate a world-class standard ICT Provided 50 computers to the University Community SDG4
prestigious Obafemi Awolowo Lab to empower youths. Quality Education
University, Ile-Ife, Osun State to Projected to contribute to the digital learning of 10,000
contribute to digital learning in the university students
institution. The e-library is named after
the Chairman of MTN Foundation,
Prince Julius Adelusi-Adeluyi, OFR, mni.
ACTIVITIES:
Virtual commissioning
Sponsorship to empower the cast and Empowered 91 youths by giving them opportunities SDG8
To promote Nigeria’s rich cultural
crew of ‘Oluronbi, the Musical’, a Bolanle diversity and retell Nigerian and to showcase their talents and bringing to the fore a Decent Work and Economic
Austen-Peters Production, which was African Stories reawakening of the ancient traditions and cultures in the Growth
staged over the Christmas holidays, To empower young skilled south-western part of our country
from December 26-29, 2020, at Terra professionals
Kulture, Victoria Island. To promote value creation through
Arts & Culture.
ACTIVITIES:
Stage performances
74 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 75

Governance
76 Directors, Officers and Professional Advisers

77 Board of Directors

83 Executive Management

84 Corporate Governance Report

107 Report of the Independent Consultant to the Board of Directors of MTN Nigeria

Communications Plc on their Appraisal for the Year Ended 31 December 2020

108 Directors’ Report

113 Statement of Directors’ Responsibilities in Relation to Financial Statements

114 Audit Committee Report

115 Report of Independent Auditors to the Members of MTN Nigeria Communications PLC

MTN Nigeria Communications Plc subjects its operations to the highest standards of
corporate governance, an essential component of sustainable corporate success
76 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 77

Directors, Officers and Professional Advisers Board of Directors

Registered Company Number 395010

1. Ernest Ndukwe, OFR
Chairman
Directors Names Nationality Position
Dr. Ernest Ndukwe, OFR Nigerian Chairman 2. Karl Olutokun Toriola
Mr. Karl Olutokun Toriola* Nigerian Chief Executive Officer Chief Executive Officer

Mr. Ralph Mupita South African Non-Executive Director

3. Ferdinand Moolman
Mr. Jens Schulte-Bockum German Non-Executive Director Non-Executive Director 1 2 3
Mr. Michael Ajukwu Nigerian Independent Non-Executive Director
Mr. Paul Norman South African Non-Executive Director 4. Rob Shuter
Non-Executive Director
Mr. Rhidwaan Gasant South African Independent Non-Executive Director
(Resigned wef 1 September 2020)
Mr Ferdinand Moolman** South African Non-Executive Director
Mr. Muhammad K. Ahmad, OON Nigerian Independent Non-Executive Director 5. Paul Norman
Non-Executive Director
Mr. Abubakar B. Mahmoud, SAN, OON Nigerian Non-Executive Director
Dr. Omobola Johnson Nigerian Non-Executive Director 6. Ralph Mupita 4 5 6
Mr. Andrew Alli Nigerian Non-Executive Director Non-Executive Director
Mrs. Ifueko M. Omoigui Okauru, MFR Nigerian Non-Executive Director
7. Rhidwaan Gasant
Mr. Modupe Kadri*** Nigerian Executive Director
Independent Non-Executive
Mr. Rob Shuter**** South African Non-Executive Director Director
Ms. Tsholofelo Molefe***** South African Non-Executive Director
8. Michael Ajukwu

*Became MD/CEO effective 1 March 2021 | **Ceased to be CEO effective 28 February 2021. Now a Non-Executive Independent Non-Executive
Director | *** Appointed 1 March 2020 | ****Resigned wef 1 September 2020 | ***** Appointed wef 3 May 2021 Director
7 8 9

Registered office 4 Aromire Road, 9. Omobola Johnson

off Alfred Rewane Non-Executive Director
Ikoyi, Lagos
10. Ifueko M Omoigui Okauru, MFR
Holding company MTN International (Mauritius) Limited Non-Executive Director
incorporated in the Republic of Mauritius
11. Muhammad K. Ahmad, OON
Independent Non-Executive
Auditors Ernst & Young Nigeria (EY) 10 11 12
Chartered Accountants Director
10th & 13th floors
UBA House 12. Andrew Alli
Marina Non-Executive Director
Lagos

13. A.B. Mahmoud, SAN, OON

Company Secretary Uto Ukpanah Non-Executive Director

Registrar Coronation Registrars Limited 14. Jens Schulte-Bockum

9 Amodu Ojikutu Street Non-Executive Director 13 14 15
Victoria Island, Lagos
15. Ms. Tsholofelo Molefe
Tax Identification Number (TIN) 00969009-0001 Non-Executive Director

16. Modupe Kadri

Chief Financial Officer (CFO)

17. Uto Ukpanah

Company Secretary 16 17
78 MTN Nigeria Communications PLC
Board of Directors - continued
Dr. Ernest C. Ndukwe, OFR
Chairman, Board of Directors
Appointed:
Independent Non-Executive Director
June 1, 2018
Chairman September 2, 2019.
Skills, Expertise and Experience:
Professional Telecommunications
Engineer, Entrepreneur, Business
Management Trainer with Expertise
in Public Policy and Utility Regulation;
Fellow of the Nigerian Society of
Engineers (FNSE), the Nigerian
Institute of Management (FNIM)
and the Nigerian Academy of
Engineering, (FAEng); International
Telecommunications Union (ITU) Gold
Medal Award Recipient for important
contribution to global Information
and Communication Technologies.
Served as the Chief Executive Officer
of Nigeria’s Telecommunications
Regulatory Agency (2000 to 2010)
Degrees:
B.Sc degree, Electronic and Electrical
Engineering (University of Ife now
Obafemi Awolowo University); D.Sc.
Hon. Degree (University of Nigeria,
Nsukka); D.Tech Hon. Degree
(University of Ife). Executive Education
Program at Lagos Business School,
Harvard Business School, IMD
Business School, INSEAD Business
School and Columbia Business
School.
Other directorships:
Non-Executive Director, Systemspecs
Limited; Board Member, ICT
Research Africa Network; Chairman,
Openmedia Group.
Ferdi Moolman
[Ceased to be CEO on 28 February
2021. Now a Non-Executive Director)
Appointed:
July 1, 2014
Board Committee Membership:
• Member: Ad hoc Committee on
Public Offer
• Ad hoc Committee on Head Office
Skills, Expertise and Experience:
Mr. Moolman was the Chief Executive
Officer of MTN Nigeria from
December 2015 to 28th February
2021. He has extensive experience
spanning Financial Auditing, Financial
Operations and Taxation, having
worked in the Telecommunications
and Consulting sectors in Nigeria,
Iran, England and France.
He has held several senior positions
at PricewaterhouseCoopers,
Momentum Life, Europ Assistance
and the office of the Auditor General,
all in South Africa.
Since he joined MTN in 1990,
he has held many senior roles
including General Manager, Financial
Operations responsible for managing
CAPEX; Chief Financial Officer of
MTN Irancell, Chief Operating Officer
of MTN Irancell and Chief Financial
Officer of MTN Nigeria.
Degrees:
B.Sc., B.Comm.
Paul Norman
Non-Executive Director
Appointed:
First appointed May 16, 2005;
Resigned April 1, 2015 and
Re-appointed February 10, 2016
Board Committee Membership:
• Member: Remuneration, Human
Resources, and Social and Ethics
Committee.
• Nomination and Governance
Committee.
Skills, Expertise and Experience:
Mr. Norman is the Chief Human
Resources and Corporate Affairs
Officer at MTN Group. He has played
a key role in MTN’s evolution from a
single country business to a global
business with a footprint in 21
countries. He is on the boards of MTN
Nigeria, MTN South Africa and MTN
Cote d’Ivoire.
Under his leadership, MTN Group
won the International Gold
Accreditation Award for excellent
people management and was rated
among the Top Sustainable Global
Companies by Newsweek. He has
been recognized with several awards
for his achievements, including HR
Practitioner of the Year from the
Institute of People Management
South Africa in 2003 and a Lifetime
Achievement Award from the South
African Board for People Practices in
2012. He is also one of the founding
members of South Africa Day, an
initiative that raises funds to support
deserving students.
Degrees:
B.A. and M.A. (Psychology) - Rhodes
University in Grahamstown, South
Africa. MBA (Institute for Management
Development in Switzerland)
Executive Development Program
at the Wits Business School in
Johannesburg, South Africa.
Ralph Mupita
Non-Executive Director
Appointed:
April 13, 2017
Board Committee Membership:
• Member: Board Ad-Hoc Public
Offer Committee
• Nomination and Governance
Committee
• Remuneration, Human Resources
and Social and Ethics Committee.
Skills, Expertise and Experience:
Ralph is MTN Group Chief Executive
Officer. Prior to joining MTN in April
2017, Ralph was the Chief Executive
of Old Mutual Emerging Markets.
He has extensive experience in
the financial services, building and
operating life, asset management,
short-term insurance and banking
businesses in emerging markets. His
vast market experience covers Africa,
Latin America and Asia as operating
regions.
Degrees:
BSc.Eng (Hons) (University of Cape
Town); MBA (University of Cape Town);
GMP (Harvard Business School)
Other directorships:
Member, Board of Directors;
Association for Savings & Investment
SA, Business Leadership South
Africa, UAP Holdings Ltd. and Brand
South Africa.
Rhidwaan Gasant
Independent Non-Executive Director
Appointed:
April 1, 2015
Board Committee Membership:
• Chairman: Board Audit Committee
• Member: Risk Management &
Compliance Committee
• Ad hoc Public Offer Committee.
Skills, Expertise and Experience:
Mr. Gasant has served on the
boards of a number of international
companies within the MTN Group,
including MTN South Africa since
2007, as Chairman of the Audit and
Risk Management Committees.
He has held financial and leadership
executive roles at companies such
as Mobil Oil Southern Africa, Engen
Limited and Energy Africa Limited,
where he served as Chief Executive
Officer and Managing Director.
Degrees:
B. Compt (Hons)-UNISA; CA (SA)-UCT;
ACIMA-UCT; Executive Development
Program-Wits University
Other directorships:
Lead Independent Director -
AngloGold Ashanti Limited;
Chairman Designate - Growthpoint
Properties Limited.
Annual Report and Financial Statements 2020 79
Karl Olutokun Toriola Degrees:
Became MD/CEO effective 1 March
2021 M.Sc. in Communication Systems
from Swansea University, United
Appointed: Kingdom.
(B.Sc. Hons.) in Electronic and
January 14, 2016
Electrical Engineering from the
Obafemi Awolowo University, Ile-Ife,
Board Committee Membership: Nigeria.
• Member: Board Audit Committee
Other directorships:
(until February 28 2021)
• Ad hoc Committee on Head Office.
T.R Cameron Limited, Nigeria; Main
One Cable, Nigeria; Cameron Hotels
Skills, Expertise and Experience:
Limited, Nigeria; UAC Nigeria PLC.
Until 1st March 2021 when he became
Michael Ajukwu
CEO of MTN Nigeria, Mr. Toriola was
Independent Non-Executive Director
Group Vice President of West and
Central Africa (WECA) at MTN Group
Appointed:
Limited, a role he held from 2016. He
has held many senior roles in MTN September 2, 2019.
including Chief Technical Officer,
Network Group (NWG), MTN Nigeria Board Committee Membership:
and Chief Executive Officer, MTN
• Chairman: Nomination and
Cameroon.
Governance Committee; Adhoc
In April 2015, he was appointed as Committee on Public Offer
• Member: Risk Management and
the MTN Group Operating Executive
Compliance Committee; Ad hoc
where he had direct responsibility for
Committee on Head Office.
13 MTN Subsidiaries in 13 countries
with their respective CEOs reporting
Skills, Expertise and Experience:
to him. Prior to joining MTN Nigeria
as the Chief Technical officer in 2006,
Mr. Ajukwu has over 21 years
he was the Chief Operations/Regional
experience in the banking industry
Officer for Vmobile Nigeria (now Airtel
with a specialty in the Energy and
Nigeria) where he was responsible for
Multinational sectors.
operations.
Degrees: B.Sc. Finance, University of
Mr. Toriola has extensive Governance
Lagos; MBA, Accounting and Finance
and Board membership experience,
serving on various boards of New York University, United States.
multinationals since 2010. Other directorships include:
Chairman, Altec West Africa Limited;
Mr. Toriola serves on the Boards of Chairman, Munca Properties;
MTN Nigeria, Ivory Coast, Cameroon,
Chairman, Mobax Nigeria Limited;
Benin, Congo Brazzaville, Guinea, Independent Director of Sterling Bank
Liberia, and Guinea Bissau. He is
PLC.; Independent Non-Executive
also an independent Board member Director Tiger Brands Limited; Non-
of UAC Nigeria Plc. He has previously
Executive Director, Board of Intafact
served on the Boards of American Beverages Limited, a subsidiary of
Towers, Jumia Africa.
SABMiller in Nigeria and Novotel, a
member of Accor Hotels Group. He
He is a Fellow of the Nigerian Society
also served as a Director of Keystone
of Engineers and a member of the
Bank Limited and Executive Director
Council of Registered Engineers of
of United Bank of Africa.
Nigeria. He is also a member of the
Institute of Directors.
He is an alumnus of global leading
business schools, including London
Business School, Harvard Business
School, Institute of Management
Development (IMD.) Switzerland,
among others.
80 MTN Nigeria Communications PLC
Board of Directors - continued
Dr. Omobola Johnson
Non-Executive Director
Appointed:
September 2, 2019.
Board Committee Membership:
• Chairman: Risk Management and
Compliance Committee
• Member: Nomination and
Governance Committee
• Ad hoc Committee on Head Office.
Skills, Expertise and Experience:
Dr. Omobola Johnson brings over
30 years of ICT experience across
the private and public sectors. She
started her career in 1985 at Arthur
Andersen & Co/Andersen Consulting.
Dr. Johnson was admitted into the
Accenture Partnership in September
2000 and assumed responsibilities
for Financial Services practice
from 2000 – 2007. In 2005 she was
appointed as Country Managing
Director of Accenture Nigeria. Dr.
Johnson took an early retirement
from Accenture in March 2010 to
engage and participate more deeply
in the development of Nigeria by
better deploying the significant skills
and competencies acquired during
her 25 years in Andersen Consulting/
Accenture. From 2011-2015, she
served as Nigeria’s Minister of
Communication Technology where
she developed the country’s first
and ambitious 2013 - 2018 National
Broadband Plan.
Under her leadership, Nigeria
became the first African country
to join the Alliance for Affordable
Internet (A4AI) — a global coalition,
led by the Web Foundation, working
to make broadband affordable for all.
From 2015-2018, Omobola served
as A4AI’s Honorary Chair, where she
provided the Alliance with strategic
policy guidance and led high-level
advocacy efforts to drive down the
cost of internet services.
She is currently a Senior Partner at
TLcom Capital LLP a pan--African
technology venture capital fund.
Degrees:
BSc, Electrical and Electronic
Engineering, University of
Manchester; MSc, Digital Electronics,
King’s College, London; DBA,
Cranfield University.
Other directorships:
Chairman, Board of Custodian and
Allied Insurance Limited; Director,
Board of Guinness Nigeria PLC and
Director, Board of World Wide Web
Foundation. Founding Chairperson,
Women in Management and Business
(WIMBIZ); Director FBNQuest
Merchant Bank; Director Liquid
Telecom Holdings
Ifueko M Omoigui Okauru, MFR
Non-Executive Director
Appointed:
September 2, 2019.
Board Committee Membership:
• Member: Board Audit Committee;
• Remuneration, Human Resources
and Social and Ethics Committee;
and Statutory Audit Committee
• Chair and Board representative on
Tier 1 Sourcing Committee.
Skills, Expertise and Experience:
From December 1983 to March
1996, she worked across the broad
spectrum of Audit, Tax and Consulting
in the firm of Arthur Andersen & Co.
(now split into three firms – KPMG
Professional Services, Accenture
(Verraki in Nigeria) and Andersen).
She led the firm’s successful strategy
consulting practice before her exit in
1996.
From July 1996 to April 2004, she
founded and led a team of consultants
at ReStraL Ltd, a Research, Strategy
and Leadership Consulting firm, and
built the organization up from a zero
base to a company par excellence.
This firm owns and manages the
Franklin Covey license in Anglophone
West Africa.
From May 2004 to April 2012, Mrs
Okauru served as the first female
Executive Chairman of the Federal
Inland Revenue Service of Nigeria,
and the first female Chairman of
the Joint Tax Board of Nigeria. She
is reputed to have transformed the
taxation space to unprecedented
levels resulting in significant revenues
generated and the development of
Revenue Institutions at the Federal
and State levels, as critical institutions
of governance. During that period, she
was a part time member of the United
Nations (UN) Committee of Experts
on International Cooperation in Tax
Matters as well as a founding member
of the African Tax Administration
Forum (ATAF). In recognition of her
contribution to Public Service, she
was appointed the Africa Initiative
for Governance (AIG) visiting Fellow
of Practice at the Blavatnik School of
Government, University of Oxford for
the 2019/2020 year.
She is currently the Managing
Partner of Compliance Professionals
PLC –supporting individuals and
organisations to ensure compliance
with rules and regulations. Previous
Board memberships include
Independent Director - Seplat
Petroleum Development Company,
Central Securities Clearing System
(CSCS) Plc and Diamond Bank;
Chairman, Lagos State Employment
Trust Fund.
Degrees:
BSc. Accounting (First Class)
from University of Lagos; MSc.
Management Science, Imperial
College; MPA/Mason Fellow, Harvard
University, Harvard Kennedy School.
Professional Qualifications:
Fellow, Institute of Chartered
Accountants of Nigeria (ICAN) and
Fellow, Institute of the Chartered
Institute of Taxation (CITN); Fellow,
Compliance Institute of Nigeria (CIN)
Other directorships:
Nigerian Breweries PLC, AfyA Care
Nigeria Limited, Managing Partner/
Director, Compliance Professionals
PLC; Chairman, ReStraL Limited,
Dagomo Foundation Nigeria Limited/
GTE.
Muhammad K. Ahmad, OON
Independent Non-Executive Director
Appointed:
September 2, 2019.
Board Committee Membership:
• Chairman: Remuneration, Human
Resources and Social and Ethics
Committee
• Member: Board Audit Committee
• Statutory Audit Committee.
Skills, Expertise and Experience:
He has about 35 years of distinguished
experience leading and working in
various public sector organizations
and financial services institutions in
Nigeria. He was the pioneer Director-
General and Chief Executive Officer
of the National Pension Commission
and oversaw the establishment and
growth of the Pension industry in
Nigeria. Ahmad had worked as a bank
supervisor at the Nigeria Deposit
Insurance Corporation (NDIC) and the
Central Bank of Liberia. He was also
a director of FBN Holdings Plc. He is
the founder of Jewel Development
Foundation, a graduate assistant
platform.
Mr. Ahmad Chairs the Technical
Committee of the National Council
on Privatisation (NCP) chaired by
the Vice President of Nigeria. He
chaired the Technical Committee
on the Nigerian Code of Corporate
Governance constituted by the
Financial Reporting Council of
Nigeria, which produced the Nigerian
Code of Corporate Governance 2018.
Ahmad chaired the Technical
Committee that produced the
North East Transformation
Strategy (NESTS), a medium-term
Regional Development Strategy,
for the sustainable socio-economic
transformation and reconstruction
of the Region, a strategy promoted by
the six Governors of the constituent
states of the region. He also assisted
in the development of the Buhari
Plan, which was initiated by the
Federal Government of Nigeria to
provide a framework for coordinating
all initiatives and interventions by
various actors for early recovery and
sustainable development of the North
East region as well as coordinated the
crafting of the Borno State 25-Year
Development Plan
Degrees:
BSc. Accounting Ahmadu Bello
University.
PG Diploma (Innovation & Strategy),
University of Oxford.
Other directorships:
Chairman, Board of Polaris Bank Ltd,
Chairman, Board of Credent Capital
Advisory and, Chairman Interim
Management Board, International
Energy Assurance. He is also a
director of Flour Mills of Nigeria
Plc, Buraq Capital and Data Guard
Document Management Ltd. Ahmad
is the President and Chairman of
Council of the Board of Society for
Corporate Governance Nigeria and a
member of the Governing Council of
Pan Atlantic University.
Mr. Ahmad was honored with a
national award of the Officer of the
Order of the Niger (OON).
Andrew Alli
Non-Executive Director
Appointed:
September 2, 2019.
Board Committee Membership:
• Chairman: Ad hoc Committee on
Head Office
• Member: Remuneration, Human
Resources and Social and Ethics
Committee
• Risk Management and Compliance
Committee.
Skills, Expertise and Experience:
Mr. Alli has over 25 years of experience
of investing in and managing
businesses in Africa. Having started
his career in management consulting
and investment banking in the UK,
he joined the International Finance
Corporation where he worked for 11
years gaining experience in energy
and telecommunications investments
at its headquarters in Washington
DC, before his appointment to run
IFC’s Nigeria operation in 2002. In
2006, he was appointed to run the
Corporation’s operations in Southern
Africa. In 2008, After a stint as the co-
founder of a private equity fund, he
was appointed President and CEO of
the Africa Finance Corporation (AFC),
which he led for ten years. During this
period AFC made in excess of $4.5
billion of investments in 30 African
countries and developed into a leading
African financier of Infrastructure. In
2019 he joined South Bridge Group,
a pan-African investment bank, as a
Partner. Mr Alli has extensive board
experience and during the course of
his career, he has been involved with
investments in Africa totaling more
than US$8 billion.
Degrees:
B.Eng. in Electronics and Electrical
Engineering, King’s College, University
of London; MBA INSEAD Business
School, France; Fellow of the Institute
Annual Report and Financial Statements 2020 81
Chartered Accountants in England
and Wales.
Other directorships:
CEO, SouthBridge Partners, a Pan-
African financial services firm
focused on Investment Banking,
Sovereign advisory, and serving
African and global corporates.
Independent Non-Executive Director,
Development Bank of Nigeria; Non-
Executive Director CDC Group.
Member, Board of Trustees – African
Gifted Foundation.
A.B. Mahmoud, SAN, OON,
FCIArb (UK)
Non-Executive Director
Appointed:
September 2, 2019.
Board Committee Membership:
• Member: Risk Management and
Compliance Committee
• Nomination and Governance
Committee.
Skills, Expertise and Experience:
A one-time Kano State Attorney
General & Commissioner for Justice,
in the public service (from 1979 to
1993) prosecutor and legal adviser,
he has held various positions
including Director Litigation, Public
Prosecution, Solicitor-General at the
Ministry of Justice, Kano.
Mr. Mahmoud was elevated to the
rank of Senior Advocate of Nigeria in
2001 and is a Life Bencher of the Body
of Benchers, the highest regulatory
body for the legal profession in
Nigeria. He holds the national honour
of the Officer of the Order of the
Niger (OON) and was elected the
33rd president of the Nigerian Bar
Association (NBA), Nigeria’s umbrella
association of professional lawyers
on August 1, 2016.
He is a member of the International
Chamber of Commerce (ICC), London
Court of International Arbitration
(LCIA) and was accepted into the
Energy Arbitrators List (EAL) in 2013.
Mr. Mahmoud is the Managing Partner
and one of the founding partners of
the law firm Dikko & Mahmoud.
82 MTN Nigeria Communications PLC
Board of Directors - continued
Degrees:
LLB and LLM (Company and Labour
Law), Ahmadu Bello University, Zaria.
Other directorships:
Board Member, Stanbic IBTC Pension
Managers; Board Member, Aliko
Dangote Foundation.
Jens Schulte-Bockum
Non-Executive Director
Appointed:
April 13, 2017
Board Committee Membership:
• Member: Remuneration, Human
Resources, and Social and Ethics
Committee.
Skills, Expertise and Experience:
Mr. Schulte-Bockum joined MTN
Group, Johannesburg, in January
2017 as Chief Operating Officer. His
role includes managing the Group
functional teams across Commercial,
Technology, Enterprise and Digital
as well as overseeing operations of
MTN’s 21 operating companies in
Africa and the Middle East.
Before joining MTN Group, he
spent 24 years in consulting and
telecommunications. He has held
senior management roles at McKinsey
& Co and Vodafone Group. He has also
served as an independent industrial
adviser to multiple private equity
players. He was Chief Executive
Officer of Vodafone’s largest
operating company in Germany where
he integrated Kabel Deutschland
Holding AG and served as chairman
of this listed subsidiary from 2013 to
2015.
Jens has extensive experience in
consumer, enterprise and broadband
businesses, as well as the area
of large-scale transformation in
converged telecom operations.
Degrees:
BMA Social Sciences/Economics
(University of Chicago), Diplom–
Volkswirt (Kiel University),
Undergraduate Studies (Emory
University).
Other directorships:
Director of Deutsche Glasfaser
Group, Germany, and Delta Fiber
Networks, Netherlands. Trustee
Bankinter Foundation of Innovation,
Spain. Member International Advisory
Board, School of Business and
Economics, Maastricht University.
Modupe Kadri
Chief Financial Officer (CFO)
Appointed:
March 1, 2020
Skills, Expertise and Experience:
Mr. Modupe Kadri is the Chief
Financial Officer/Executive Director
for MTN Nigeria Communications
PLC. He joined MTN Nigeria in 2007
as the General Manager Financial
Operations and held various positions
within the Finance Division. In August
2014, he joined Scancom PLC ( MTN
Ghana) as the Chief Financial Officer
and was appointed Executive Director
in April 2016, a position he held until
29 February 2020.
Before joining MTN, he worked
at Lafarge Africa PLC where he
held various positions in the West
African Portland Cement (WAPCO)
PLC subsidiary including financial
controller and business development
manager. He trained and qualified
as a chartered accountant
with Coopers and Lybrand now
PricewaterhouseCoopers (PwC)
where he spent 11 years. He holds
a Bachelor of Science (Hons) in
economics and a Master of Science
in Management, both from the
University of Lagos, Nigeria and is
a Fellow of both the Association of
Chartered Certified Accountants
(ACCA) and Institute of Chartered
Accountants of Nigeria (ICAN).
He was part of MTN’s Global
Advancement Programme (GAP)
in 2012 and has attended various
leadership programmes at the
Columbia Business School, INSEAD,
IMD Business School and Kellogg
Executive Education where he is an
alumnus of all four.
Annual Report and Financial Statements 2020 83
Executive Management
Degrees: 1. Karl Olutokun Totiola
Chief Executive Officer (CEO)
B.Sc. (Hons) Economics, University of
Lagos; M.Sc. Management, University 2. Modupe Kadri
of Lagos. Chief Financial Officer (CFO)
Other directorships: 3. Mazen Mroue
Chief Operating Officer
MobileMoney Limited (Ghana), Yello
Digital Financial Service Limited, 1 2 3
4. Esther Akinnukawe
Hajj Mabrur Ventures Limited and Chief Human Resources Officer
Vanguards Academy Foundation. (CHRO)
Tsholofelo Molefe 5. Uto Ukpanah
Non-Executive Director Company Secretary
Appointed: 6. Cyril Ilok
Chief Risk & Compliance Officer
3 May 2021 (CRCO)
4 5 6
Board Committee Membership: 7. Tobechukwu Okigbo
Chief Corporate Services Officer
• Member: Board Audit Committee; (CCSO)
Risk Management and Compliance
Committee
8. Lynda Saint-Nwafor
Chief Enterprise Business Officer
Ms. Tsholofelo Molefe was appointed (CEBO)
a Non-Executive Director of the
Company effective 3rd May 2021. 9. Mohammed Rufai
Ms. Molefe assumed the role of Chief Chief Technical Officer (CTO)
Financial Officer of MTN Group 7 8 9
Limited in April 2021. She joined MTN 10. Adekunle Adebiyi
Group Limited from Telkom SA SOC Chief Sales & Distribution Officer
Limited where she held the positions (CSDO)
of Deputy Chief Financial Officer as
well as Group Risk and Compliance 11. Randy Bikraj
Officer, prior to her appointment as Chief Information Officer (CIO)
the Group Chief Financial officer
in 2018. Before joining Telkom, Ms. 12. Ibe Etea
Molefe was employed as a Finance GM, Internal Audit & Fraud
Director of Eskom Holdings SOC Management
Limited (Africa’s largest electricity
10 11 12
utility) and an Executive Director of the 13. Ugonwa Nwoye
company’s main board. She also held Chief Customer Relations Officer
various other roles at Eskom Holdings. (CCRO)
In addition to her extensive 14. Kolawole Oyeyemi
telecommunications industry General Manager Customer
experience, Ms. Molefe has also Experience
worked in the banking and financial
services sector. She brings with her 15. Olubayo Adekanmbi
extensive financial strategy, financial Chief Transformation Officer
management and accounting (CTRO) 13 14 15
experience, with a strong background
in enterprise risk management and 16. Usoro Usoro
financial controls. Ms. Molefe is a General Manager Mobile Financial
chartered accountant and a member
Services
of the South African Institute of
Chartered Accountants (SAICA).
17. Anthony Obi
Ag. Chief Marketing Officer (CMO)
Degrees:
18. Srinivas Rao
BA Honors in Accounting and Finance. Chief Digital Officer (CDO)
16 17 18
84 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020
2019 85

Corporate Governance Report

Corporate History

MTN Nigeria Communications Plc was in consultation with the Group Section 275 of the Companies and training of new Directors and the continuous education of Non-Executive Directors, supporting the director selection
incorporated as a private company Managing Director/Chief Executive Allied Matters Act (CAMA) 2020 process and assisting the Chairman and Chief Executive Officer to formulate an annual Board Plan. The Company
on November 8, 2000. The first Officer and the Company Secretary, provides that every public company is Secretary is also responsible for the administration of other strategic issues at the Board level; organizing Board
phone call on the MTN network was with contributions from other Board now required to have at least three (3) meetings and ensuring that these minutes clearly and properly capture Board discussions and decisions.
made on May 16, 2001, thereafter, the members. The Chairman also ensures independent directors. The Company
Company commenced commercial that agendas strike the right balance has four (4) independent Directors on Board Composition
operations on August 8, 2001. between operational performance its Board (including the Chairman).
and strategic matters. In so doing, The Company aspires to achieve a balanced mix of skills, gender and knowledge on its Board by appointing and
MTN Nigeria reregistered as a Public he ensures that Board meetings The Group Managing Director/Chief retaining competent, experienced, trustworthy and reliable Directors who have the capacity and ability to lead the
Limited Company (PLC) on April 18, are properly conducted and that Executive Officer Company towards achieving its strategic objectives.
2019, and was listed on the Premium the Board is effective and functions The Group Managing Director/
Board of the Nigerian Stock Exchange cohesively. Chief Executive Officer (GMD/
on May 16, 2019. CEO) is responsible for the
The Chairman plays a leading role execution of strategy and the S/N Name of Director Designation Effective Date of Cumulative Period Nationality Gender Age
MTN Nigeria Communications PLC in ensuring that the Board and its day to day management of MTN Appointment in Office as at
subjects its operations to the highest Committees are composed of the Nigeria Group, supported by the 31st December
standards of corporate governance. 2020
relevant skills, competencies and Executive Leadership Team. It is the
At MTN Nigeria Communications PLC desired experience. He facilitates and responsibility of the GMD/CEO to 1. Dr Ernest Ndukwe, OFR Chairman 1st June 2018 2 years 6 months Nigerian Male 72
good corporate governance is an encourages the active engagement provide the Board with complete,
essential foundation for sustainable of Directors by drawing on their skills, accurate and timely information and 2. Mr Ferdinand Moolman Managing 1st July 2014 6 years 6 months South African Male 57
corporate success. knowledge and experience. documentation to enable it to make Director/Chief
sound decisions. Executive Officer
BOARD OF DIRECTORS The Chairman does not serve as
3. Mr Modupe Kadri Executive 2nd March 2020 9 months Nigerian Male 52
Chairman or member of any Board Executive Directors
The Board of Directors are Director/Chief
Committee. The Chief Financial Officer who is Financial Officer
responsible for the governance of an Executive Director works with the
MTN Nigeria Communications Plc and The positions of the Chairman and GMD/CEO to manage the day to day 4. Mr. Muhammad K. Ahmad, OON Independent Non- 2nd September 1 year 4 months Nigerian Male 66
are accountable to shareholders for Chief Executive Officer are separate affairs of the Group. The Executive Executive Director 2019
creating and delivering sustainable and held by different individuals in Director has extensive knowledge
value. MTN Nigeria conducts line with the provisions of extant of operations and supports the 5. Mr Michael Ajukwu Independent Non- 2nd September 1 year 4 months Nigerian Male 64
its affairs with transparency, codes of corporate governance. achievement of overall business Executive Director 2019
accountability, prudence, fairness, objectives.
6. Mr Andrew Alli Non-Executive 2nd September 1 year 4 months Nigerian Male 53
and social responsibility, thereby Non-Executive Directors Director 2019
seeking to balance the interests of all The Non-Executive Directors bring to The Company Secretary
stakeholders. bear their knowledge and expertise on The Company Secretary ensures the 7. Dr Omobola Johnson Non-Executive 2nd September I year 4 months Nigerian Female 57
issues of strategy and performance integrity of the governance framework Director 2019
The Board must provide effective on the Board. The Non-Executive and is responsible for the efficient
and ethical leadership, determine the Directors are not involved in the day- administration of the company, 8. Mr. Karl Olutokun Toriola Non-Executive 14th January 2016 4 years Nigerian Male 49
Company’s purpose and values, the Director
to-day management of the Company ensuring compliance with statutory
strategy to achieve its purpose and but have unfettered access to the and regulatory requirements and 9. Mrs. Ifueko M. Omoigui Okauru, MFR Non-Executive 2nd September 1 year 4 months Nigerian Female 58
ensure its values are implemented so Company Secretary, the Internal implementing decisions made by the Director 2019
that it remains a going concern. The Auditor, and other Senior Management Board of Directors.
Board ensures that procedures and Staff. To enable them to contribute 10. Mr. Abubakar B. Mahmoud SAN, OON Non-Executive 2nd September 1 year 4 months Nigerian Male 63
practices are in place which protects effectively and meaningfully, Non- The Office of the Company Secretary Director 2019
the Company’s assets and reputation. Executive Directors of the Company provides support, governance
are provided with comprehensive and advice and detailed guidance to the 11. Mr. Rhidwaan Gasant Independent Non- 1st April 2015 4 years 8 months South African Male 58
Overall, the Board oversees the Executive Director
relevant information promptly. Directors concerning their duties,
Company’s affairs and ensures that responsibilities and powers. They also 12. Mr. Ralph Mupita Non-Executive 13th April 2017 3 years 8 months South African Male 49
it carries out its affairs within extant Independent Non-Executive ensure compliance with procedures, Director
legislation, its Articles of Association Directors regulation as well as recommended
and sound corporate governance Independent Non-Executive Directors practices necessary for the conduct of 13. Mr. Paul Norman Non-Executive First appointed 16th 14 years South African Male 55
principles. provide objective and independent the affairs of the Board. The Company Director May 2005;
advice and guidance to the Board on Secretariat provides secretarial Resigned April
Roles of the Officers of the Board 1st , 2015 and
various issues. They ensure that the support to the Board, its Committees,
reappointed
interests of all stakeholders, including the Statutory Audit Committee, ExCo February 10th, 2016
The Chairman those of minority shareholders, are and the Management Governance
The Chairman of the Board provides well-considered in decisions taken Steering Committee. 14. Mr. Jens Schulte-Bockum Non-Executive 13th April 2017 3 years 8 months German Male 54
leadership and is responsible for the by the Board. They also serve as a Director
overall operation and governance of sounding board for the business on The Company Secretary is responsible
the Board. He manages the business various strategic matters. for coordinating the orientation and 15. Mr. Rob Shuter Non-Executive Appointed 13th 3 years 6 months South African Male 54
of the Board and sets its agenda Director April 2017;
Resigned
September 1st,
2020
86 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 87

Corporate Governance Report - continued

During the period under review, the Board met sixteen (16) times. The high number of meetings were necessitated The Board receives regular reports from its Committees and
by certain business exigencies which required prompt and immediate attention. The record of attendance at Board deliberates on their recommendations. Highlights of key matters
meetings in the year ended 31st December 2020, is provided below: deliberated upon by the Board during the year ended 31st December
2020 are provided below:

Name Status i. Approval of the Audited Financial Statements for the year
10- 14- 28- 5- 1- 27- 7- 9- 20- 28- 27- 23- 27- 4th 8th 23- ended 31st December 2019 as well as the audited interim
Jan- Feb- Feb- Mar- Apr- Apr- May- July- July- July- Aug- Oct- Oct- Nov Dec Dec- Financial Statements for the Nine Months ended 30th
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 September 2020.
Dr. Ernest Ndukwe, OFR Chairman ii. Approval of unaudited quarterly and interim financial
statements.
Mr Ferdinand Moolman1 Managing
Director/Chief iii. Approval of interim dividend and recommendation of the final
Executive Officer dividend.
iv. Regular Operational reports from the Chief Executive Officer
Mr. Karl Olutokun Non-Executive
Toriola2 Director and Chief Operating Officer.
v. Approval of Employee Related Benefits.
Mr Ralph Mupita Non-Executive vi. Approval of various Policies recommended by its Committees
Director including but not limited to the following:
a. MTN Nigeria Anti-Bribery and Corruption Policy.
Mr Paul Norman Non-Executive b. Enterprise Risk Management Policy.
Director
c. Anti-Money Laundering and Combatting Financing of
Mr Rhidwaan Gasant Independent Non- Terrorism (AML/CFT) Policy.
Executive d. Privacy and Data Protection Policy.
e. MTN Conduct Passport.
Mr. Muhammad K. Independent Non-
Ahmad, OON Executive Director
vii. Updates on progress on resolving the demand made by the
Attorney General of the Federation (AGF)
Mr. Abubakar B. Non-Executive viii. Recommendation of the Nomination and Governance
Mahmoud SAN, OON Director
Committee on the outcome of the Group Managing Director/
Mrs. Ifueko M Omoigui Non-Executive Chief Executive Officer selection process.
Okauru, MFR Director ix. Approval of 2021-2023 Business Plan and Budget.
Dr. Omobola Johnson Non-Executive x. Approval of Additional Trade Credit for Sales and Distribution
Director Trade Partners to ensure delivery of 2020 sales expectations.

Mr. Jens Schulte- Non-Executive xi. Retirement of Fully Depreciated Assets Not in Use and
Bockum Director Retirement based on Policy Years.

Mr Andrew Alli Non-Executive

xii. Regular Macroeconomic Updates.
Director xiii. COVID-19 Pandemic Management including Update on
Y’ello Hope Utilisation of Network contributions and other
Mr Michael Ajukwu Independent Non-
interventions.
Executive Director
xiv. The outcome of IHS Contract Negotiations.
Mr Modupe Kadri3 Executive
Director/Chief N/A N/A N/A xv. Recommendations on the acquisition of an additional 10MHz
Financial Officer spectrum in the 800MHz band from Intercellular Nigeria
Limited.
Mr Rob Shuter4 Non-Executive
Director N/A N/A N/A N/A N/A xvi. Corporate Taxpayer Support to the Federal Inland Revenue
Service (FIRS).
xvii. Updates on Related Party Transactions.
1
Non-Executive Director effective 1 March 2021
2
Became GMD/CEO effective 1st March 2021
xviii. Change in Accounting Policy for treatment of Non-Recoverable
3
Appointed with effect from 1st March 2020
VAT on Lease Liabilities and Right of Use Assets.
4
Resigned with effect from 1st September 2020
88 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 89

Corporate Governance Report - continued

The Company attaches great importance to the continuous development of its directors to enhance their performance
on the Board and the various committees to which they belong. During the year under review, members of the Board
were allowed to attend the development sessions detailed in the table below:

DIRECTOR APPOINTMENT PROCESS Effective Leadership: Best June 4th, 2020 Society for Corporate Governance Nigeria
Practices for Boards and
The Board has put in place a robust Board Appointment and Succession Policy that ensures the following: Executive Management
Overview of the JSE Listing September 15th, 2020 Tamela Holdings Proprietary Limited and JP
• A built-in balance of continuity and turnover;
Rules Morgan
• Regular infusion of fresh ideas and new perspectives to the Board;
• Composition of qualified individuals with appropriate skills and competencies; Macroeconomic Perspectives October 26th, 2020 Kainos Edge Consulting
• Improved Board performance and effectiveness;
Fintech/Digital Outlook October 27th, 2020 Mobile Financial Service Team MTN Nigeria/
• Defined skills and competencies profile that reflects the needs of the Board;
Digital Team MTN Group
• Prevention of threats to Director’s independence;
• A broad framework for assessing prospective and existing Board members;
• Compliance with regulatory provisions.
BOARD COMMITTEES
The Nomination and Governance Committee is responsible for leading the process of identifying, screening and
recommending candidates for appointment to the Board. An external consultant is engaged to assist in identifying The Board carries out its oversight The Terms of Reference of the Board and recommendations with
appropriate candidates who embody the highest standards of personal and professional integrity and ethics for responsibilities through its Audit Committee include: management and external
nomination consideration. committees, with clearly defined auditors before recommending
terms of reference, setting out their i. Exercise oversight over same to the Board for their
roles, responsibilities, functions and Management’s processes to consideration and appropriate
Changes on the Board scope of authority. The Board has ascertain the integrity of the action;
four (4) standing Committees namely: Company’s financial statements, vi. Maintain oversight of financial
In the year ended December 31st, 2020; the following changes took place on the Board. Board Audit, Risk Management compliance with all applicable and non-financial reporting.
and Compliance, Remuneration, legal and other regulatory vii. Review and ensure that adequate
Name of Director Designation Change Human Resources and Social & requirements; and assess the whistle-blowing policies and
Ethics, Nomination and Governance qualifications and independence procedures are in place and that
Mr Modupe Kadri Executive Director/Chief Financial Officer Appointed effective 1st March 2020 Committees. The Committees make of the external auditors, and the the issues reported through the
Mr Rob Shuter Non-Executive Director Resigned effective 1st September 2020 recommendations to the Board, which performance of the Company’s whistle-blowing mechanism are
has the ultimate responsibility for internal audit function as well as summarised and presented to
decision-making. In certain cases, the that of the external auditors; the Board;
During the reporting period, the Board announced the appointment of Mr Karl Olutokun Toriola to succeed Mr Ferdinand
Board delegates approval mandates ii. Ensure the establishment of and viii. Review, with the external
Moolman as Managing Director/Chief Executive Officer with effect from 1st March 2021. Mr Moolman who served
to its committees. Regular reports on exercise oversight on the internal auditors, any audit scope
meritoriously in that capacity has since resumed his new role as Chief Risk Officer of MTN Group Limited. He remains
the deliberations of Committees are audit function, which assures limitations or significant matters
on the Board of MTN Nigeria as a Non-Executive Director.
submitted to the Board. the effectiveness of the internal encountered and management’s
controls. Every quarter, obtain responses to same;
Ms. Tsholofelo Molefe was appointed a Non-Executive Director effective 3 May 2021. She will be presented for election
A summary of the roles, and review a report by the internal ix. Develop a policy on the nature,
at the Annual General Meeting.
responsibilities, composition, auditor describing the strength extent and terms under which the
highlights of deliberations and and quality of internal controls external auditors may perform
RETIREMENT BY ROTATION
listed companies. The particular skills, experience and frequency of meetings of each of the including identification of any non-audit services;
Following the provisions of the Companies and Allied
capabilities of the non-executive directors were also Committees are as stated below: issues or recommendations for x. Review the independence of
Matters Act, the Directors retiring by rotation are:
considered. The fee levels proposed in the resolutions improvement raised by the most the external auditors before
in the AGM Notice are to ensure that their remuneration BOARD AUDIT COMMITTEE recent internal audit review of their appointment to perform
i. Dr. Ernest Ndukwe, OFR (72)
ii. Mr. Rhidwaan Gasant remains market-related and accords with the increasing the Company; non-audit services to ensure
level of responsibility placed on them. The Board Audit Committee is iii. Ensure the development of a that where approved non-audit
iii. Mr. Ralph Mupita
established to assist the Board in comprehensive internal control services are provided by the
iv. Mr. Jens Schulte-Bockum.
Executive Directors and Non-Executive Directors who discharging its duties relating to the framework for the Company, external auditors, there is no
are nominated for appointment by MTN Group receive safeguarding of assets, the operation obtain appropriate (internal real or perceived conflict of
Being eligible, they have offered themselves for re-
no fees or other remuneration for their services as of adequate financial systems and and/or external) assurance and interest or other legal or ethical
election. Their profiles as well as the record of their
Directors. control processes and the preparation report annually in the Company’s impediments;
attendance at Board and Committee meetings are
of financial statements and related audited financial report, on xi. Preserve auditor independence,
provided in this report.
INDUCTION AND CONTINUOUS TRAINING financial reporting, in compliance the design and operating by setting clear hiring policies for
Upon appointment to the Board, all Directors receive with all applicable legal requirements effectiveness of the Company’s employees or former employees
Directors’ Remuneration
an induction tailored to support a seamless onboarding and accounting standards. internal controls over the of external auditors;
The Company is committed to ensuring that fees
payable to Non-Executive Directors should be reflective experience. The induction, which is arranged by the financial reporting systems; xii. Ensure the development of a
Company Secretary, may include meetings with senior The General Manager, Internal Audit iv. Oversee the process for the Related Party Transaction policy
of their roles and responsibility.
management staff and key external advisors, to assist and the Chief Risk and Compliance identification of fraud risks across and monitor its implementation
Directors in acquiring a detailed understanding of the Officer have access to this Committee the Company and ensure that by management. The Committee
The Board has reviewed and recommended the fees
Company’s operations, its strategic plan, business and make quarterly presentations for adequate prevention, detection should consider any related
payable to the Chairman of the Board and other non-
environment, stakeholder ecosystem and the priority the consideration of the Committee. and reporting mechanisms are in party transaction that may arise
executive directors having due regard to the findings
areas. The induction provides an opportunity to At least once a year, the Committee place; within the Company.
of a remuneration survey conducted by external
introduce Directors to their fiduciary duties and has a closed session with the General v. Discuss the interim or annual
consultants. The fees paid to the Chairman and other
responsibilities as well as committee roles. Manager, Internal Audit and Fraud audited financial statements The Committee met five (5) times
non-executive directors were reviewed against that paid
Management as well as with the as well as significant during the year ended 31st December
to the non-executive directors of a comparator group of
External Auditor. financial reporting findings 2020.
90 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 91

Corporate Governance Report - continued

Mr Rhidwaan Gasant chairs the Board Audit Committee. Other members of the Committee and their record of Dr Omobola Johnson chairs the Committee. Other members and their record of attendance at meetings during the
attendance at meetings during the year under review are reflected in the table below: year under review are reflected in the table below:

Name Status Meeting Dates Name Status Meeting Dates

14-Feb- 14-Apr- 6-May- 22-July- 23-Oct- 4- 17- 24- 6- 9- 27- 31- 2- 9- 17-
2020 2020 2020 2020 2020 Mar- Apr- Apr- May- Jun- July- Aug- Nov- Nov- Dec-
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020
Mr Rhidwaan Gasant Independent Non-
Executive Director Dr Omobola Johnson Non-Executive Director
(Chairman) (Chairman)

Mr. Muhammad K. Ahmad, OON Independent Non- Mr Michael Ajukwu Independent Non-
Executive Director Executive Director

1
Mr. Ralph Mupita Non-Executive Director Mr Andrew Alli Non-Executive Director

Mrs. Ifueko M Omoigui Okauru, MFR Non-Executive Director Mr Rhidwaan Gasant Independent Non-
Executive Director
2
Mr Karl Olutokun Toriola Chief Executive Officer
Mr. Abubakar Mahmoud, SAN Non-Executive Director
1
Ceased to be a Member of the Committee with effect from 4th November 2020.
2
Previously a Non-Executive Director (Ceased to be a member of the Committee wef 28th February 2021). Mr. Ralph Mupita
1
Non-Executive Director N/A N/A N/A

1
Ceased to be a Member of the Committee with effect from 4th November 2020.
The Committee’s deliberations during the period under review included the following matters amongst others:

i. Review of Audited Consolidated Financial Statements for the year ended 31st December 2019.
ii. Review of Unaudited Consolidated Financial Statements for 31st March 2020; 30th June 2020 and 30th September Highlights of key matters deliberated on by the Risk
2020. Management and Compliance Committee during the
iii. Review of Audited Consolidated Interim Financial Statements for the Nine months ended 30th September 2020 period under review are provided below. These include
iv. 2020 Audit Plan for the Financial Year Ended 31st December 2020. among other agenda items:
v. Regular Internal Audit and Fraud Management Report.
vi. Closed session with the GM, Internal Audit and Fraud Management. i. Regular COVID-19 Updates including Business
vii. Closed Session with the External Auditor. Continuity Plan implementation. The workplace Re-
viii. Reports on the Tip Offs Anonymous Whistleblowing Hotline. integration plan also presented to the Committee.
ix. Chief Financial Officer’s Report which covers matters such as: ii. Report on Harmonization of National Identity
a. Retirement of fully Depreciated Assets. Database and SIM Registration Biometrics.
b. MTN Nigeria Tax Policy. iii. SIM Registration and SIM Replacement Data
c. MTN Nigeria Tax Strategy Policy. Compliance.
d. MTN Nigeria Risk Management Policy. iv. Updates on the renewal of Operating and Spectrum
e. MTN Nigeria Consolidated Treasury Policy. Licenses.
f. Additional audit fees for Project Boost. v. Top 10 Risks on the Company’s Risk Register.
g. Review of Related Party Transactions. vi. Super-Agent License Renewal.
h. Funding Updates. vii. Update on Implementation of Project Boost.
i. Credit Management Update. viii. Compliance with Nigerian Data Protection
j. Update on Non-Audit Work Performed by Big Four Firms. Regulation (NDPR).
ix. Contingency Plan to mitigate the impact of the
RISK MANAGEMENT AND COMPLIANCE COMMITTEE United States Export Administrative Regulations
(EAR) on major Original Equipment Manufacturers
The Committee assists the Board in fulfilling its oversight responsibility concerning the Company’s risk management, (OEMs).
compliance management and information security/privacy programmes. The Terms of Reference of the Board Risk x. Update on Significant Litigation.
Management and Compliance Committee include to: xi. Status Report on Regulatory Matters and
Government Relations.
• Ensure that the Company has a clearly defined risk management strategy with appropriate supporting processes xii. Launch of MTN Nigeria’s Revv Programme for
and structures. Micro, Small and Medium Enterprises (MSMEs).
• Review and assess the integrity of the risk control systems and ensure that their policies and strategies are xiii. Review and recommendation of the following
effectively implemented and managed. policies:
• Review significant compliance risk areas and the steps management has taken to monitor, control and report such a. MTN Nigeria Anti-Bribery and Corruption
exposures. Policy.
• Report compliance issues that may have significant financial implications to the Board and otherwise assist the b. Enterprise Risk Management Policy
Board in the discharge of such obligations related to such compliance issues. c. Anti-Money Laundering and Combatting
• Review compliance-related policies and procedures. Financing of Terrorism (AML/CFT) Policy
d. Privacy and Data Protection Policy
The Chief Risk and Compliance Officer as well the Chief Corporate Services Officer attend meetings and present regular e. MTN Conduct Passport.
reports to the Committee. The General Manager, Internal Audit and Fraud Management also attends the meetings of the xiv. Regular Reports on Information Security.
Committee. The Committee met ten (10) times during the year ended 31st December 2020.
REMUNERATION, HUMAN RESOURCES AND SOCIAL
AND ETHICS COMMITTEE
The Committee is established to support the Board in the
execution of its duties concerning the implementation of
our human capital strategy, and provide oversight and
report on organisational ethics. The Terms of Reference
of the Remuneration, Human Resources and Social and
Ethics Committee include:
• Development of a formal, clear and transparent
framework for the Company’s remuneration
policies and procedures.
• Ensure alignment of the remuneration and
human resources strategies and policies with the
Company’s business strategy and the desired
culture.
• Make recommendations to the Board on the
remuneration of directors and compensation
payable to key senior management employees.
• Set employment equity targets for the Company.
• Play an oversight role concerning all Social and
Ethics related matters.
The Chief Human Resources Officer and the Chief
Risk and Compliance Officer attend meetings of
the Committee and present regular reports to the
Committee. The Committee met three (3) times during
the year ended 31st December 2020.
92 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 93

Corporate Governance Report - continued

Mr Muhammad K. Ahmad chairs the Committee. Membership and record of attendance at Committee meetings during The Committee met seven (7) times during the year ended 31st December 2020 and is chaired by Mr Michael Ajukwu.
the period under review is reflected in the table below: The membership and record of attendance at meetings of the Committee are provided in the table below:

Name Status Meeting Dates Name Status Meeting Dates

4-Mar- 7-Sep- 1-Dec- 4- 17- 24- 6- 9- 27- 31-

2020 2020 2020 Mar- Apr- Apr- May- Jun- July- Aug-
2020 2020 2020 2020 2020 2020 2020
Mr Muhammad K. Ahmad, OON Independent Non-Executive Director
(Chairman) Mr Michael Ajukwu Independent Non-
Executive Director
Mr Andrew Alli Non-Executive Director (Chairman)

Mr Paul Norman Non-Executive Director Mr. Abubakar B. Mahmoud, Non-Executive Director

SAN, OON
1
Mr. Ralph Mupita Non-Executive Director N/A
Dr. Omobola Johnson Non-Executive Director
Mrs. Ifueko M. Omoigui Okauru Non-Executive Director
Mr Paul Norman Non-Executive Director
Mr. Jens Schulte-Bockum Non-Executive Director
1
Mr. Ralph Mupita Non-Executive Director N/M N/M N/M N/M N/M N/M N/M
2
Mr. Rob Shuter Non-Executive Director N/A N/A
2
Mr. Rob Shuter Non-Executive Director N/A N/A N/A N/A N/A
1
1Appointed to the Committee with effect from November 4, 2020.
2
Resigned from the Board and ceased to be a Member of the Committee effective September 1, 2020. 1
Appointed to the Committee with effect from 4th November 2020.
N/M– No meeting held since appointment to the Committee during the period under review. 2
Resigned from the Board effective 1st September 2020.
N/A Not a member of the Committee N/M
– No meeting held since appointment to the Committee during the period under review.

Highlights of the Committee’s deliberations during the
year ended 31st December 2020 include:
i. New Employee Value Proposition – Live Inspired!
ii. 2019 Performance Bonus Payout.
iii. 2020 Performance Bonus Agreement.
iv. Review of Maternity Leave Benefits.
v. Revised Lifestyle Benefits.
vi. Strategy to Manage Career Plateaus.
vii. Review of Remuneration of Non-Executive
Directors.
viii. Human Capital Management and Workforce
Efficiency Report.
a. Employee Experience Campaign including
Deployment of Employee Personas.
b. Strategic Support for Work from Home (WFH).
c. Employee Wellness and Health.
d. Regular updates on Diversity and Inclusion
focusing on 3 key areas i.e. Gender, Ethnic and
Differently Abled.
e. Project Boost – Human Capital Management
(HCM) Module Go-Live.
f. Human Resources Digital Transformation.
ix. Update on Ethics related activities.
a. Update on Conflicts of Interest Declarations.
b. Ethics Risk Assessment (ERA) Survey Report.
c. Deployment of MTN Conduct Passport.
d. Media Trends on Matters Associated with MTN’s
Corporate Integrity.
e. Ethics Related Sanctions.
x. Malus and Clawback Policy Implementation.
xi. Updates on engagements with the leadership of the
Private Telecommunication and Communications
Senior Staff Association of Nigeria (PTECSSAN).
Appropriate recommendations on the above and other
matters deliberated on by the Committee were made to
the Board.
NOMINATION AND GOVERNANCE COMMITTEE
The Board through the Nomination and Governance
Committee identifies, reviews and recommends
candidates for potential appointment as Directors.
The Committee ensures that candidates possess the
relevant skills, knowledge, experience and qualifications
needed to steer the Company forward.
The Terms of Reference of the Nomination and
Governance Committee include:
• Review the structure, size and composition of the
Board at least annually and make recommendations
for any proposed changes to the Board.
• Establish the criteria for Board and Board committee
membership, review prospective candidates’
qualifications and any potential conflict of interest.
• Assess the contribution of current directors against
their suitability for re-nomination and make
appropriate recommendations to the Board.
• Ensure that the appointment of director(s) is
formalised by way of a letter or legal document
disclosing the terms and conditions of the
appointment and setting out the responsibilities of
such Director.
• Ensure the annual declaration of independence by
independent non-executive directors and undertake
the annual assessment of the independent status
of such independent non-executive directors.
• Ensure that the Company has a succession policy
and plan in place for the Chairman of the Board,
the Chief Executive Officer of the Company and all
other directors as well as key senior management
positions.
A summary of key matters considered by the Committee
during the year ended 31st December 2020 include:
i. MD/CEO selection process and recommendation
of Mr Karl Olutokun Toriola as successor to Mr
Ferdinand Moolman.
ii. Recommendation of Members to various
Committees.
iii. Recommendation to the Board on the directors
retiring by rotation and their suitability for re-
election.
iv. Recommendation of KPMG to carry out Board
Performance Evaluation and Corporate
Governance Assessment for the year ended 31st
December 2020.
v. Deliberations regarding the ongoing review of the
Delegation of Authority policy and matrix.
vi. Received regular reports on compliance with extant
codes of corporate governance.
vii. Deliberations regarding succession planning.
viii. Received updates on the activities of the Company
Secretariat.
AD HOC COMMITTEE ON PUBLIC OFFER
The Board established the Committee to exercise
oversight with specific regards to the proposed offering
of MTN Nigeria shares on the Nigerian Exchange Limited
(NGX). The Terms of Reference of the Ad Hoc Committee
include:
• Review all matters relating to an offering including
but not limited to the structure, professional
advisers and other services, the timing of the
offering, and stakeholder engagements etc. and
advise the Board accordingly;
• Review all proposed corporate actions that are to
be presented to the Board and/or shareholders
for consideration and make appropriate
recommendations to the Board;
• Assess and ensure Company preparedness for the
public offering;
• Exercise oversight over the activities of the Public
Offer project team as well as various workstreams
and provide necessary guidance;
• Advise the Board on necessary steps to ensure a
successful offering on the NGX.
94 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 95

Corporate Governance Report - continued

The Committee met six (6) times during the year ended 31st December 2020 and is chaired by Mr Michael Ajukwu. The
table below shows the membership of the Committee as well as the record of attendance at meetings. AD HOC COMMITTEE TO REVIEW TRANSACTIONS WITH IHS

The Committee was set up to review the IHS transaction and make appropriate recommendations to the Board. The
Name Status Meeting Dates Committee has concluded its mandate. A notification on the outcome of negotiations with IHS was released on the
Nigerian Stock Exchange portal on 23rd July 2020.
24- 30- 4- 22- 30- 9-
Mar- Apr- May- Jun- Oct- Dec- The membership and record of attendance at meetings during the subsistence of the Committee’s activities are
2020 2020 2020 2020 2020 2020 reflected in the table below:
Mr Michael Ajukwu Independent Non-
Executive Director
(Chairman) Name Status Date of Meetings

Mr Andrew Alli Non-Executive Director 19-Feb-2020 26-Feb-2020

Mr Rhidwaan Gasant Independent Non- Mr. Abubakar Mahmoud, SAN, OON Non-Executive Director (Chairman)
Executive Director
Mr Michael Ajukwu Independent Non-Executive Director
Mr Ralph Mupita Non-Executive Director
Dr. Omobola Johnson Non-Executive Director
Mr Ferdinand Moolman1 Non-Executive Director
Mr Ralph Mupita Non-Executive Director
1
Ceased to be MD/CEO with effect from 28th February 2021
Mr Muhammad Ahmad Independent Non-Executive Director

Key matters deliberated on by the Committee during the period include:

i. Recommendations to the Board regarding the proposed secondary offering of shares by MTN Group including
appropriate timing;
ii. Advised the Board on the appointment of professional parties and advisers;
iii. Review and recommendation of the prospectus for the proposed Equity Issuance Programme;
iv. Review of other documentation relating to its mandate.
AD HOC COMMITTEE ON THE HEAD OFFICE PROJECT
AD HOC COMMITTEE ON INTERCELLULAR SPECTRUM ACQUISITION
The Committee was established by the Board in furtherance of the need to acquire additional spectrum to improve
customer experience and contribute to the deepening of broadband penetration in the country. The Committee which
was chaired by Mr Karl Olutokun Toriola has since concluded its mandate. A notification on the acquisition of an
additional 10MHz spectrum in the 800MHz band from Intercellular Nigeria Limited was released on the Nigerian Stock
Exchange portal on 12th March 2021.

The Committee’s mandate is to oversee the delivery of a befitting Head Office in line with the Company’s strategic plan The membership and record of attendance at meetings during the subsistence of the Committee’s activities are
objectives. In this regard, the Committee is expected to ensure that requisite research and analysis are performed to reflected in the table below:
guide the project through the programming, budgeting, design and construction process.

Name Status Date of Meetings

Name Status Date of Meetings
13-May- 19-Jun- 9-Dec-
13-May- 19-Jun- 9-Dec- 2020 2020 2020
2020 2020 2020
Mr Karl Toriola1 (Chairman)
Mr Andrew Alli Non-Executive Director (Chairman)
Dr. Omobola Johnson Non-Executive Director
Mr Michael Ajukwu Independent Non-Executive Director
Mr Michael Ajukwu Independent Non-Executive Director
Dr. Omobola Johnson Non-Executive Director
Mr Ferdinand Moolman2 Non-Executive Director
Mr Karl Toriola 1
Director
1
Became MD/CEO effective 1st March 2021.
Mr. Ferdinand Moolman2 MD/CEO 2
Ceased to be MD/CEO with effect from 28th February 2020.

1
Became MD/CEO effective 1st March 2021.
2
Ceased to be MD/CEO with effect from 28th February 2021.

Matters deliberated on by the Committee include:

i. Articulation of Project scope including timelines.

ii. Sourcing process for the Project Consultant.
iii. Screening of Shortlisted firms and recommendations to the Board.

The Committee provides regular updates to the Board.

96 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 97

Corporate Governance Report - continued

The table below shows the frequency of meetings of the Board of Directors and Board Committees, as well as Directors’
attendance for the year ended 31st December 2020.

Type of Meeting Board Board Audit Risk Remuneration, Nomination and Type of Meeting Ad Hoc Committee on Ad Hoc Committee Ad Hoc Committee Ad Hoc Committee
Committee Management Human Governance Public Offer on Head Office on IHS on the Acquisition of
and
Compliance Resources and Committee Project Intercellular Spectrum
Committee Social and Ethics
Committee Date of Meeting 24th March 2020 13th May 2020 19th February 2020 8th April 2020
30th April 2020 19th June 2020 26th February 2020 24th April 2020
Date of Meeting 10th January 14th February 4th March 2020 4th March 2020 26th February 4th May 2020 9th December 5th May 2020
2020 2020 2020 22nd June 2020 2020
14th February 24th April 17th April 2020 7th September 5th May 2020 30th October 2020
2020 2020 2020 9th December 2020
28th February 6th May 2020 24th April 2020 1st December 8th September
2020 2020 2020 Number of Meetings Held 6 3 2 3
5th March 2020 22nd July 6th May 2020 23rd September
2020 2020 Attendance by Directors
1st April 23rd October 9th June 2020 5th October Dr. Ernest Ndukwe, OFR N/A N/A N/A N/A
2020 2020 2020 Mr. Michael Ajukwu 6 3 2 3
27th April 27th July 2020 8th October Mr. Andrew Alli N/A 3 N/A N/A
2020 2020 Mr. Muhammad K. Ahmad, OON N/A N/A 2 N/A
7th May 31st August 9th October Mr. Rhidwaan Gasant 6 N/A N/A N/A
2020 2020 2020 Dr. Omobola Johnson N/A 3 2 3
9th July 2nd November Mr. Modupe Kadri1 N/A N/A N/A N/A
2020 2020 Mr. Abubakar B. Mahmoud SAN, N/A N/A 2 N/A
20th July 9th November OON
2020 2020 Mr. Ferdinand Moolman 6 3 N/A 3
28th July 17th December Mr. Ralph Mupita 5 N/A 2 N/A
2020 2020 Mr. Paul Norman N/A N/A N/A N/A
27th August Mrs. Ifueko M Omoigui Okauru, N/A N/A N/A N/A
2020 MFR
23rd October Mr. Jens Schulte-Bockum N/A N/A N/A N/A
2020 Mr. Rob Shuter2 N/A N/A N/A N/A
27th October Mr. Karl Olutokun Toriola N/A 2 N/A 3
2020
4th November 1
Resigned with effect from 1st September 2020.
2020 N/A – Not a member of the Committee
8th December
2020
23rd December
2020

Number of Meetings Held 16 5 10 3 7

Attendance by Directors
Dr. Ernest Ndukwe, OFR 16 N/A N/A N/A N/A
Mr. Michael Ajukwu 16 N/A 10 N/A 7
Mr. Andrew Alli 16 N/A 10 3 N/A
Mr. Muhammad K. Ahmad, OON 16 5 N/A 3 N/A
Mr. Rhidwaan Gasant 14 5 10 N/A N/A
Dr. Omobola Johnson 15 N/A 10 N/A 6
Mr. Modupe Kadri1 13 N/A N/A N/A N/A
Mr. Abubakar B. Mahmoud SAN, 16 N/A 9 N/A 6
OON
Mr. Ferdinand Moolman 16 N/A N/A N/A N/A
Mr. Ralph Mupita 14 5 3 1 N/M
Mr. Paul Norman 13 N/A N/A 3 7
Mrs. Ifueko M Omoigui Okauru, 16 4 N/A 3 N/A
MFR
Mr. Jens Schulte-Bockum 12 N/A N/A 3 N/A
Mr. Rob Shuter2 10 N/A N/A 1 2
Mr. Karl Olutokun Toriola 16 4 N/A N/A N/A

1
Appointed to the Board with effect from 1st March 2020
Resigned from the Board with effect from 1st September 2020
2

N/A – Not a member of the Committee

N/M - No meeting held since appointment to the Committee.
98 MTN Nigeria Communications PLC
Corporate Governance Report - continued
ANNUAL GENERAL MEETING (AGM) HELD ON 15TH MAY 2020
The Annual General Meeting (AGM)
to consider the Annual Report and
the Financial Statements for the year
ended 31st December 2019 was held
on 15th May 2020 at the Rooftop,
MTN Plaza, Falomo, Ikoyi, Lagos.
In the interests of public safety and
having regard to the Nigerian Centre
for Disease Control (NCDC) COVID-19
Guidances, as well as the restrictions
on public gatherings by the Lagos
State Government, attendance at the
General Meeting, was by proxy only.
The approval of the Corporate Affairs
Commission (CAC) was sought and
obtained in line with the guidelines
on holding General Meetings of
public companies using proxies. The
Company made arrangements at
its cost, for the stamping of the duly
executed Proxy Forms submitted to
the Company’s Registrars within the
stipulated time.
The AGM was streamed live to enable
shareholders and other stakeholders
who were unable to physically attend
the meeting to follow the proceedings.
The link for the live streaming of
the AGM was made available on the
Company’s website. Shareholders
were also allowed to submit their
questions to the Company before the
date of the meeting. Responses were
duly provided to questions received
before the meeting and on the floor
of the AGM.
Statutory Audit Committee
An orientation was organised for the members of the Statutory Audit Committee on 8th July 2020. The session
provided an opportunity for the shareholder representatives to interact with Senior Management and they received a
comprehensive briefing on various aspects of the Company’s business. The Company continues to explore platforms
to acquaint the shareholder representatives of the Statutory Audit Committee’s operations. The membership and
record of attendance of the Statutory Audit Committee are provided in the table below:
Name
Mr. Oye Hassan-Odukale MFR
Colonel Ayegbeni Peters (Rtd)
Mr. Nornah Awoh
Mr. Rhidwaan Gasant
Mr. Muhammad K. Ahmad, OON
Mrs. Ifueko M. Omoigui Okauru MFR
A summary of the resolutions passed
at the AGM is provided below:
1. The Annual Financial Statements
for the Year ended 31st December
2019 together with the Reports
of the Directors, Auditors and
Audit Committee as laid before
Members at this Annual General
meeting were received and
adopted.
2. A dividend payment in the
total sum of N101,161,929,
858.50 (One hundred and one
Billion, one hundred and sixty-
one Million, nine hundred and
twenty-nine thousand, eight
hundred and fifty-eight Naira,
Fifty Kobo) which translates to
N4.97 per every 2 kobo ordinary
share, subject to withholding
tax, was approved and paid to
shareholders whose names
appeared in the Company’s
Register of Members at the close
of business on Friday, April 17,
2020 (bringing the total dividend
for the year ended December
31st, 2019 to N7.92), subject to
withholding tax, was approved.
3. The following directors were
elected/re-elected:
a. Mr. Michael Onochie Ajukwu
b. Mr. Muhammad K. Ahmad,
OON
Status
22-Jul-
2020
Shareholders Representative
(Chairman)
Shareholders Representative
Shareholders Representative
Director
Director
Director
c. Mr. Andrew Alli
d. Dr. Omobola Johnson
e. Mr. Abubakar B. Mahmoud
SAN, OON
f. Mrs. Ifueko M. Omoigui
Okauru, MFR
g. Mr. Modupe Kadri
h. Mr. Paul Norman
i. Mr. Ferdinand Moolman; and
j. Mr. Karl Toriola.
4. Ernst and Young (EY) were
appointed Auditors of the
Company.
5. The Directors were authorised
to fix the remuneration of the
Auditors for the year ending 31st
December 2020.
6. The following shareholders were
duly elected to the Statutory Audit
Committee of the Company:
i. Mr. Oye Hassan-Odukale
MFR
ii. Col. Ayegbeni Peters (Rtd.)
iii. Mr. Nornah Awoh.
The Board representatives on
the Committee are:
i. Mr. Muhammad K. Ahmad,
OON
ii. Mr. Rhidwaan Gasant; and
iii. Mrs. Ifueko M. Omoigui
Okauru, MFR.
Meeting Dates
23-Oct- 11-Dec- 24-Feb- 22-Apr-
2020 2020 2021 2021
Annual Report and Financial Statements 2020 99
Changes impacting the Composition and Qualification of Members of the Statutory Audit Committee (SAC)
Under the provisions of the Companies and Allied Matters Act (CAMA) 2020, the composition of the Statutory Audit
Committee is no longer an equal proportion of Shareholder members to Non-Executive Director members. The
provisions regarding membership and qualifications of the Statutory Audit Committee in both the CAMA Cap 20 2004
Laws of the Federation of Nigeria (LFN) as well as the 2020 CAMA are set out in the table below:
2020 CAMA CAMA Cap 20 2004 LFN
Section 404(3) provides: The audit committee Section 359 (2): The audit committee referred to
referred to in subsection (3) of this section, shall in subsection (2) shall consist of five members
consist of an equal number of directors and comprising of three members and two non-executive
representatives of the shareholders of the company directors.
(subject to a maximum number of six members).
Section 404 (5): All members of the audit committee No provision on qualification other than membership
shall be financially literate, and at least one member of the Company.
shall be a member of a professional accounting
body in Nigeria established by an Act of the
National Assembly.
The current six (6) members of the SAC were elected at the last Annual General Meeting (AGM) of the Company based
on extant laws at the time. Their tenure will expire at the AGM scheduled for June 7, 2021. Following the provisions of
the 2020 CAMA, the Board will be presenting only two (2) Non-Executive Directors as members of the Statutory Audit
Committee.
MANAGEMENT COMMITTEES
EXECUTIVE COMMITTEE (ExCo) vii. Optimising the allocation of WAR ROOM COMMITTEE
the Company’s resources and
The Committee assists the CEO assets; At War Room Committee meetings,
to guide and control the overall viii. Identifying and exploring new the Company’s business performance
governance and direction of business opportunities; is reviewed and tracked, operational
the business and facilitate ix. Ensuring control, co-ordination, issues are discussed, escalated and
communication and coordination monitoring of the Company’s solutions are proffered.
between business units, MTN Nigeria risk profile and controls (both
Group of companies and the Board. financial, operational and The War Room meeting is chaired
The Committee which is chaired information management); by the Chief Operating Officer (COO)
by the CEO has the following key x. Ensuring the development of and attended by Senior Management
responsibilities: internal policies and that controls from the Commercial, Technology,
are put in place to guarantee Regulatory, Risk and Internal Audit
i. Implementing Board approved compliance therewith; and functions.
strategies and policies of the xi. Reviewing relevant and/or
Company; material submissions to Board/ The key responsibilities of the War
ii. Managing the business and Board Committees, unless Room Committee are to:
affairs of the Company as otherwise agreed by the CEO.
delegated by the Board; i. Track and review the Company’s
iii. Establishing the best The Committee is further responsible performance nationally and
management practices and for: regionally.
functional standards; a. Prioritising the allocation of ii. Review and propose solutions to
iv. Monitoring the performance of all capital, technical, human and operational issues.
operating units of the Company; other appropriate resources. iii. Track each functions’ targets and
v. Approving and monitoring b. Examining/exploring major initiatives towards meeting the
delegation of authority of investments, divestments and Company targets.
the Group functions and the expenditure to be undertaken
operating units of the company; before Board approval.
vi. Ensuring compliance with
legislation and regulations The Committee met monthly during
applicable to the Company; the period under review.
100 MTN Nigeria Communications PLC
Corporate Governance Report - continued
GOVERNANCE STEERING
COMMITTEE
The Committee deliberates and takes
decisions on the effective and efficient
management of the performance of
operational and strategic matters
within the Company.
The Committee’s terms of reference
are detailed below:
• Ensure the existence of good
internal control systems within
the Company.
• Oversee compliance with legal
and regulatory requirements.
• Ensure that ethical standards
and a strong risk management
culture are maintained.
• Ensure efficient deployment and
management of the Company’s
resources.
SOURCING COMMITTEES
The Sourcing Committees (Tiers
1-3) are set up to ratify the award of
tenders and ensure that the tender
process is fair, honest, equitable,
transparent, ethical, competitive and
cost-effective.
TIER 1 SOURCING COMMITTEE
The Committee evaluates projects
presented during meetings and
approves the recommendation. It
reviews transactions with a threshold
value equal to, or exceeding $7.5M.
Where further information is required
to make an informed
decision, the Committee requests
further documentation and
clarification from the Sourcing Unit
or the user department of the project.
TIER 2 SOURCING COMMITTEE
Transactions with values above the
equivalent of $1.5M, but less than
$7.5M, are considered by the Tier 2
Sourcing Committee. The
Chief Executive Officer chairs the
Committee and membership includes
the Chief Marketing Officer, Chief
Sales and Distribution Officer, Chief
Human Resources Officer, Chief
Customer Relations Officer as well as
the Group Executive Global Sourcing
and Supply Chain.
TIER 3 SOURCING COMMITTEE
The Tier 3 Sourcing Committee is
mandated to consider and approve
transactions with values above the
equivalent of $145K, but less
than $1.5M. It is chaired by the
Chief Financial Officer. Membership
includes the General Managers for
Network Operations, Global Sourcing
and Supply Chain, Financial Planning
as well as Information Technology
Operations.
CAPEX STEERING COMMITTEE
The CAPEX SteerCom is established
to provide full supervisory oversight
for all enterprise CAPEX including
the evaluation, approval, monitoring
and status reporting. The Committee
has approval powers over all major
milestones and key deliverables of all
capital projects or a set of projects
constituting a programme. The terms
of reference are to:
i. Provide full supervisory oversight
for enterprise-wide Capex
governance for optimal return on
investment.
ii. Ensure that a viable business
case exists by making sure that
all business cases for projects
are presented for approval.
iii. Ensure that the business case
remains valid throughout the
project with continuous reviews
at meetings, should there be a
need.
iv. Ensure the provision of risk
analysis and evaluation of
all Capital Projects in project
documentation and post
implementation appraisals.
v. Review and approve motivations
for budget re-allocation or
reprioritisation within the
confines of the budget approval
given by the MTN Nigeria Board.
vi. Ensure value for money spent
from every investment (Return
On Investment) by providing
an investment appraisal for all
projects submitted for approval.
PRODUCT AND SERVICES STEERING
COMMITTEE
The Committee was established to
strengthen collaboration amongst key
stakeholders involved in the product
and service development process and
to simplify the development process.
The Chief Operating Officer chairs
the Committee and membership
comprises functional divisional
Executives with some General
Managers in attendance. The
responsibilities of the Committee
include:
i. Approving products and services
to proceed across key stage
gates;
ii. Approving the prioritisation of
requests as presented by the
coordinating Unit:
a. Prioritisation at the executive
level for each division.
b. Prioritisation to optimise
available capacity.
c. Prioritisation to meet urgent
demands.
iii. Ensuring the provision of regular
risk analysis and evaluation of all
product and service initiatives;
iv. Endorsing, advising and
supporting the Project Owner;
v. Confirming successful delivery
and sign-off at the closure of the
programme/project;
vi. Encouraging delivery of initiatives
that provide a competitive
advantage for the Company’s
products and services;
vii. Aligning applications with MTN
Nigeria’s strategic goals and
tactical objectives;
viii. Adopting standard processes
for developing, submitting,
reviewing, prioritising delivery
and acting on Concept Capture
Documents;
ix. Ensuring that the expected
benefits are realised and targets
met and that the product or
service is accepted internally and
externally;
x. Guiding the control and
management of product and
service initiatives;
xi. Achieving strategic direction
for new product and service
initiatives.
FINTECH STEERING COMMITTEE
The Fintech Steering Committee is
responsible for reviewing the Fintech
strategy of the Company and its
subsidiaries as well as co-ordinating
the Go-To-Market activities. The
Committee is chaired by the Chief
Operating Officer with Senior
Management from all functional
divisions as members. The key terms
Annual Report and Financial Statements 2020 101
of reference are to: DIGITAL PLANNING COMMITTEE EDITORIAL COUNCIL
i. Review the Fintech strategy of The Digital Planning Committee is The Editorial Council’s primary
MTN Nigeria and its subsidiaries. mandated to review all current and responsibility is to ensure the
ii. Coordinate the various functional future company-wide digital initiatives execution of the “BRIGHT-Through
divisions in the execution of the and products. The Committee which is Strategy” across the business. The
Fintech Go-To-Market activities. chaired by the Chief Digital Officer has Chief Corporate Services Officer
iii. Manage the setup and launch of representatives from Digital Services, chairs the Council with functional
the various licensed and planned Enterprise Business, Finance, General Managers, Senior Managers
Fintech subsidiaries of MTN Legal Services, Regulatory, Human and regional representatives as
Nigeria. Resources, Information Technology, members.
iv. Review the Fintech commercial Internal Audit and Fraud, Marketing,
performance against agreed Mobile Financial Services, Network GOVERNANCE AND COMPLIANCE
targets and timelines. Group, Risk and Compliance,
Transformation and Customer MTN Nigeria is committed to
CUSTOMER EXPERIENCE STEERING Relations. The Committee is also compliance with the following Codes
COMMITTEE tasked with: of Corporate Governance and Listing
Standards:
The Committee sets policy i. Consolidating all plans under a
direction on Customer Experience Transformational Framework i. The Code of Corporate
Transformation. It is also responsible to ensure synergies, integration Governance for Public
for reviewing all cross-divisional and alignment; Companies in Nigeria as issued
initiatives to deliver the Best Customer ii. Proposing a structured roadmap, by the Securities and Exchange
Experience under the BRIGHT implementation strategy and Commission 2011.
Strategy. Membership comprises of governance structure; ii. The Nigerian Communications
heads of Commercial, iii. Shaping the recovery plan for Commission Code of
Technical, Regulatory, Compliance Digital products in line with Corporate Governance for the
and Human Resources divisions. The identified focus areas Telecommunications Industry
Chief Operating Officer chairs the 2016.
Committee. Other key responsibilities BRAND COUNCIL iii. The Nigerian Code of Corporate
of the Committee include: Governance 2018.
The Brand Council’s role is to drive iv. The Nigerian Stock Exchange
i. Developing strategic alignment across all areas of the Rules for Listing on the Premium
interventions to sustain MTN business on strategic priorities Board.
Nigeria’s NPS leadership. through the following: v. The Post Listing Rules of the
ii. Reviewing performance on Nigerian Stock Exchange.
all Customer Experience Key i. Approval of annual commercial
Performance Indices such as: plans The Chief Risk and Compliance Officer
a. Strategic Net Promoter Score ii. Prioritisation and approvals of all monitors compliance with applicable
(NPS), Episodic NPS. strategic commercial initiatives legislation, regulations and codes
b. High Volume Journeys across the business of Corporate Governance. The Chief
performance. iii. Assessment and review of Risk and Compliance Officer and the
c. Review performance on Brand initiatives and prioritised Company Secretary from time to time
all customer experience commercial projects across the brief the Nomination and Governance
interventions and projects across business. Committee as well as the Board, on
the business. Corporate Governance compliance.
d. myMTN App and web The Chief Operating Officer chairs
performance. the Brand Council and membership In October 2020, the Company
e. Pro-Customer positioning and comprises of heads of functional received a fine in the sum of
communication. divisions except for the Chief NGN6,000,000 (Six million Naira)
f. Top customer complaints Information Officer and the Chief from the Nigerian Communications
analysis and interventions. Technical Officer. Commission (NCC). The fine was
g. Customer touchpoint for non-compliance with the NCC’s
performance. CREATIVE COUNCIL Subscriber Identity Module (SIM)
h. Analysis and interventions on replacement guidelines in respect
Closed-Loop Feedback (CLF) The Creative Council is responsible for of 24 Mobile Station International
back-office issues. ensuring consistency and singularity Subscriber Directory Numbers
i. Value realisation from of brand messaging across the (MSISDNs) picked up during a SIM
the Customer Experience business for advertising and PR replacement audit. The fine has been
Management (CEM) Solution. content. The Chief Marketing Officer paid.
chairs meetings of the Creative
Council with heads of the commercial
divisions as members.
102 MTN Nigeria Communications PLC
Corporate Governance Report - continued
The Companies and Allied Matters
Act 2020 and Provisions impacting
on Governance Practices
The Companies and Allied Matters Act
(CAMA) 2020 repealed the CAMA Cap
C20 Laws of the Federation of Nigeria
of 2004. The 2020 Act contains
amendments that align with global
best corporate governance practices.
Some of these changes are:
i. Independent Directors – Under
the provisions of Section 275 of
the Act, every public company
is now required to have at least
three (3) independent directors.
The Act further defines an
independent director as a
director of the Company who, or
whose relatives either separately
or together with him or each
other, during the two years
preceding the time in question:
(a) Was not an employee of the
Company;
(b) Did not:
(i) Make to or receive
from the company
payments of more than
N20,000,000, or
(ii) Own more than a
30% share or other
ownership interest,
directly or indirectly, in
an entity that made to
or received from the
company payments of
more than the amount
stated in subparagraph
(i) or act as a partner,
director or officer of a
partnership or company
that made to or received
from the company
payments of more than
such amount;
(c) Did not own directly or
indirectly more than 30%
of the shares of any type or
class of the company, and;
(d) Was not engaged directly or
indirectly as an auditor for
the company.
ii. Restrictions on multiple
directorships in public
companies - Section 307(2) of
the Act prohibits a person from
being a director in more than five
(5) public companies at a time.
Companies have been availed a
moratorium of two (2) years for
regularisation.
iii. New Ordinary Business to be
transacted at an Annual General
Meeting (AGM) – Under the
provisions of Section 238 of the
Act, disclosure of remuneration
of ‘Managers’ of a company
has been added as part of
the ordinary businesses to be
transacted at AGMs.
iv. Composition of Statutory Audit
Committee - Section 404(3)
of the Act requires the Audit
Committee of a public company
to have five (5) members
comprising of three directors
and two (2) Non-Executive
Directors (shareholders). Section
404(5) of the Act mandates
that all members of the audit
committee should be financially
literate. Furthermore, at least one
member of the Committee should
be a member of a professional
accounting body in Nigeria
established by an Act of the
National Assembly.
The Board has taken steps to
implement the above requirements.
Insider Trading and Price Sensitive
Information
The Company has in place a
Securities Trading Policy to guide
trading in its shares by its Directors
and employees on the terms and
conditions similar to the standards set
out by the Nigerian Stock Exchange.
Directors, insiders and their related
persons in possession of confidential
price sensitive information (“insider
information”) are prohibited from
dealing with the shares of the
Company where such would amount
to insider trading. Directors, insiders
and related parties are prohibited
from disposing of, selling, buying
or transferring their shares in the
Company during a closed period
commencing from the date of receipt
of such insider information until
such a period when the information
is released to the public or any other
period as determined by the Company
from time to time.
Bribery and Corruption
The Global Compact(GC) Network
is an Initiative of the United Nations
which aims to advance responsible
corporate citizenship so that
businesses can be part of the solution
to the challenges of globalisation
through a network of global
partnerships between the private
sector and other social sectors.
“The United Nations Convention
Against Corruption” is one of the
Compact’s 10 principles under 4
headings: Human Rights, Labour, the
Environment and Anti-corruption.
The Anti-Corruption Principle 10,
states: “Businesses should work
against all forms of corruption,
including extortion and bribery”.
MTN Nigeria signed on to the GC
convention at a public event on
November 2, 2006. We embrace,
support and enact, within our sphere
of influence, a set of core values in
the areas of human rights, labour
standards, the environment, and anti-
corruption.
To promote the vision of zero-
tolerance for corruption, MTNN
creates awareness on the contents
of the above principles via an Ethics
campaign on an ongoing basis
sending reminders on several of our
communication platforms.
Facets of the Ethics Campaign
include; the Ethics Weeks, which
provides a platform to drill down the
GC principles and the Convention for
Business Integrity (CBI) charter; as
well as an Ethics Day, which launches
several mini-internal activations to
help create further awareness for
staff.
To also demonstrate employee
involvement in the promotion of anti-
corruption practices, every employee
is required to complete an Annual
Conflict of Interest (COI) declaration.
For third parties, MTNN also published
its Supplier Code of Conduct in the
year under review, which defines
the minimum standard that the
Company’s suppliers, their employees
and subcontractors must respect and
adhere to when conducting business
with MTN. These include:
1. Act Ethically – Anti Fraud and
Zero-Tolerance:
Suppliers should conduct
business following the highest
ethical standards and are
required to have the same
compliance throughout their
entire supply chain. They must
demonstrate a zero-tolerance
policy prohibiting all forms
of corruption and bribery. All
business dealings should be
transparently performed and
accurately reflected within the
business’s books and records.
2. Anti-Bribery and Corruption
Policy
A Supplier must never, directly or
through intermediaries, offer or
promise any personal or improper
advantage to obtain or retain a
business or other advantage from
a third party, whether public or
private. Suppliers should not pay
or accept bribes and facilitation
payments, arrange or accept
kickbacks and should not take
any actions to violate or cause
its business partners to violate
any applicable anti-bribery laws
and regulations. Suppliers must
ensure compliance with MTN’s
Anti-Bribery and Corruption
policy at all times.
3. Conflict of Interest
All suppliers should avoid
the appearance of or actual
improprieties or conflicts of
interests. Suppliers must not
deal directly with any MTN
Nigeria employee whose spouse,
domestic partner, or other
family member or relative holds
a significant financial interest
with the Supplier. In the course
of negotiating the Supplier’s
agreement or performing the
Supplier’s obligations, dealing
directly with a Supplier’s
personnel’s spouse, domestic
partner, or other family member
or relative employed by MTN is
also prohibited.
4. Receiving Gifts and Benefits:
Suppliers should avoid giving
gifts to MTN employees as
even a well-intentioned gift
might constitute a bribe under
certain circumstances, or create
conflicts of interest. They must
not offer anything of value to
obtain or retain a benefit or
advantage for the giver, and
not offer anything that might
appear to influence, compromise
judgment, or obligate the
employee. When offering a gift,
meal, or entertainment to MTN
employees, they must always use
good judgment, discretion, and
moderation.
Whistle Blowing Procedures
The Company has a whistle-blowing
procedure that ensures anonymity
for whistle-blowers. The Company
also has a direct link on its website,
provided for whistle-blowing.
Internally, the Company has a direct
link on its intranet page for the
dissemination of information, to
enable members of staff to report
identified breaches. Reported
breaches are investigated and
a formal disciplinary procedure
is followed to address identified
breaches. Sanctions are applied
where necessary cases of breaches
are established.
Reports of violations or potential
violations, ethically questionable
behaviour by directors or employees
may be reported by calling
MTN “Tip-offs anonymous line
+23408031230141 (toll-free) and/
or MTN Internal Fraud Hotline
(+23408032005500) or by sending
an email to anonymous@tip-offs.
net or mtnnfraudmanagement@mtn.
com. Anonymous reports may also be
made via the www.tip-offs.com web
site.
Conflicts of interest and
related-party transactions
The Board maintains robust
procedures to ensure that related-
party transactions and potential
conflicts of interest are identified,
disclosed and managed. These
procedures include the declaration
of interests in other businesses by
Directors on appointment to the
Board.
Annual Report and Financial Statements 2020 103
Directors are on an ongoing basis,
required to declare their interests
and bring such declarations to the
attention of the Board. Where it
is identified that a related-party
relationship exists, the Board agrees
on specific additional procedures to
ensure the effective management of
potential conflicts of interest.
The Risk & Compliance Unit published
the following policies in 2020:
Privacy and Data Protection Policy
This policy ensures the protection of
all personal information processed
under the control of MTN Nigeria
which includes the privacy rights of
all stakeholders including customers
and employees. It also ensures
that MTN Nigeria complies with all
applicable regulatory requirements,
conducts business in an ethical,
open and transparent manner and
third parties comply with the privacy
principles as contained in the Privacy
and Data Protection Policy.
The policy applies to all personal
information under the possession,
control and/or ownership of MTN
Nigeria, whether located at MTNN
or non-MTNN locations and in all
formats including electronic or
physical formats. This also includes
any device or IT infrastructure used to
process personal information within
MTNN’s information processing
facilities, or which are authorised
to access MTNN’s information
processing facilities.
Anti Money Laundering and
Combatting Financing of Terrorism
(AML/CFT) Policy
The policy helps to prevent MTNN
from being used intentionally or
unintentionally by criminal elements
for Money Laundering and Financing
of Terrorism related activities. It
applies to all the employees of MTNN
and all its subsidiaries (including joint
ventures with management control),
MTNN Partners and Third-Parties
using MTNN’s platform to offer
products and services.
The policy covers prohibited dealings
with entities associated with
104 MTN Nigeria Communications PLC
Corporate Governance Report - continued
predicate activities such as drug
trafficking, arms dealing, fraud, adult
entertainment etc. and the prohibition
of anonymous accounts, shell banks
and accounts in fictitious names
as well as sanctions screening for
partners, vendors and third parties
to identify designated terrorism and
financial crime perpetrators.
Conduct Passport
The conduct passport is our official
guide for interactions, establishes
our ethical culture and provides the
general principles for our stakeholder
relations. It covers who we are, how we
do business – our values, practices,
individual & collective expectations,
and how we interact with each other
as well as our partners, customers
and communities. It summarises what
we stand for and why compliance
with laws and adherence to our
policies, processes and procedures
are cornerstones of our philosophy.
Environmental, Social,
Governance (ESG) and
Sustainability ProgramMEs
and Initiatives
MTN Nigeria is fully committed to the
protection and preservation of the
environment.
We ensure compliance with
applicable legal and regulatory
frameworks at all levels (Federal,
State and Local Government)
implementing environmental
best practice for continuous
improvement in environmentally
friendly performance. As a result, our
operations are planned and executed
to minimise adverse effects or impact
on the environment in which we work.
The Company promotes and
encourages plans, activities, and
programmes aimed at environmental
preservation and protection.
Our sustainability vision is to protect
and create economic value for the
Company and its stakeholders
through responsible environmental
and social business practices.
Our initiatives, therefore, seek to
improve positive direct and indirect
environmental impact.
The regions in which MTN Nigeria
operates are environmentally
vulnerable and have little or no
economic resource to cope with the
effects of environmental events. By
supporting the global imperative for
valuing the environment through the
prudent use of resources, we apply
the precautionary principle towards
environmental management and
ensure all operations are compliant
with national laws and regulation.
MTN aims to improve its resilience
towards disruptive environmental
events and conditions, by mitigating
some of the adverse environmental
impact of our business operations.
In 2020, MTN Nigeria made great
strides in fulfilling its commitments
towards environmental preservation
and sustainability. The ensuing
sections highlight some of the
achievements and initiatives
that were undertaken to meet its
environmental sustainability goals.
Biodiversity
Biodiversity is one of the key factors
considered in site deployment.
Environmental impact assessment
studies, environmental audits and
monitoring inspections are essential
to environmental compliance.
We sustained practices that
seek to protect biodiversity and
environmental protection such as:
• Ensure the conduct of
environmental assessments and
monitoring audits, before new
activities and during significant
modifications/operations of
existing facilities.
• Work with site roll-out
partners, tower providers and
BTS operations partners to
maintain ecosystems, during
site deployment & operation
phases by applying spill control
measures, preserving cultural or
heritage sites and respecting the
basic concept of protected areas.
• Seek partnerships and consult
with key stakeholders to
enable MTN Nigeria to make
positive contribution towards
the conservation of global
biodiversity.
In 2020, sites deployed were carefully
considered to enhance biodiversity
and address stakeholder issues
where environmental triggers were
apparent, in the initial stages of
the acquisition process. However,
planned environmental audits of
operational sites were deferred due
to COVID-19 restrictions.
Energy Efficiency & Carbon Emission
Reduction
We reduce the impact of our
operations by understanding our
energy consumption and its drivers,
managing anomalies and rectifying
issues as they arise. In our bid to
manage climate-related risks and
support the achievement of the UN
Sustainable Development Goals (SDG)
7 – affordable and clean energy; and
13 – climate action, we conducted
an assessment of the likelihood and
severity of all risks while developing
management solutions for them.
Within the year, with Work From
Home (WFH) initiatives in place,
over N4billion was saved on fuel
and electricity; about 2,919,323KWH
of electricity, when compared with
energy consumption in 2019.
In addition to our participation in
a Carbon Disclosure Project (being
facilitated by the Group), we sustained
operation of our energy efficiency
solutions (IPP) to reduce the cost
of energy and carbon footprint. We
implemented the gas-fired IPP project
as a major cost reduction solution in
some switching centres. The plan to
connect our Head office - MTN Plaza,
Ikoyi and Kano switches to gas-fired
IPP, was interrupted by the COVID-19
restrictions. We hope to renew these
plans in 2021.
As our offices open up, we will sustain
our energy-saving programmes and
projects such as the deployment/
use of motion senor Light-emitting
diode (LED) bulbs; deployment of
low energy/eco-friendly electrical
appliances and periodic staff
engagement/sensitisation on the
need to turnout appliances not in use
etc.
Also, to mitigate physical climate
change effects on infrastructure
which include extreme weather, high
temperatures and sea-level rise
impacts, we shall continue to:
• Ensure preventative measures
are taken to minimise physical
risks in site selection including
environmental surveys and impact
assessments (e.g flood vulnerability
risk assessments)
• Ensure site resilience is increased
through regular maintenance
schedules and preventative
maintenance.
We look forward to implementing
the MTN Group Project Zero energy
efficiency and carbon emission
sustainability initiative, which deals
with energy management solutions,
monitoring, measurements (EMS) and
focuses on carbon emission reduction.
The project seeks to leverage the latest
technologies and service partners
to enable business sustainability via
greater energy efficiencies, low carbon
emissions and risk reduction.
The Green Office Initiative
Reducing environmental impact and
associated operating expenses are
some of the key business objectives
that birthed the Green Office initiative.
MTN’s Green Office program helps to
identify how to conserve resources,
reduce consumption and ensure
responsible waste, recycling and
upcycling management practices.
The Green Office Initiative cuts across
energy and water consumption, waste
management, paper usage, travel,
procurement as well as events costs.
On Energy consumption, owing to
COVID-19 lockdown restrictions and
our Work From Home (WFH) policy
to curb the spread of the pandemic,
financial saving on fuel and electricity
was reported at about N4 billion with
2,919,323KWH of electricity saved
when compared with 2019 energy
consumption.
Paper use & reduction
MTN launched the digitilisation
campaign (following the introduction
of cloud storage and the use of QR
Code Business Cards) to promote
digital consciousness and work culture.
As part of this campaign, MTNN
YelloDoc, an on-line approval portal
was also introduced; the goal is to
achieve “zero paper approvals” for
documents.
14,162 kgs of paper and 116 toners
was saved in the year under review.
General Waste and E-wastes:
General wastes generated from
our offices is managed through
our Green Office program that also
makes provision for recycling and
re-use opportunities to minimise
waste reaching landfills. We ensure
waste is collected and disposed of in
line with the regulatory guidelines of
each state where we operate.
The proper management of e-waste
reduces health risks associated
with improper disposal and protects
the environment from pollution
and hazardous substances. In this
regard, MTN appoints NESREA
(National Environmental Standards
and Regulations Enforcement
Agency) accredited vendors for the
disposal of e-waste in compliance
with regulations. Records of
documentation associated with
e-waste disposal are properly filed
and maintained.
E-waste handed over for recycling
or disposal is processed by handlers
and recyclers that have been subject
to due diligence, and/or are certified
in terms of national regulations and/
or global standards, including those
that relate to transportation.
To ensure proper compliance with
the NESREA Extended Producer
Responsibility (EPR) Policy, MTN
Nigeria held e-waste awareness
workshops with internal stakeholders
and partners especially during the
Towerco/Genco environmental
regulatory governance forums.
In 2020, MTNN commissioned
Hinckley Ltd, an e-waste collection,
recycling and consultancy firm, to
carry out an e-waste compliance
assurance audit. The audit
commended MTNN’s E-waste
management practices and
recommended our partnership and
championship of industry advocacy
in the area of EPR Policy.
Annual Report and Financial Statements 2020 105
The audit validates our e-waste
management practices and processes
and secured expert endorsement
(from an independent auditor/
assessor perspective) of MTNN as
an environmentally responsible and
sustainable organisation. We hope
to sustain this level of achievement
in line with BASEL convention,
NESREA EPR Policy framework and
other applicable/extant regulatory
requirements.
COVID-19 lockdown restrictions
and Work From Home (WFH) Policy,
accounted for the decrease in the
use of office resources with the
attendant reduction in the amount
of waste generated from our offices
across the regions compared with
2019.
Water Management
As MTN’s main water uses include
drinking and sanitary purposes,
wastewater discharge forms part of
the municipal water systems within
the regions in which we operate. There
is, however, no direct wastewater
discharge into waterbodies by MTN
Nigeria.
We do not have a significant impact on
water resources, but, reducing water
use is a part of MTN’s Sustainability
Strategic Framework in reducing
the Company’s environmental
impact. As a result, we keep working
towards reducing water use across
our regions through initiatives such
as the implementation of sensors
on taps and sinking boreholes to
accommodate for water shortages.
During the COVID-19 pandemic, a
decrease in water consumption was
reported as our staff worked from
home.
Awareness Creation
We conduct periodic awareness
programs to sensitise staff
and vendors on the associated
environmental aspects, impacts and
controls in line with Environmental
Management Systems (EMS) and
applicable laws. In 2020, MTN Nigeria
held e-waste assurance workshops
with internal stakeholders, and virtual
quarterly stakeholder sessions.
106 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 107

Corporate Governance Report - continued

Report of the Independent Consultant to
the Board of Directors of MTN Nigeria
Communications Plc.
Alignment with International • Managed Services and Tower o A webinar on ‘Fast-tracking on their Appraisal for the Year Ended 31 December 2020
standards infrastructural providers joined Economic Recovery through
the MTN Nigeria Environmental Robust Tax Policies and
MTN Nigeria is currently working Regulatory Governance Towerco/ Practices,’ it focused on
towards its ISO 14001 certification. Managed Services/Genco Forum, the role of taxation in
The ISO standardisation journey is a partnership designed to: sustainable economic growth,
aimed at ensuring alignment of MTN o Ensure effective monitoring of tax administration & fiscal
Nigeria’s Environmental Management operations for full compliance transparency, tax incentives
System (EMS) with International with environmental regulatory during and post COVID-19. The
standards. In 2020, we: requirements; event comprised of a panel of
o Improve the environmental experts along with top-level
• Facilitated MTNN ISO 14001 performance of operations; government officials. Internal
Standards Awareness Workshop o Minimise harm to the stakeholders from the MTNN Report
In compliance ofthe
with theguidelines
Independent Consultant
of Section to the
5.1 (c) of the Board
Nigerian of DirectorsCommission
Communications of MTN Nigeria
(NCC) Code of
with Regional Implementation environment; and Tax team, Regulatory Team, Corporate Governance for the Telecommunications Industry (“the NCC Code”), Section 15.1 of the Securities and
Facilitators. o Maximise opportunities for and Sustainability Champions Communications Plc. on their Appraisal for the Year Ended 31 December 2020.
Exchange Commission (SEC) Code of Corporate Governance (“the SEC Code”) and Section 14.1 of the Nigerian Code of
• Held a Cascade Awareness environmental sustainability. participated in the webinar.
Corporate Governance 2018 (“NCCG”), MTN Nigeria Communications Plc. (“MTN Nigeria” or “the Company”) engaged
Session on ISO 14001 Standard During the year, three virtual
and requirements for migration sessions of the Genco/ • Participated in the GEF/UNEP/ In KPMG
compliance
Advisorywith thetoguidelines
Services carry out anof Section
appraisal and5.1 (c) of the
corporate Nigerian
governance Communications
evaluation of the BoardCommission
of Directors (“the
from ISO 14001 – 2004 to ISO Towerco Forum were held NESREA Project – a circular Board”) for the year ended 31 December 2020. The Codes recommend the
(NCC) Code of Corporate Governance for the Telecommunications Industry (“the NCCBoard of Directors to carry out aCode”),
formal and
14001 – 2015. with key stakeholders in economy approach for the rigorous evaluation of its own performance, that of its committees, the Chairman and individual Directors as well as an
• Held a Champions Internal Audit the Telecommunication electronic sector in Nigeria (GEF
Section 15.1 of the Securities and Exchange Commission (SEC) Code of Corporate Governance
annual corporate governance evaluation to ascertain the extent of application of the codes of corporate governance.
Training Technology Sustainability ID:10141), to recover and re- (“the SEC Code”) and Section 14.1 of the Nigerian Code of Corporate Governance 2018
• Secured the Federal Ministry Working Group (TTSWG- introduce useable materials into (“NCCG”), MTN Nigeria Communications Plc. (“MTN Nigeria” or “the Company”) engaged
We have performed the procedures agreed with the MTN Nigeria in respect of the appraisal of the Board and evaluation
of Environment (FMEnv) a collaborative effort the value chain and ensure the
Ministerial’s validation at made up of organisations, proper disposal of hazardous
KPMG Advisory Services
of its compliance with to carry
corporate out an
governance appraisal inand
requirements corporate
accordance withgovernance
the provisionsevaluation of theSEC
of the NCC Code,
ISO 14001 Environmental professionals, and experts in waste streams. Board
Code ofandDirectors
the NCCG.(“the
These Board”) forwhich
procedures, the year ended
are limited 31 December
in scope but sufficient2020.
for theThe Codes
Board’s recommend
objectives in line with
Management System (EMS) the telecommunications and Through this project, MTN: the
theBoard
Codes,of
areDirectors
different into carry
scope outana external
from formal audit.
and rigorous evaluation
Consequently, no opinionof isitsexpressed
own performance, that
by us on the activities
verification exercise. technology industries, aimed o Developed a guidance ofreported
its committees,
upon. the Chairman and individual Directors as well as an annual corporate
at providing, through various document for the
Building partnership strategic partnerships, implementation of the governance evaluation to ascertain the extent of application of the codes of corporate
policy formulation, advocacy EPR programme. The governance.
Our approach to the appraisal of the Board and evaluation of the Board’s corporate governance practices involved
In line with the UN SDG 17 goal, MTN initiatives as well as events document has been officially a review of the Company’s board papers and minutes, key corporate governance structures, policies and practices.
Nigeria partnered with the following and programs that seek to documented in the gazette This included the review of the corporate governance framework and representations obtained from questionnaires,
organisations and initiatives: make sustainability trends, of the Federal Republic of
We have performed the procedures agreed with the MTN Nigeria in respect of the appraisal of
interviews with the members of the Board and senior management.
challenges and solutions, Nigeria the Board and evaluation of its compliance with corporate governance requirements in accordance
• Contributed seed funding mainstream in each sector.) o Conducted training for with thebasis
On the provisions of the
of our review, NCC Code,
the Company’s SEC Code
corporate and the
governance NCCG.
practices are inThese procedures,
compliance which
with the key are of
provisions
of N5Million to support the Two webinar sessions were Journalists to popularise the
E-waste Producers Responsible held during the year. implementation of the EPR
limited in scope
the Codes but sufficient
of Corporate Governancefor the Board’s
mentioned objectives
above. Specific in line with for
recommendations the Codes,
further are different
improving in
the Company’s
Organisation of Nigeria (EPRON) o A webinar on ‘5G and Programme for the Electronic scope from practices
governance an external audit. inConsequently,
are included noto the
our detailed report opinion
Board.is expressed
These by us on the toactivities
include recommendations improve the
to support her objectives. With Deep Tech Opportunities sector and the GEF project reported upon.
delegation of authority as well as Director training processes.
this support, EPRON achieved for the Future’, to create with active participation
a number of their set goals much-needed awareness. by local and international
which included the mobilisation, NCC Director of Technical partners Our approach to the appraisal of the Board and evaluation of the Board’s corporate governance
attraction and registration of standards, Engr Wakil Bako practices involved a review of the Company’s board papers and minutes, key corporate
producers and the collection/ featured as a panellist. About governance structures, policies and practices. This included the review of the corporate
recycling of e-waste in an 108 participants and internal Tomi Adepoju
environmentally friendly manner. stakeholders were part of the governance framework and representations obtained from questionnaires, interviews with the
Partner, KPMG Advisory Services
webinar. members of the Board and senior management.
FRC/2013/ICAN/00000001185
10 February, 2021.
On the basis of our review, the Company’s corporate governance practices are in compliance with
the key provisions of the Codes of Corporate Governance mentioned above. Specific
recommendations for further improving the Company’s governance practices are included in our
detailed report to the Board. These include recommendations to improve the delegation
of authority as well as Director training processes.

Tomi Adepoju
Partner, KPMG Advisory Services
FRC/2013/ICAN/00000001185
10 February, 2021
108 MTN Nigeria Communications PLC
Directors’ Report
The directors present their report on the affairs of MTN Nigeria Communications Plc and its subsidiaries (the Group),
together with the financial statements and independent auditors’ report for the year ended 31 December 2020.
Principal Activities of the Group
MTN Nigeria Communications Plc, formerly MTN Nigeria Communications Limited (MTN Nigeria or the Company) was
incorporated on 08 November 2000 as a private limited liability company under the Companies and Allied Matters
Act 1990 as amended. It was granted a licence by the Nigerian Communications Commission on 09 February 2001 to
undertake the business of building and operating GSM Cellular Network Systems and other related services nation-wide
in Nigeria. The Company commenced operations on 08 August 2001 (commercial launch date). Currently, the Company
holds a Unified Access Service License (UASL).
The Company re-registered as a public limited company, MTN Nigeria Communications Plc on 18 April 2019 and was
listed by introduction on the Premium Board of the Nigerian Stock Exchange on 16 May 2019.
The registered office address of the Company is 4, Aromire Road, Off Alfred Rewane, Ikoyi Lagos. The principal place of
business is MTN Plaza, Falomo, Ikoyi, Lagos.
The Group’s subsidiaries are XS Broadband Limited, Visafone Communications Limited and Yello Digital Financial
Services Limited. The subsidiaries principal activities are the provision of broadband fixed wireless access service, high
quality telecommunication services and mobile financial services in Nigeria.
In furtherance of its mobile financials services in Nigeria, the Company applied to the Central Bank of Nigeria (CBN) for
a Payment Service Bank license. The approval is yet to be received from CBN.
The Nigerian Communication Commission (NCC) on 5 April 2019, granted Visafone Communications Limited (Visafone)
the approval to transfer its 800mHz license and spectrum to MTN Nigeria Communications Plc. On 24 July 2019, the
Board of Visafone approved the voluntary winding down of Visafone Communication Limited. The final general meeting
of the Company was held on 5 October 2020 whereby the account of the winding up of the Company was approved. The
process for the transfer and liquidation is currently on-going.
Business Review
The Group recorded revenue of N1.35 trillion (2019: N1.17 trillion) and a profit after tax of N205.21 billion (2019: N203.28
billion) for the year.
Operating results and dividends
The following is a summary of the Group’s operating results:
2020 2019
restated*
N ‘000 N ‘000
Revenue 1,346,390 1,169,831
Operating profit 426,713 393,225
Profit before tax 298,874 291,277
Income tax expense (93,660) (87,994)
205,214 203,283
During the year ended 31 December 2020, N172.4 billion (31 December 2019; N133.0 billion) dividend was approved
and paid as follows:
31 December 2019 final dividend: N101.2 billion Service agreement amendments
30 June 2020 interim dividend: N71.2 billion
On 28 July 2020, the Board of Directors approved interim dividends of N71.2 billion for the year ended 31 December
2020 (Interim 2019: N60 billion).
The interim dividend represents N3.50 kobo per ordinary share on the issued share capital of 20.3 billion ordinary
shares of 2 kobo each for the period ended 30 June 2020.
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
Annual Report and Financial Statements 2020 109
Directors’ Report - continued
The Board of Directors recommend the payment of a final dividend of N5.90 per ordinary share of 2 kobo each subject
to shareholders’ approval at the forthcoming Annual General Meeting (AGM). If the proposed final dividend is approved,
the total dividend for the financial year ended 31 December 2020 will be N9.40 per share of 2 kobo each.
Withholding tax would be deducted at the point of payment.
Unclaimed dividends
In line with SEC guidelines, Coronation Registrars Limited on 7 December 2020 returned to the Group the sum of
N136,411,567.35 unclaimed dividend number 25 that became 15 months old on 13 November 2020. Therefore, the total
amount of unclaimed dividends outstanding as at 31 December 2020 is N136.4 million.
Attorney General of the Federation matter
On 8 January 2020 the Attorney General of the Federation and Minister of Justice (the AGF) formally withdrew the
demand notice for N242 billion and US$1.3 billion alleged revenue indebtedness against MTN Nigeria. The AGF referred
the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) for resolution.
As a result of this withdrawal, MTN Nigeria equally withdrew its legal action contesting the demand raised by AGF. On 30
January 2020 the court thereby struck out the case. The AGF has formally transferred the matter to FIRS and NSC and
MTN has commenced a reconciliation process with both government agencies. MTN Nigeria is expecting a final report
at the end of the reconciliation.
Nigerian House of Representatives’ (HOR) tax compliance check and alleged $30 billion revenue leakage
On 19 February 2020, MTN Nigeria received a letter from the House of Representative, inviting and requesting MTN
Nigeria to submit some tax related documents to the House Committee on Finance in what was called a ‘Revenue
Monitoring Session’.
On 25 August 2020, MTN received a letter of summon from the Joint Committee on Finance and Banking & Currency of
the House of Representative, in respect of $30bn federally collectible revenue and foreign exchange leakages allegedly
arising from foreign exchange allocation to some industries, including the Telecoms Industry.
From a preliminary review of the supporting documents that accompanied the summon (and a 246 slide Brief), it was
discovered that records demanded are 80% similar to the AGF allegations now referred to the Nigerian Customs Service
(NCS) and Federal Inland Revenue Service (FIRS).
In response to the above request, documents in relation to the enquiry for the period 2012 to 2019 were delivered to the
House committee in October and November 2020. The documents submitted are still under-going review by the House
Committee.
New SIM Registration Directive
On 9 December 2020, the Nigerian Communications Commission (NCC) suspended the sale and activation of new SIMs.
Thereafter, on 15 December 2020, NCC directed all operators to update SIM registration records with valid National
Identification Numbers (NINs). The impact of the suspension on our operations was minimal in Q4 2020. We are
collaborating with NCC and National Identity Management Commission (NIMC) to ensure our subscriber records are
updated, and we have made significant progress in this regard. To date, over 37.2 million subscribers have submitted
their NINs, representing approximately 48.7% of our subscriber base. We are working with NIMC for bulk verification of
the NINs collected.
In order to support the Federal Government’s effort to ensure that every Nigerian has a valid NIN, we have been granted
a NIN enrolment licence and have commenced enrolment in 36 centres across the country. We are also working with
NIMC and the Ministry of Communications and Digital Economy to expand our enrolment centers and provide an access
point for as many Nigerian as possible.
On 23 July 2020, MTN Nigeria Communications Plc (MTN Nigeria) and Global Independent Connect Limited, INT Towers
Limited, IHS (Nigeria) Limited and IHS Towers NG Limited, the affiliates of IHS Holding Limited (together, IHS) reached an
agreement to provide discounts on selected prices, expand the scope of their current service agreements, and amend
the currency conversion for tower services. MTN Nigeria leases the majority of the tower/site space required for its
network equipment from IHS.
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
110 MTN Nigeria Communications PLC
Directors’ Report - continued
In the new agreement, the reference rates for conversions to Naira changed from the Central Bank of Nigeria’s official
rate (CBN) to the Nigerian Autonomous Foreign Exchange Rate (NAFEX). These changes will bring about improved cost
for future technology evolution, increased focus on rural connectivity and backhaul in the network.
Spectrum Licence Renewal
Nigerian Communications Commission (NCC) has approved the renewal of our Unified Access Service (UAS) Licence
and spectrum licences in the 900MHz and 1800MHz bands. The UAS and spectrum licences, which are due to expire on
31 August 2021 and the process of renewal of the licences for a further ten-year period, starting 1 September 2021 is at
an advanced stage. These frequencies underpin our data network and provide the platform on which we can accelerate
coverage and continue to improve the quality of our services.
Directors and their interests
The directors who served during the year and their direct/ indirect interests in the Group’s equity were as follows:
2020 2019
Directors Name Direct % Indirect % Direct % Indirect %
No of No of No of No of
shares shares shares shares
Dr. Ernest Ndukwe, OFR 161,375 0.0008 Nil Nil 161,375 0.0008 Nil Nil
Mr. Karl Toriola 920,000 0.0045 Nil Nil 920,000 0.0045 Nil Nil
Mr. Rob Shuter Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Ralph Mupita Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Jens Schulte-Bockum Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Michael Ajukwu Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Paul Norman Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Rhidwaan Gasant Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Ferdinand Moolman Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Muhammad K. Ahmad, OON Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Abubakar B. Mahmoud, OON Nil Nil Nil Nil Nil Nil Nil Nil
Dr. Omobola Johnson 225,000 0.0011 Nil Nil 225,000 0.0011 Nil Nil
Mr. Andrew Alli, MFR 93,220 0.0005 Nil Nil 93,220 0.0005 Nil Nil
Mrs. Ifueko M. Omoigui, MFR Nil Nil Nil Nil Nil Nil Nil Nil
Mr. Modupe Kadri 80,000 0.0004 Nil Nil Nil Nil Nil Nil
The Board and key management changes
Modupe Kadri was appointed as Executive Director/Chief Financial Officer (CFO) effective 1 March 2020.
Rob Shuter resigned from the Board of MTN Nigeria Communications Plc effective 1 September 2020.
Karl Toriola was appointed Executive Director/Chief Executive Officer (CEO) on 23 October 2020 effective 1 March 2021.
Ferdinand Moolman the current Chief Executive Officer (CEO) will assume the role of MTN Group Chief Risk Officer
effective 1 March 2021 and will remain on the Board of MTN Nigeria Communications Plc.
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
Annual Report and Financial Statements 2020 111
Directors’ Report - continued
Directors’ interest in contracts
None of the directors have notified the Group for the purpose of Section 303 of the Companies and Allied Matters Act of
Nigeria (CAMA) 2020, of any declarable interest in contracts in which the Group is involved.
Shareholders and their interest
Share range Number of % of Number of % of
shareholders shareholder holdings shareholdings
1 - 10,000 6,430 76.8955 9,846,942 0.05
10,001 - 50,000 921 11.0141 23,747,379 0.12
50,001 - 100,000 161 1.9254 15,289,023 0.08
100,001 - 500,000 489 5.8479 114,820,710 0.56
500,001 - 1,000,000 114 1.3633 84,245,720 0.41
1,000,001 - 5,000,000 152 1.8177 350,032,640 1.72
5,000,001 - 10,000,000 34 0.4066 234,946,170 1.15
10,000,001 - 50,000,000 48 0.574 942,933,589 4.63
50,000,001 - 100,000,000 3 0.0359 187,997,182 0.92
100,000,001 - 500,000,000 7 0.0837 1,538,502,595 7.56
500,000,001 - 1,000,000,000 2 0.0239 1,366,607,050 6.71
1,000,000,001 - above 1 0.012 15,485,544,050 76.08
8,362 100 20,354,513,050 100
Substantial interest in shares
As at 31 December 2020, MTN International (Mauritius) Limited with total interest of 76.08% held more than 5% of the
issued share capital of the Company.
Property, plant and equipment
Information relating to changes in property and equipment is given in Note 17 to the audited consolidated and separate
financial statements.
Taxation
Company Income Tax, Education Tax and National Information Technology Development Fund Levy due in the prior
years have been duly settled in line with the provisions of relevant tax laws.
An aggregate tax expense of N93.66 billion (December 2019: N87.99 billion) has been recognised in the consolidated
statement of profit or loss covering the period January to December 2020.
COVID -19 Pandemic
To support government’s efforts at combatting the pandemic, MTN Nigeria Communications Plc donated N1 billion to
the Coalition Against COVID-19 (CACOVID) and delivered N250 million of personal protective equipment (PPE) to the
Nigeria Centre for Disease Control (NCDC) through MTN Nigeria Foundation. This is in addition to the support provided
to the Federal Ministry of Education who recommended sites that have been zero rated for educational purposes and to
the logistical and communications provided to the Nigeria Governors Forum.
Charitable Gifts
There was an accrual of N2.05 billion made in the year for donations to MTN Foundation Limited by Guarantee (December
2019: N2.02 billion). The Foundation, a duly registered charitable entity separate and distinct from the Group has three
main areas of focus, namely; Education, Economic Empowerment and Health.
The Group made no donations to other charitable organisations during the year (December 2019: Nil).
In compliance with S.43 (2) of Companies and Allied Matters Act of Nigeria 2020, the Group did not make any donations
to any political party, political association or for any political purpose.
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
112 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 113

Directors’ Report - continued

Statement of Directors’ Responsibilities
in relation to financial statements

Employment of physically challenged persons
The Group has a policy of fair consideration of job applications by disabled persons having regard to their abilities
and aptitude. The Group’s policy prohibits discrimination of disabled persons in the recruitment, training and career
development of its employees. As at the end of the reporting period, the Group had six (31 December 2019: six) disabled
persons in employment.
Employee Consultation and Training
The Group has a vibrant platform called “Employee Council” through which it engages with its employees on a regular
basis and also leverages all communication channels to keep employees informed on business performance.
MTN Nigeria is committed to employee development as a key value proposition through its investment in learning and
development opportunities to drive personal development and achievement of business targets. This is achieved by
identifying skills gaps and sourcing learning interventions to address them. There are also opportunities for professional
development and the pursuit of postgraduate studies for eligible employees.
Health, Safety and Welfare at Work
The Group places a high premium on the health, safety and welfare of its employees in their place of work.
Statutory Audit Committee
The Statutory Audit Committee of the Company consists of the following members:
The Companies and Allied Matters Act of Nigeria (CAMA) 020 requires the directors to prepare audited consolidated and
separate financial statements for each financial year that give a true and fair view of the state of the financial affairs of
the Group at the end of the year and its profit or loss. The responsibilities include ensuring that the Group:
a) keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and
comply with the requirements of the Companies and Allied Matters Act of Nigeria (CAMA) 2020.
b) establishes adequate internal controls to safegurd its assets and to prevent and detect fraud and other irregularities;
and
c) prepares its audited consolidated and separatefinancial statements using suitable accounting policies supported by
reasonable and prudent judgements nd estimates, which are consistently applied.
The directors accept responsibility for the annual audited onsolidated and separate financial statements, which have
been prepared using appropriate accounting policies upported by reasonable and prudent judgements and estimates, in
conformity with International Financial Reporing Standards and the requirements of the Companies and Allied Matters
Act of Nigeria (CAMA) 2020.
The directors further accept responsibility for the mainteance of accounting records that may be relied upon in the
preparation of audited consolidated and separate finanial statements, as well as adequate systems of internal financial
control.
Nothing has come to the attention of the directors to indcate that the Group will not remain a going concern for at least
twelve months from the date of this statement. .

a) Mr. Oye Hassan-Odukale, MFR Shareholders’ Representative - Chairman

b) Mr. Nornah Awoh Shareholders’ Representative
c) Col. Ayegbeni Peters (rtd) Shareholders’ Representative
d) Mr. Rhidwaan Gasant Independent Non-Executive Director
e) Mr. Muhammad K. Ahmad, OON Independent Non-Executive Director
f) Mrs. Ifueko M Omoigui Okauru, MFR Non-Executive Director
Dr. Ernest Ndukwe, OFR Mr. Ferdinand Moolman
All members of the Statutory Audit Committee are financially literate. Chairman of the Board of Directors Chief Executive Officer
FRC/2020/003/00000020337 FRC/2016/IODN/00000015147
Pursuant to the enactment of the Companies and Allied Matters Act (CAMA) 2020; henceforth in accordance with the
provisions of Section 404(3) of the Act, the Company’s Statutory Audit Committee will henceforth consist of five (5)
members comprising of three (3) shareholders and two (2) non-executive directors.

Auditors

Messrs Ernst & Young (EY) were appointed at the Annual General Meeting held on 15 May 2020 to replace Messrs Grant
Thornton Nigeria (GT). EY served as the Company’s independent auditor during the financial year ending 31 December
2020. The independent auditor’s report was signed by Funmi Ogunlowo, a partner in the firm, with Financial Reporting
Council (FRC) membership number FRC/2013/ICAN/00000000681.

Messrs Ernst & Young (EY) has indicated willingness to continue in office as auditor in accordance with S.401(2) of the
Companies and Allied Matters Act 2020.

By Order of the Board

Uto Ukpanah
Company Secretary
FRC/2014/NBA/00000005748
25 February 2021

*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5. *The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
114 MTN Nigeria Communications PLC
Audit Committee Report
For the year ended 31 December 2020
To the members of MTN Nigeria Communications Plc
In accordance with the provisions of Section 404(7) of the Companies and Allied Matters Act (CAMA) 2020, the members
of the Audit Committee of MTN Nigeria Communications Plc hereby report as follows:
We have exercised our statutory functions under Section 404(7) of the Companies and Allied Matters Act, 2020 and
acknowledge the co-operation of management and staff in the conduct of these responsibilities.
We are of the opinion that the accounting and reporting policies of the Group are in accordance with legal
requirements and agreed ethical practices.
The scope and planning of both the external and internal audits for the year ended 31 December 2020 were
satisfactory and reinforce the Group’s internal control systems.
We have considered the External Auditors management letter for the year and we are satisfied with management’s
responses to the External Auditor’s recommendations and that management has taken appropriate steps to address
the issues raised by the Auditors.
The external auditors confirmed they received necessary cooperation from management in the course of their
statutory audit and that the scope of their work was not restricted in any way. in equity and consolidated and separate statements of cash flows for the year then ended, and notes to the consolidated
On behalf of the audit committee
Mr. Oye Hassan-Odukale, MFR
Chairman Audit Committee
FRC/2013/IODN/00000001963
25 February 2021
Members of the Statutory Audit Committee are:
Mr. Oye Hassan-Odukale MFR - Shareholders’ Representative (Chairman)
Mr. Nornah Awoh - Shareholders’ Representative
Col. Ayegbeni Peters (Rtd.) - Shareholders’ Representative
Mr. Muhammad K. Ahmad, OON - Director
Mr. Rhidwaan Gasant - Director
Mrs. Ifueko M. Omoigui Okauru, MFR - Director
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
Annual Report and Financial Statements 2020 115
Report of the Independent Auditors
to the members of MTN Nigeria Communications PLC
Ernst & Young
10th & 13th Floors Tel: +234 (01) 631 4500
UBA House Fax: +234 (01) 463 0481
57, Marina, Lagos Email: service@ng.ey.com
P.O. Box 2442 Marina www.ey.com
Opinion
We have audited the consolidated and separate financial statements of MTN Nigeria Communications PLC (the
“Company”) and its subsidiaries (together the “Group”), which comprise of the consolidated and separate statement
of financial position as at 31 December 2020, and the consolidated and separate statements of profit or loss, the
consolidated and separate statements of comprehensive income, the consolidated and separate statements of changes
and separate financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated and separate financial statements give a true and fair view of the
consolidated and separate financial position of the Group and the Company as at 31 December 2020, and its consolidated
and separate financial performance and consolidated and separate cash flows for the year then ended in accordance
with International Financial Reporting Standards, the provision of the Companies and Allied Matters Act, 2020 and in
compliance with the Financial Reporting Council of Nigeria Act No. 6, 2011.
Basis of Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the consolidated and separate
financial statements section of our report. We are independent of the Group and the Company in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and
other independence requirements applicable to performing the audits of the Group and the Company. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated and separate financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, we do
not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the
matter is provided in that context.
We have fulfilled the responsibilities described in the Auditors’ Responsibilities for the Audit of the consolidated and
separate financial statements section of our report, including in relation to these matters. Accordingly, our audit include
the performance of procedures designed to respond to our assessment of the risks of material misstatement of the
consolidated and separate financial statements. The results of our audit procedures, including the procedures performed
to address the matters below, provide the basis for our audit opinion on the accompanying consolidated and separate
financial statements.
116 MTN Nigeria Communications PLC
Report of the Independent Auditors - continued
The Key Audit Matter applies equally to the audit of the consolidated and separate financial statements.
Key audit matter
Renegotiation of lease contracts resulting into lease
modification
MTN Nigeria leases most of its towers/sites space
required for its network equipment. There were contract
renegotiations with lessors that resulted into lease
modification in the year under review.
The contract renegotiation brought about changes in
the contract base price and price conversion rate from
Central Bank of Nigeria’s (CBN) official rate to Nigerian
Autonomous Foreign Exchange (NAFEX) Rate.
This is accounted for as an amendment to the existing
lease as the scope of the lease was not increased
following the contract review.
This modification led to a change in the incremental
borrowing rate (IBR) used for computation of Right-of-
Use Assets and Lease liabilities. The Right-of-use assets
accounted for 30% of total assets, while lease liabilities
accounted for 36% of total liabilities. See Notes 18 and
34 for disclosures.
We focused on this area because of its complexity
in determining the incremental borrowing rate which
require management judgement and due to the
materiality of the amounts involved.
Other Matter
The consolidated and separate financial statements of MTN Nigeria Communications PLC and its subsidiaries for
the year ended 31 December 2019, were audited by another auditor who expressed an unmodified opinion on those
statements on 28 February 2020.
How the matter was addressed in the audit
Below audit procedures were carried out to address
the matter;
We performed our review to ensure that the new
contract prices were implemented in line with the
contract. renegotiation.
We tested the reasonableness of assumptions
made in determining the incremental borrowing
rate.
We recomputed the present value of the
lease liabilities and confirmed that the lease
modification was properly accounted for.
We recomputed the finance cost on the leases
and agreed the total balance to the profit or loss
account.
Annual Report and Financial Statements 2020 117
Report of the Independent Auditors - continued
Other Information
The Directors are responsible for the other information. The other information comprises of the information included in
the document titled “MTN Nigeria Communications Plc Audited Consolidated and Separate Financial Statements for the
year ended 31 December 2020”, which includes the Directors’ Report, Report of Audit Committee’s and Other National
Disclosures, which we obtained prior to the date of this report, and the Annual Report, which is expected to be made
available to us after that date. Other information does not include the consolidated or the separate financial statements
and our auditor’s report thereon.
Our opinion on the consolidated and separate financial statements does not cover the other information and we do not
express an audit opinion or any form of assurance conclusion thereon.
In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based
on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of the Directors for the Consolidated and Separate Financial Statements
The Directors are responsible for the preparation and fair presentation of the consolidated and separate financial
statements in accordance with International Financial Reporting Standards, the provision of the Companies and Allied
Matters Act, 2020 and in compliance with the Financial Reporting Council of Nigeria Act No. 6, 2011, and for such
internal control as the Directors determine is necessary to enable the preparation of consolidated and separate financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated and separate financial statements, the Directors are responsible for assessing the Group’s
and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the Group and/or the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated and separate financial statements.
118 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 119

Report of the Independent Auditors - continued Report of the Independent Auditors - continued

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism Report on Other Legal and Regulatory Requirements
throughout the audit. We also:
In accordance with the requirement of the Fifth Schedule of the Companies and Allied matters Act, 2020, we confirm
Identify and assess the risks of material misstatement of the consolidated and separate financial statements, that:
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, for the purpose of our audit;
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are In our opinion, proper books of account have been kept by the group and company, in so far as it appears from our
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the examination of those books;
Group’s and the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and The consolidated and separate statements of financial position, the consolidated and separate statements of profit
related disclosures made by the Directors. or loss and the consolidated and separate statements of other comprehensive income are in agreement with the
Conclude on the appropriateness of the Director’s use of the going concern basis of accounting and based on books of account; and
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s and the Company’s ability to continue as a going concern. If we conclude that a In our opinion, the consolidated and separate financial statements have been prepared in accordance with the
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the provisions of the Companies and Allied Matters Act, 2020 so as to give a true and fair view of the state of affairs and
consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our financial performance of the Company and its subsidiaries.
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Group and/or the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated and separate financial statements,
including the disclosures, and whether the consolidated and separate financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities Funmi Ogunlowo, FCA
within the Group to express an opinion on the consolidated and separate financial statements. We are responsible FRC/2013/ICAN/000000000681
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. For Ernst & Young
Lagos, Nigeria
We communicate with Directors regarding, among other matters, the planned scope and timing of the audit and 27 February 2021
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communication with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to eliminate threats or safeguard applied.

From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the consolidated and separate financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
120 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 121

Data Balance: 39683.55MB.

Data Bonus: 19060.82MB.

Financials
122 Consolidated and Separate Statement of Profit Or Loss

123 Consolidated and Separate Statement of Other Comprehensive Income

124 Consolidated and Separate Statement of Financial Position

125 Consolidated and Separate Statement of Changes in Equity - Group

126 Consolidated and Separate Statement of Changes in Equity - Company

127 Consolidated and Separate Statement of Cash Flows

128 Notes to the Audited Consolidated and Separate Financial Statements

Other National Disclosures

205 Value Added Statements

207 Five-Year Financial Summaries

MTN Nigeria Communication Plc continues to make considerable and significant

investments in the country by providing invaluable and essential services through
technological, financial and digital innovations, and importantly, safeguarding the
interests of all stakeholders.
122 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 123

Consolidated and separate statement of profit or loss Consolidated and separate statement of other
for the year ended 31 December 2020 comprehensive income for the year ended 31 December 2020

Group Company Group Company

2020 2019 2020 2019 2020 2019 2020 2019
restated* restated* restated* restated*
Note(s) N’million N’million N’million N’million Note(s) N’million N’million N’million N’million

Revenue 9 1,346,390 1,169,831 1,346,288 1,167,515 Profit for the year 205,214 203,283 212,482 206,482

Other income 10 104 - 104 - Other comprehensive income:

Items that may be reclassified to profit or
Direct network operating costs 15 (310,248) (246,604) (310,248) (246,550) loss:
Other comprehensive (loss)/income for the 24.1 - 275 - 275
Value added services (12,820) (12,459) (12,820) (12,462) year net of taxation

Costs of starter packs, handsets and (20,566) (12,766) (20,566) (12,766) Transfer of fair value reserve of investments 24.1 (282) - (282) -
accessories. designated at FVOCI

Interconnect costs (112,470) (105,250) (112,470) (105,250) Other comprehensive (loss)/income for the (282) 275 (282) 275
year net of taxation
Roaming costs (2,956) (4,038) (2,956) (4,021)
Total comprehensive income 204,932 203,558 212,200 206,757
Transmission costs (6,106) (5,553) (6,106) (5,688)
Total comprehensive income attributable
Discounts and commissions (68,528) (56,586) (68,148) (56,569) to:
Owners of the parent 204,932 203,558 212,200 206,757
Advertisements, sponsorships and sales (15,144) (19,848) (13,144) (18,830)
promotions 204,932 203,558 212,200 206,757

Employee costs 13 (45,325) (30,707) (44,598) (30,707)

Financial assets classified as fair value through other comprehensive income are Federal Government treasury bills
Depreciation of property and equipment 17 (150,203) (147,807) (150,203) (147,807) investments, which are exempted from company income tax.

Amortisation of intangible assets 19 (36,699) (29,997) (31,381) (24,643) The accompanying notes form an integral part of the consolidated and separate financial statements.

Depreciation of right of use assets 18 (72,125) (54,002) (72,125) (54,002)

Other operating expenses 14 (66,591) (50,989) (64,530) (50,477)

Operating profit 426,713 393,225 437,097 397,743

Finance income 11 15,848 20,132 15,835 20,205

Finance costs 12 (143,687) (122,080) (143,687) (122,080)

Profit before taxation 298,874 291,277 309,245 295,868

Taxation 16 (93,660) (87,994) (96,763) (89,386)

Profit for the year 205,214 203,283 212,482 206,482

Earnings per share - basic/diluted (N) 42 10.08 9.99 10.44 10.14

The accompanying notes form an integral part of the audited consolidated and separate financial statements.

*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5. *The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
124 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 125

Consolidated and separate statement of Consolidated and separate statement of

financial position as at 31 December 2020 changes in equity for the year ended 31 December 2020

Group Company Share Share Total share Other Retained Total

Note(s) 2020 2019 2020 2019
restated* restated*
N’million N’million N’million N’million
Assets
Non-current assets
Property and equipment 17 686,157 625,095 686,157 625,095
Right of use assets 18 595,745 476,357 595,745 476,357
Intangible assets 19 111,080 120,946 79,525 84,072
Investments in subsidiaries 20 - - 49,328 45,578
Contract acquisition costs 31 7,990 4,852 7,990 4,852
Prepayments 23 13,906 12,145 13,906 12,145
Other investments 24 25,847 - 25,847 -
1,440,725 1,239,395 1,458,498 1,248,099
Current assets
Inventories 22 2,158 909 2,158 909
Trade and other receivables 23 50,766 52,824 53,110 54,019
Current investments 24 146,783 54,827 146,783 54,827
Restricted cash 25 47,913 38,050 47,913 38,000
Cash and cash equivalents 26 275,198 116,278 271,041 114,301
522,818 262,888 521,005 262,056
Total assets 1,963,543 1,502,283 1,979,503 1,510,155
Equity and liabilities
Equity
Share capital 27 407 407 407 407
Share premium 28 17,216 17,216 17,216 17,216
Other reserves 27.1 239 521 239 521
Retained profit 160,524 127,713 184,370 144,291
178,386 145,857 202,232 162,435
Liabilities
Non-current liabilities
Borrowings 29 330,551 380,089 330,551 380,089
Derivatives 21 - 265 - 265
Lease liabilities 34 586,992 458,509 586,992 458,509
Deferred tax 36 113,130 120,587 108,693 113,040
Provisions 33 38 71 38 71
Share based payment liability 46 2,273 745 2,273 745
Employee benefits 35 8,261 1,578 8,261 1,578
1,041,245 961,844 1,036,808 954,297
Current liabilities
Trade and other payables 30 303,977 190,444 301,182 189,646
Borrowings 29 190,599 32,453 190,599 32,453
Derivatives 21 194 - 194 -
Lease liabilities 34 54,798 33,564 54,798 33,564
Contract liabilities 32 62,301 46,806 61,919 46,745
Current tax payable 38 107,310 65,625 107,038 65,325
Provisions 33 24,733 25,690 24,733 25,690
743,912 394,582 740,463 393,423
Total liabilities 1,785,157 1,356,426 1,777,271 1,347,720
Total equity and liabilities 1,963,543 1,502,283 1,979,503 1,510,155
capital premium capital reserves profit equity
N’million N’million N’million N’million N’million N’million
Group
Balance at 1 January 2019 646 64,498 65,144 6 154,201 219,351
Profit for the year (restated*) - - - - 203,283 203,283
Other comprehensive income - - - 276 - 276
Total comprehensive income
for the year (restated*) - - - 276 203,283 203,559
Redemption of preference
shares** (239) (47,282) (47,521) 239 (96,725) (144,007)
Dividends (Note 27.2) - - - - (133,046) (133,046)
Balance at 31 December 2019
(restated*) 407 17,216 17,623 521 127,713 145,857
Balance at 1 January 2020 407 17,216 17,623 521 127,713 145,857
Profit for the year - - - - 205,214 205,214
Other comprehensive loss - - - (282) - (282)
Total comprehensive income for the year - - - (282) 205,214 204,932
Dividends (Note 27.2) - - - - (172,403) (172,403)
Balance at 31 December 2020 407 17,216 17,623 239 160,524 178,386
Note(s) 27 28 27.1
*The comparative 2019 figures have been restated to reflect the amendment to accounting treatment. See Note 5.
**In 2019, following the Board’s approval to redeem the preference shares, the preference share capital of N239.4million
(402,590,263 preference shares of US$ 0.005c) and preference share premium of N47.3 billion (402,590,263 US$ 0.005c
preference shares at $0.987c each) were reclassified to a Redemption account. The difference between the carrying
value of the equity instrument and the fair value of the financial liability (N96.7 billion) being the exchange loss at the
date of reclassification was recognized in retained earnings.
Included in other reserves is N239.4 million, a sum equal to the nominal amount of the par value of the redeemable
preference shares reclassified from retained earnings to a Capital Redemption Reserve Fund (CRRF) in line with S.182(4)
of Companies and Allied Matters Act, 2020 (CAMA).
The accompanying notes form an integral part of the audited consolidated and separate financial statements.

The audited consolidated and separate financial statements were approved by the Board Of Directors on the 25 February
2021 and were signed on its behalf by:

Dr. Ernest Ndukwe, OFR Mr. Ferdinand Moolman Modupe Kadri

Chairman of the Board of Directors Chief Executive Officer Chief Financial Officer
FRC/2020/003/00000020337 FRC/2016/IODN/00000015147 FRC/2020/001/00000020737

The accompanying notes form an integral part of the consolidated and separate financial statements.

*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5. *The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
126 MTN Nigeria Communications PLC
Consolidated and separate statement of
changes in equity for the year ended 31 December 2020
Share Share Total share Other Retained Total
capital premium capital reserves profit equity
N’million N’million N’million N’million N’million N’million
Company N’million N’million N’million N’million
Balance at 1 January 2019 646 64,498 65,144 6 167,580 232,730
Profit for the year (restated*) - - - - 206,482 206,482
Other comprehensive income - - - 276 - 276
Total comprehensive income
for the year (restated*) - - - 276 206,482 206,758
Redemption of preference
shares** (239) (47,282) (47,521) 239 (96,725) (144,007)
Dividends (Note 27.2) - - - - (133,046) (133,046)
Balance at 31 December 2019
(restated*) 407 17,216 17,623 521 144,291 162,435
Balance at 1 January 2020 407 17,216 17,623 521 144,291 162,435
Profit for the year - - - - 212,482 212,482
Other comprehensive loss - - - (282) - (282)
Total comprehensive income
for the year - - - (282) 212,482 212,200
Dividends (Note 27.2) - - - - (172,403) (172,403)
Balance at 31 December 2020 407 17,216 17,623 239 184,370 202,232
Note(s) 27 28 27.1
*The comparative 2019 figures have been restated to reflect the amendment to accounting treatment. See Note 5.
**In 2019, following the Board’s approval to redeem the preference shares, the preference share capital of N239.4million
(402,590,263 preference shares of US$ 0.005c) and preference share premium of N47.3 billion (402,590,263 US$ 0.005c
preference shares at $0.987c each) were reclassified to a Redemption account. The difference between the carrying
value of the equity instrument and the fair value of the financial liability (N96.7 billion) being the exchange loss at the
date of reclassification was recognized in retained earnings.
Included in other reserves is N239.4 million, a sum equal to the nominal amount of the par value of the redeemable
preference shares reclassified from retained earnings to a Capital Redemption Reserve Fund (CRRF) in line with S.182(4)
of Companies and Allied Matters Act, 2020 (CAMA).
The accompanying notes form an integral part of the audited consolidated and separate financial statements. the year 26 275,825 116,278 271,668 114,301
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
Annual Report and Financial Statements 2020 127
Consolidated and separate statement of cash flows
for the year ended 31 December 2020
Group Company
Note(s) 2020 2019 2020 2019
restated* restated*
Cash flows from operating activities
Cash generated from operations 39 833,107 608,732 834,702 608,333
Finance income 14,305 16,058 14,293 16,132
Finance costs (129,854) (105,261) (129,853) (105,262)
Dividends 27.2 (172,403) (133,046) (172,403) (133,046)
Employee benefits paid 35 (379) (690) (379) (690)
Regulatory fine paid - (110,000) - (110,000)
Tax paid 38 (55,912) (62,083) (55,876) (61,783)
Utilised/paid provision for the year 33 (13,189) (7,730) (13,189) (7,730)
Net cash generated from operating activities 475,675 205,980 477,295 205,954
Cash flows from investing activities
Acquisition of property, plant and equipment (214,923) (181,685) (214,923) (181,685)
Proceeds from sale of property, plant
and equipment 783 1,023 783 1,023
Purchase of contract acquisition costs 31 (8,570) (3,762) (8,570) (3,762)
Acquisition of right of use assets (14,971) (4,571) (14,971) (4,571)
Purchase of intangible assets (26,780) (21,041) (26,780) (21,036)
Investment in non-current FGN bonds (26,070) - (26,070) -
Movement in restricted cash (9,863) (831) (9,913) (831)
Movement in investment in subsidiaries - - - (1,750)
Purchase of bonds, treasury bills
and foreign deposits (121,534) (9,001) (121,534) (9,001)
Sale of bonds, treasury bills and
foreign deposits 29,818 22,877 29,818 22,877
Net cash flows used in investing activities (392,110) (196,991) (392,160) (198,736)
Cash flows from financing activities
Redemption of preference shares 27 - (148,189) - (148,189)
Proceeds from borrowings 29 143,682 381,701 143,682 381,701
Repayment of borrowings 29 (41,748) (146,124) (41,748) (146,124)
Repayment of lease liabilities 34 (26,676) (33,265) (26,676) (33,265)
Additional investment in subsidiary 20 - - (3,750) -
Net cash flows generated from
financing activities 75,258 54,123 71,508 54,123
Net increase in cash and cash equivalents 158,823 63,112 156,643 61,341
Cash and cash equivalents at
beginning of the year 116,278 53,012 114,301 52,806
Exchange gain on cash and cash equivalents 724 154 724 154
Cash and cash equivalents at the end of
The accompanying notes form an integral part of the consolidated and separate financial statements.
*The 2019 figures have been restated to reflect the amendment in accounting treatment. See Note 5.
128 MTN Nigeria Communications PLC
Notes to the consolidated and
separate financial statements
1 General Information
MTN Nigeria Communications Plc (the Company) was incorporated on 08 November 2000 as a private limited
liability company under the Companies and Allied Matters Act of Nigeria 2020. The Company was granted a
licence by the Nigerian Communications Commission on 9 February 2001 to undertake the business of building
and operating GSM Cellular Network Systems and other related services nation-wide in Nigeria. The Company
commenced operations on 8 August 2001 (commercial launch date). Currently, the Company holds a Unified
Access Service License (UASL) in addition to a 2GHz Spectrum and Digital Terrestrial TV Broadcasting licence, in
addition to others shown in note 19.
On 18 April 2019, MTN Nigeria Communications Limited re-registered as a public limited company, MTN Nigeria
Communications Plc. The Company was listed by introduction on the Premium Board of the Nigerian Stock
Exchange on 16 May 2019. The Company’s registered office is at 4, Aromire road, off Alfred Rewane Road, Ikoyi
Lagos.
MTN Nigeria Communications Plc’s subsidiaries are XS Broadband Limited, Visafone Communications Limited
and Yello Digital Financial Services Limited. Their principal activities are the provision of broadband fixed wireless
access service, high quality telecommunication services and mobile financial services respectively.
The Group’s holding company is MTN International (Mauritius) Limited, a company incorporated in the Republic of
Mauritius and its ultimate holding company is MTN Group Limited, a company incorporated in South Africa.
2 Basis of preparation
The consolidated and separate financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), interpretations
issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS and with
the requirements of the Companies and Allied Matters Act of Nigeria (CAMA) 2020. Items included in the audited consolidated and separate financial statements are measured using the currency
The Group has adopted all new accounting pronouncements that became effective in the current reporting period,
none of which had a material impact on the Group or the Company.
The audited consolidated and separate financial statements have been prepared under the historical cost basis
except for derivatives measured at fair value and debt instruments measured at fair value through profit or loss
and at fair value through other comprehensive income.
The consolidated and separate financial statements are presented in Naira and rounded to the nearest millions,
except where stated otherwise. Up to 2019, the consolidated and separate financial statements were rounded to
the nearest thousands.
3 Going concern
The Group’s and Company’s forecasts and projections, taking account of reasonable possible changes in trading
performance, show that the Group and Company should be able to operate within their current funding levels.
The directors have a reasonable expectation that the Group and Company have adequate resources to continue
in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern
basis in preparing the audited consolidated and separate financial statements.
4 Significant accounting policies
The significant accounting policies applied in the preparation of these audited consolidated and separate
financial statements are set out below and in the related notes to the audited consolidated and separate financial
statements.
The policies applied are consistent with those adopted in the prior year unless otherwise stated.
Annual Report and Financial Statements 2020 129
Notes to the consolidated and separate financial statements
4.1 Consolidation
The consolidated financial statements include the financial statements of the Group and its subsidiaries, XS
Broadband Limited, Visafone Communications Limited and Yello Digital Financial Services Limited companies
incorporated in Nigeria. The subsidiaries are wholly owned and controlled by the Group. Control exists when the
Group is exposed, or has rights, to variable returns from its involvement with the subsidiaries and has the ability to
affect those returns through its power over the subsidiaries. The subsidiaries are fully consolidated from the date
on which control is obtained and deconsolidated from the date that control ceases. Intercompany transactions,
balances, income and expenses, and profits and losses are eliminated.
The acquisition method is used to account for the acquisition of subsidiaries by the Group. The consideration
transferred is measured at the fair value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of acquisition. Acquisition-related costs are recognised in profit or loss. Identifiable assets
acquired and liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date, irrespective of the extent of any non-controlling interests.
4.2 Investments in subsidiaries
The company accounts for investments in subsidiaries at cost less accumulated impairment losses.
Accounting policies of the subsidiaries have been changed where necessary to align them with the policies
adopted by the Group.
4.3 Foreign currency translation
4.3.1 Functional and presentation currency
of the primary economic environment in which the entity operates (‘the functional currency’). The audited
consolidated and separate financial statements are presented in Naira, which is also the functional currency of
the Company.
4.3.2 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the rates
of exchange ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at the reporting date exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss.
4.4 Intangible assets
4.4.1 Licences
Licences have a finite useful life and are carried at cost less accumulated amortisation and impairment
losses.
Amortisation is calculated using the straight-line method to allocate the cost of licences over their useful lives.
4.4.2 Computer software
Computer software licences are capitalised on the basis of the costs incurred to acquire and bring the specific
software into use. These costs are amortised using the straight-line method over their estimated useful life (three
years) and carried at cost less accumulated amortisation and impairment losses.
Costs associated with maintaining computer software programs are recognised as an expense as incurred.
Subsequent expenditure on computer software is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates.
The amortisation method, useful lives and residual values are reviewed at each financial period-end and adjusted
if appropriate. Computer softwares are derecognized on disposal or when no future economic benefits are
expected from their use.
130 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.4.3 Goodwill
Goodwill in the consolidated financial statement is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s
previously held equity interest in the acquiree (if any) over the net of the acquisition date fair values of the identifiable
assets acquired and liabilities assumed. If, after reassessment, the net of the acquisition date fair values of the
identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount
of any non controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the
acquiree (if any), such excess is recognised immediately in profit or loss as a bargain purchase.
Any changes resulting from additional and new information about events and circumstances that existed at
the acquisition date and, if known, would have affected the measurement of the amount recognised at that
date, are considered to be measurement period adjustments. The Group retrospectively adjusts the amounts
recognised for measurement period adjustments. The measurement period ends when the acquirer receives all
the information that they were seeking about the facts and circumstances that existed at the acquisition date or
learns that information cannot be obtained. The measurement period shall, however, not exceed one year from
the acquisition date. To the extent that changes in the fair value relate to post-acquisition events, these changes
are recognised in accordance with the IFRS applicable to the specific asset or liability.
4.5 Inventories
Inventories comprises cellular telephones, accessories, starter packs and prepaid cards and are measured at the
lower of cost and net realisable value. The cost of inventory is determined using the weighted average method
and includes directly attributable costs such as custom duties, freight and handling costs. Net realisable value
represents the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Where appropriate, provision is made for obsolete, slow moving and defective inventory.
4.6 Property, plant and equipment
Property and equipment are measured at historical cost less accumulated depreciation and accumulated
impairment losses.
Historical cost includes expenditure that is directly attributable to the acquisition of the asset.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of the
equipment.
Included in property, plant and equipment is the estimated amount required for the decommissioning, dismantling
and restoration of leased sites, where there is a legal obligation to restore such sites to their original condition.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the costs
can be measured reliably. The carrying amount of the replaced part is derecognised. Repairs and maintenance
are charged to the profit or loss during the period in which they are incurred.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
Property and equipment under construction is measured at initial cost and depreciated over its useful life from the
date the asset is available for use in the manner intended by management. The cost of construction recognised
includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a
working condition for their intended use, the costs of dismantling and removing the items and restoring the site
on which they are located, and borrowing costs on qualifying assets. Assets are transferred from capital work in
progress to an appropriate category of property, plant and equipment when commissioned and ready for intended
use.
The Group capitalises borrowing costs directly attributable to the acquisition, construction or production of a
qualifying asset as part of the cost of that asset. A qualifying asset is deemed to be an asset which takes more
than 12 months to acquire, construct or produce. Borrowing costs include general and specific borrowings
directly attributable to the acquisition, construction or production of qualifying assets. Other borrowing costs are
expensed in profit or loss.
Annual Report and Financial Statements 2020 131
Notes to the consolidated and separate financial statements
Impairment
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its cash-generating unit
exceeds its estimated recoverable amount. The recoverable amount of an asset or cash-generating unit is the
greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generate
cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of
assets (the cash-generating unit).
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to the units and then to reduce the carrying amounts of the other assets in the
unit (group of units) on a pro rata basis.
When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but limited to the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately in profit or loss.
Property and equipment acquired in exchange for non-monetary assets are measured at the fair value unless the
exchange transaction lacks commercial substance or the fair value of the assets cannot be reliably measured.
Assets received in the exchange transaction that are not measured at fair value are measured at the carrying
value of the asset given up.
A transaction has commercial substance if the difference in either of the points below is significant relative to the
fair value of the assets exchanged:
(a) the configuration (risk, timing and amount) of the cash flows of the asset received differs from the
configuration of the cash flows of the asset transferred; or
(b) the entity-specific value of the part of the operations affected by the transaction changes as a result of the
exchange.
In instances whereby the Group receives assets for no consideration (free of charge), the Group accounts for
these at cost in accordance with IAS 16 Property, Plant and Equipment, being zero value.
Where assets are received free of charge relating to settlement arising from business interruption, the assets are
recognised at their fair value.
Rebates\asset vouchers received from suppliers are applied against future purchases to reduce the amount
payable to the respective supplier and the cost of the asset.
Depreciation of property, plant and equipment is recognised to write off the cost of the asset to its residual value,
on a straight line basis, over its expected useful life as follows:
Buildings 10-15 years
Leasehold improvements 10-15 years
Network infrastructure 2-15 years
Information systems, furniture and office equipment 2-4 years
Motor vehicles 5 years
Land is not depreciated.
Capital work in progress is not depreciated but tested for impairment every reporting period.
The depreciation method and the assets’ residual values and useful lives are reviewed, and adjusted if appropriate,
at each reporting date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the
proceeds from the disposal and the carrying amount of the asset, and is included in profit or loss.
132 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.7 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in profit or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs to the extent that it is probable
that some or all of the facility will be drawn down.
4.8 Leases
Set out below are the new accounting policies of the Group upon adoption of IFRS 16:
4.8.1 Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before
the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on
a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject
to impairment.
4.8.2 Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties
for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised as expense in the period on which the event
or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date. This is the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
4.8.3 Short-term leases and lease of low-values assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have
a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of
low value (i.e., below $5,000 or N1.8 million). Lease payments on short-term leases and leases of low-value assets
are recognised as expense on a straight-line basis over the lease term.
4.8.4 Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised.
The Group has the option, under some of its leases to lease the assets for additional terms of three to five
years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to
renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal.
After the commencement date, the Group reassesses the lease term if there is a significant event or change in
circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew
(e.g., a change in business strategy).
Annual Report and Financial Statements 2020 133
Notes to the consolidated and separate financial statements
The Group included the renewal period as part of the lease term for leases of office equipment due to the relevance
of these assets to its operations. These leases have a short non-cancellable period of two years and there will be
a negative effect on operations if a replacement is not readily available.
A number of leases entitled both the Group and the lessor to terminate the lease without a termination penalty.
In determining whether the Group has an economic incentive to not exercise the termination option, the Group
considers the broader economics of the contract and not only contractual termination payments.
4.9 Employee benefits
4.9.1 Short-term employee benefits
Remuneration to employees in respect of services rendered during a reporting year is recognised on an
undiscounted basis as an expense in that reporting period. A liability is recognised for accumulated leave and for
other short-term benefits when there is no realistic alternative other than to settle the liability, and at least one of
the following conditions is met:
there is a formal plan and the amounts to be paid are determined before the time of issuing the financial
statement; or
achievement of previously agreed bonus criteria has created a valid expectation by employees that they will
receive a bonus and the amount can be determined before the time of issuing the financial statements.
4.9.2 Share-based payment
The Group operates a cash settled share-based compensation plan. The fair value of the employee option over
the vesting period is recognised as an expense with a corresponding increase in liabilities. The total amount to
be expensed over the vesting period is determined by reference to the fair value of the options granted and the
impact of the expense, if any, is recognised in the income statement. Unexercised options lapse 10 years from the
date of grant and are forfeited if the employee leaves the Group before they vest.
The fair value of the liability is remeasured at the end of each reporting period until the liability is settled, and at
the date of settlement, with any changes in the fair value recognized in the income statement. The fair value of the
employee options are initially measured at grant date based on MTN share price at exercise date as compared to
the offer price.
4.9.3 Post employment benefits
a) Pension contribution plan
The Group’s end of service benefits scheme has been in existence since 1 February 2004 as a defined
contribution Scheme governed by the Scheme’s Trust Deeds and Rules. All full time employees contribute
8% of monthly emoluments while the Group contributes 10% of monthly emoluments in line with the Pension
Reform Act 2014 guidelines. Monthly emoluments comprise of basic salary, housing allowance, transport
allowance, leave allowance, 13th month allowance and passage allowance. These contributions are recognised
as employee benefits expense when they are due.
b) Long service award
The long service award is a non-contributory benefit. Employees are automatically beneficiaries of the long
service award after completing five consecutive years of service with the Company and accrued over the
service lives of the employees. Independent actuarial valuations are performed periodically on a projected
unit credit basis.
Remeasurement gains or losses and curtailment gains or losses arising from valuations are charged in full to
income statement.
c) Termination benefits
Termination benefits are expensed at the earlier of when the Company can no longer withdraw the offer of
those benefits and when the Company recognizes costs for a restructuring. If benefits are not expected to be
settled wholly within 12 months of the end of the reporting period, then they are discounted.
d) Retirement benefits
Employees’ retirement benefits are calculated based on number of years of continuous service, and upon
attaining the compulsory retirement of 60 years. Lump sum benefits payable upon retirement or resignation of
employment are fully accrued over the service lives for all full time employees. The defined benefit obligation
valuation was carried out using the tools developed by the Actuaries Services of Custodian Investment Plc,
formerly Custodian and Allied Plc.
Remeasurement gains/losses arising from valuations are charged in full to other comprehensive income.
134 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.10 Provisions
Provisions are recognised when there is a present legal or constructive obligation as a result of a past event
for which it is more likely than not that an outflow of resources will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. A provision to pay a levy is not recognised until the
obligating event specified in the legislation occurs, even if there is no realistic opportunity to avoid the obligation.
Provisions are not recognised for future operating losses. Provisions are measured at the present value of the
expected outflow of resources required to settle the obligation using a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the obligation. The increase in the provision due
to the passage of time is recognised as a finance cost.
Decommissioning provision relates to the estimate of the costs of dismantling and removing items of property,
plant and equipment and restoring the item and site on which the items are located to their original condition. The
Group only recognises these decommissioning costs for the proportion of its overall number of sites for which it
expects decommissioning to take place. The expected percentage has been based on actual experience in the
respective operations.
4.11 Current and deferred income tax
Income tax charge is the sum of current and deferred tax. Income taxes are recognised in profit or loss unless they
relate to items that are recorded in Other Comprehensive Income (OCI) in which case the tax is recorded in OCI.
The Group determines the tax due based on expected amount payable and on an individual tax position basis.
Current income tax
Current tax is the expected tax payable (companies income tax and tertiary education tax) on the taxable income
for the year determined in accordance with the provisions of the Companies Income Tax Act and Tertiary Education
Tax Act using the tax rate enacted or substantively enacted as at the reporting date.
Deferred income tax
Deferred tax is recognised using the liability method, providing for temporary differences arising between the tax
base of assets and liabilities and their carrying amount in the financial statements. Deferred tax liabilities are
recognised for all taxable temporary differences except;
a. the initial recognition of goodwill; or
b. the initial recognition of an asset or liability in a transaction which:
i. is not a business combination; and
ii. at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss)
Deferred tax is measured at the statutory tax rate enacted or substantively enacted at the reporting date and are
expected to apply to temporary differences when they reverse.
Deferred tax asset is recognised for unused tax losses or deductible temporary difference only to the extent that
it is probable that future taxable profit will be available against which the temporary difference can be utilised.
Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable
that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same authority.
Deferred tax on decommissioning liabilities is measured at the tax rates that are expected to be applied to
temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at
the reporting date. Decommissioning liabilities relates to the estimate of the costs of dismantling and removing
items of property, plant and equipment and restoring the item and site on which the items are located to their
original condition. The Group only recognises these decommissioning costs for the proportion of its overall
number of sites for which it expects decommissioning to take place.
Nigerian Police Trust Fund
Police Trust Fund is computed and recognised at 0.005% of the “net profit” which is profit before tax in line with
Nigerian Police Trust Fund Act of 2019. The Act imposes a levy of 0.005% on the Group’s operating business in
Nigeria. The levy is calculated based on 0.005% of profit before tax.
Annual Report and Financial Statements 2020 135
Notes to the consolidated and separate financial statements
4.12 Information Technology Development Levy (ITDL)
Information Technology Development Levy is computed and recognised at one percent of profit before tax in line
with the National Information Technology Development Act of 2007.
4.13 Finance income and expenses
Finance income comprises interest income on funds invested, changes in fair value of financial assets through
profit or loss and foreign currency gains. Interest income is recognised as it accrues in profit or loss, using the
effective interest rate method.
Finance expenses comprise interest expenses on borrowings, unwinding of the discount on provisions, changes
in fair value of financial assets through profit or loss and foreign exchange losses that are recognised in profit or
loss.
4.14 Share capital
Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares
or share options are recognised in equity as a deduction, net of tax from the proceeds.
4.15 Trade and other payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due
within one year or less, if not they are presented as non-current liabilities.
4.16 Revenue
The Group principally generates revenue from providing mobile telecommunications services, such as network
services (comprising data, voice and short message service: SMS), value added services (VAS), digital, interconnect
and roaming services, as well as from the sale of mobile devices. Products and services may be sold separately or
in bundled packages.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts
collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or
service to a customer.
For bundled packages, the Group accounts for individual products and services separately if they are distinct i.e.
if a product or service is separately identifiable from other items in the bundled package and if a customer can
benefit from it. The consideration is allocated between separate products and services in a bundle based on their
stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which the
Group sells mobile devices and network services separately.
4.16.1 Categories of revenue
The main categories of revenue and the basis of recognition are as follows:
Mobile telecommunication services
The Group provides mobile telecommunication services, including network services, value added services (VAS)
and digital services. Network services (comprising voice, data, SMS (person to person) are considered to represent
a single performance obligation as all are provided over the MTN network and transmitted as data representing
a digital signal on the network. The transmission of voice, data and SMS all consume network bandwidth and
therefore, irrespective of the nature of the communication, the subscriber ultimately receives access to the
network and the right to consume network bandwidth.
Digital revenue is any Value Added Service that involves the application in transacting (i.e. application to person
SMS, person to application SMS, Unstructured Supplementary Service Data (USSD), Interactive Voice Response
(IVR). These services include rich media, insurance and e-commerce services.
Value added services includes airtime lending and mobile money (Fintech), subscriber identification module (SIM)
back up services and voice based services.
136 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.16.1 Categories of revenue (continued)
The Group recognises revenue from these services as they are provided. Revenue is recognised based on actual
units of network services provided during the reporting period as a proportion of the total units of network
services to be provided. The customer receives and uses the benefits of these services simultaneously.
Customers either pay in advance for these services. A contract liability is recognised for amounts received in
advance, until the services are provided or when the usage of services becomes remote.
When the Group expects to be entitled to breakage (forfeiture of unused value or network services), the Group
recognises the expected amount of breakage in proportion to network services provided versus the total expected
network services to be provided. Any unexpected amounts of breakage are recognised when the unused value
of network services expire or when usage thereof becomes remote. Assessment of breakage is updated each
reporting period and any resulting change is accounted for prospectively as a change in estimate in terms of IAS
8 Accounting policies, changes in accounting estimates and errors.
Mobile devices
The Group sells a range of mobile devices. The Group recognises revenue when customers obtain control of
mobile devices, being when the customers take possession of the devices. For mobile devices sold separately,
customers pay in full at the point of sale. For mobile devices sold in bundled packages, the Group allocates the
transaction price to the device and the network services based on the stand-alone selling prices.
The Group is obligated to replace a faulty device or accessory with another device/accessory. No cash refund is
provided to the customer.
Interconnect and roaming
The Group provides interconnect and roaming services. The Group recognises interconnect and roaming revenue
and debtors as the service is provided unless it is not probable (based on historical information) on transaction
date that the interconnect revenue will be received, in which case interconnect revenue is recognised only when
the cash is received or where a right of set-off exists with interconnect parties in settling amounts.
The Group has considered historical payment patterns (i.e. customary business practice) in assessing whether the
contract contains a significant financing component. For contracts containing a significant financing component,
the Group reduces interconnect and roaming revenue and recognises interest revenue over the period between
satisfying the related performance obligation and payment.
4.16.2 Incremental costs of obtaining a contract
Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a
customer that it would not have incurred if the contract had not been obtained. Certain commissions incurred by
the Group in obtaining customer contracts that are payable to third party agents qualify as incremental costs. The
Group recognises such commissions as an asset, included as contract acquisition costs, if it expects to recover
these costs.
The asset is amortised on a straight-line basis over the estimated subscriber tenure on the network. The
amortisation period ranges from 18 months to 48 months.
In terms of a practical expedient, the Group has elected to recognise the incremental costs of obtaining contracts
in profit or loss, when incurred, if the amortisation period of the assets that the Group otherwise would have
recognised is 12 months or less.
Contract costs are assessed for impairment in terms of IAS 36 Impairment of Assets (IAS 36) when there is an
indication of impairment.
4.16.3 Contract assets and liabilities
A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group
has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS
9. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of
time is required before payment of that consideration is due. A contract liability represents the Group’s obligation
to transfer goods or services to a customer for which the Group has received consideration from the customer.
Revenue received on prepaid contracts is deferred and recognised when services are utilised by the customer
or on termination of the customer relationship. Breakage is recognised in proportion to the pattern of rights
exercised by the customer or when utilisation thereof becomes remote.
Annual Report and Financial Statements 2020 137
Notes to the consolidated and separate financial statements
4.17 Dividends
Interim dividends on ordinary shares are recognised as a liability and a reduction from equity, in the period in
which they are approved by the Board of Directors.
Final dividends on ordinary shares are recognised as a liability and a reduction from equity, in the period in which
they are recommended by the Board of Directors and ratified by the shareholders.
4.18 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity. Financial assets and financial liabilities are recognised on the Group’s
statement of financial position when the Group becomes a party to the contractual provisions of the instrument.
4.18.1 Financial assets
Initial recognition, measurement and classification
The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs.
Financial assets are classified into the following categories:
Financial assets at amortised cost
Financial assets at fair value through other comprehensive income (FVOCI)
Financial assets at fair value through profit or loss (FVTPL)
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order
to generate cash flows. The business model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
The financial asset is held within a business model with the objective to collect contractual cash flows and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred
to as the SPPI test and is performed at an instrument level.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method
and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
The Group’s financial assets at amortised cost include trade receivables, current investments, restricted cash,
cash and cash equivalents.
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course
of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain
significant financing components, then they are recognised at fair value.
Current investments comprise investment in treasury bills with maturity periods, that are more than three months
but less than twelve months.
Restricted cash represents deposits with banks to secure letters of credit, collateral against repayment of
borrowings and bank guarantees against court judgements.
Cash and cash equivalents comprise cash in hand, in current accounts which is a non-interest bearing demand
deposit, Naira deposits held on call and other highly liquid investments with original maturities of three months or
less.
138 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.18 Financial instruments (continued)
Financial assets at fair value through other comprehensive income (FVOCI)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
The financial asset is held within a business model with the objective of both holding to collect contractual
cash flows and selling and;
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment
losses or reversals are recognised in the statement of profit or loss and computed in the same manner as financial
assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition,
the cumulative fair value change recognised in OCI is recycled to profit or loss.
The Group’s debt instruments at fair value through OCI includes investments in Federal Government Treasury bills
included under current investments.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading and financial assets
mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are
not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement
of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.
This category includes derivative instruments and investments in Federal Government Treasury bills.
Derivatives are initially recognised at fair value on the date the derivative contract is entered into and attributable
transaction costs are recognised in profit or loss when incurred. Subsequently, derivatives are measured at fair
value through profit or loss. Derivatives are carried as financial assets when the fair value is positive and as
financial liabilities when the fair value is negative.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through profit or loss. ECL is the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other
credit enhancements that are integral to the contractual terms.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not
track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting
date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the debtors and the economic environment.
The Group considers a financial asset in default when contractual payments are 180 days past due. However, in
certain cases, the Group may also consider a financial asset to be in default when internal or external information
indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into
account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every
reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all
reasonable and supportable information that is available without undue cost or effort. In making that evaluation,
the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers whether
there has been a significant increase in credit risk when contractual payments are more than 30 days past due.
The Group’s debt instruments at fair value through OCI comprise solely of Federal Government Treasury Bills that
are graded in the non-investment category (B- to B+) by the Standard & Poor’s (S&P), but are considered to be low
credit risk investments as the risk of default is low.
The Group uses the ratings from the S&P both to determine whether the debt instrument has significantly
increased in credit risk and to estimate ECLs.
Annual Report and Financial Statements 2020 139
Notes to the consolidated and separate financial statements
4.18 Financial instruments (continued)
Derecognition
A financial asset is derecognised (i.e., removed from the Group’s consolidated statement of financial position)
when:
The rights to receive cash flows from the asset have expired or;
The Group has transferred substantially all of the risks and rewards of the asset
On derecognition of a financial statement asset, any difference between the carrying amount extinguished and the
consideration paid is recognised in profit or loss.
4.18.2 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement
of financial position if there is a currently enforceable legal right to offset the recognised amounts, there is an
intention to settle on a net basis and to realise the assets and settle the liabilities simultaneously.
4.18.3 Financial liabilities
Initial recognition and measurement
Financial liabilities comprise trade and other payables, borrowings and other non-current liabilities (excluding
provisions). Financial liabilities are initially measured at fair value, net of transaction costs incurred and are
subsequently measured at amortised cost using the effective interest method.
Borrowings are classified as current liabilities if payment is required within 12 months and non-current where the
settlement of the liability is for at least 12 months after the reporting date.
Derecognition
Financial liabilities are derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
Reclassification
Financial assets are not reclassified unless the group changes its business model. In rare circumstances where
the group does change its business model, reclassifications are done prospectively from the date that the group
changes its business model.
4.19 Impairment of non-financial assets
4.19.1 Goodwill and investment in subsidiaries
The Group accounts for investment in subsidiaries at cost less impairment losses.
The Group tests goodwill for impairment on an annual basis. Impairment is determined by assessing the
recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less
than its carrying amount, an impairment loss is recognised in profit or loss. Impairment losses relating to goodwill
cannot be reversed in future periods.
4.19.2 Impairment of right-of-use assets
The Company applies IAS 36 Impairment of assets to determine whether the right-of-use assets are impaired.
4.20 Assets held for sale
Assets are classified as held for sale and are stated at the lower of their carrying amount and fair value less cost
to sell when their carrying amounts are to be recovered principally through sale rather than continued use and
the sale is considered to be highly probable. These assets are recognised under non-current assets.
140 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
4.21 Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the other
components, whose operating results are reviewed regularly by the Executive Committee (EXCOM), to make
decisions about resources allocated to each segment and assess its performance, and for which discrete
financial information is available. All costs that are directly traceable to the operating segments are allocated to
the segment concerned.
5. IFRS 16 - Prior year restatement
The Group adopted IFRS 16 Leases retrospectively from 1 January 2019 and made a number of judgements,
estimates and accounting policy choices. As part of the application on adoption, the Group included non-
recoverable VAT on lease payments in the measurement of the lease liability and the right of use asset that is
depreciated over the lease term. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform
As practice has developed and more information became available regarding the wider industry practice of this new
accounting standard, the Group has reconsidered its accounting treatment with respect to the non-recoverable
VAT on lease payments. Accordingly, it has amended its accounting treatment to exclude non-recoverable VAT
from the measurement of the lease liability and right of use asset. This means that the non-recoverable VAT is
treated as an expense over the lease period when the obligating event that gives rise to the liability to pay VAT is
triggered, which is when payment is made to the lessor. This amendment to the accounting treatment of IFRS 16
will ensure comparability of its financial statements in accordance with the wider industry practice.
The impact of this amendment to accounting treatment had the following effect on the prior period results:
As previously Adjustment Restated
reported A misstatement of information is material if it could reasonably be expected to influence decisions made by
N ‘million N ‘million N ‘million
Statement of financial position
- 1 January 2019
Right of use assets 513,281 (24,616) 488,665
Lease liabilities 506,001 (24,119) 481,882
Trade and other receivables 38,617 (497) 38,120
Retained profit 154,201 - 154,201
Statement of profit or loss
- 31 December 2019
Depreciation of right of use assets (56,817) 2,815 (54,002)
Finance costs (125,325) 3,246 (122,079)
Direct networking operating costs (242,012) (4,591) (246,603)
Other operating expenses (50,695) (294) (50,989)
Profit before taxation 290,104 1,176 291,280
EPS (basic and diluted) N 9.93 - N 9.99
Statement of financial position
- 31 December 2019
Right of use assets 500,068 (23,711) 476,357
Lease liabilities 516,534 (24,461) 492,073
Trade and other receivables 52,398 426 52,824
Retained profit 126,537 1,176 127,713
Statement of cash flows
- 31 December 2019
Profit before taxation 290,101 1,176 291,277
Finance costs 125,326 (3,246) 122,080
Depreciation of right of use assets 56,817 (2,815) 54,002
Increase in trade and other receivables (14,669) 294 (14,375)
Cash generated from operations 605,593 (4,591) 601,002
Finance costs paid (109,854) 4,591 (105,263)
Net cash generated from operating activities 205,978 - 205,978
Annual Report and Financial Statements 2020 141
Notes to the consolidated and separate financial statements
6. New Standards and Interpretations
6.1 Standards and interpretations effective for the first time for 31 December 2020 year end
In the current year, the Group has adopted the following standards and interpretations that are effective for the
current financial year and that are relevant to its operations:
Amendments to IFRS 3: Definition of a Business
The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of
activities and assets must include, at a minimum, an input and a substantive process that, together, significantly
contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all
of the inputs and processes needed to create outputs. These amendments had no impact on the consolidated
financial statements of the Group, but may impact future periods should the Group enter into any business
combinations.
The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number
of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform.
A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of
benchmark-based cash flows of the hedged item or the hedging instrument. These amendments have no impact
on the consolidated financial statements of the Group as it does not have any interest rate hedge relationships.
Amendments to IAS 1 and IAS 8 Definition of Material
The amendments provide a new definition of material that states, “information is material if omitting, misstating
or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements, which provide financial information about
a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of
information, either individually or in combination with other information, in the context of the financial statements.
the primary users. These amendments had no impact on the consolidated financial statements of, nor is there
expected to be any future impact to, the Group.
Conceptual Framework for Financial Reporting issued on 29 March 2018
The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts
or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing
standards, to help preparers develop consistent accounting policies where there is no applicable standard in
place and to assist all parties to understand and interpret the standards. This will affect those entities which
developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework
includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies
some important concepts.
These amendments had no impact on the consolidated financial statements of the Group.
Amendments to IFRS 16 Covid-19 Related Rent Concessions
On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases. The
amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent
concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may
elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification.
The amendment applies to annual reporting periods beginning on or after 1 June 2020. Earlier application is
permitted. This amendment had no impact on the consolidated financial statements of the Group.
142 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
6. New Standards and Interpretations (continued)
6.2 Standards and interpretations not yet effective
The Group has chosen not to early adopt the following standards and interpretations, which have been published
and are mandatory for the Group’s accounting periods beginning on or after 01 January 2021 or later periods:
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or
Joint Venture
If a parent loses control of a subsidiary which does not contain a business, as a result of a transaction with an
associate or joint venture, then the gain or loss on the loss of control is recognised in the parents’ profit or loss
only to the extent of the unrelated investors’ interest in the associate or joint venture. The remaining gain or loss
is eliminated against the carrying amount of the investment in the associate or joint venture. The same treatment
is followed for the measurement to fair value of any remaining investment which is itself an associate or joint
venture. If the remaining investment is accounted for in terms of IFRS 9, then the measurement to fair value of
that interest is recognised in full in the parents’ profit or loss.
The effective date of the amendment is to be determined by the IASB.
It is unlikely that the amendment will have a material impact on the Group’s audited consolidated and separate
financial statements.
IFRS 17 Insurance Contracts
In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new accounting standard
for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS
17 will replace IFRS 4 Insurance Contracts (IFRS 4) which was issued in 2005. IFRS 17 applies to all types of
insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that
issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A
few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance
contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are
largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model
for insurance contracts, covering all relevant accounting aspects. The core of IFRS 17 is the general model,
supplemented by:
A specific adaptation for contracts with direct participation features (the variable fee approach)
A simplified approach (the premium allocation approach) mainly for short-duration contracts
IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with comparative figures required.
Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first
applies IFRS 17. This standard is not applicable to the Group.
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for
classifying liabilities as current or non-current. The amendments clarify:
What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a
liability not impact its classification
The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and must be
applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice
and whether existing loan agreements may require renegotiation.
Reference to the Conceptual Framework IV Amendments to IFRS 3
In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual
Framework. The amendments are intended to replace a reference to the Framework for the Preparation and
Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial
Reporting issued in March 2018 without significantly changing its requirements.
Annual Report and Financial Statements 2020 143
Notes to the consolidated and separate financial statements
6. New standards and interpretations (continued)
The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential “day 2”
gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21
Levies, if incurred separately.
At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would
not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial
Statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2022 and
apply prospectively. The amendments are not expected to have a material impact on the Group.
Property, Plant and Equipment: Proceeds before Intended Use - Amendments to IAS 16
In May 2020, the IASB issued Property, Plant and Equipment - Proceeds before Intended Use, which prohibits
entities from deducting from the cost of an item of property, plant and equipment, any proceeds from selling items
produced while bringing that asset to the location and condition necessary for it to be capable of operating in the
manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the
costs of producing those items, in profit or loss.
The amendment is effective for annual reporting periods beginning on or after 1 January 2022 and must be
applied retrospectively to items of property, plant and equipment made available for use on or after the beginning
of the earliest period presented when the entity first applies the amendment. The amendments are not expected
to have a material impact on the Group.
Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37
In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when
assessing whether a contract is onerous or loss-making.
The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide
goods or services include both incremental costs and an allocation of costs directly related to contract activities.
General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly
chargeable to the counterparty under the contract.
The amendments are effective for annual reporting periods beginning on or after 1 January 2022. The Group will
apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the
annual reporting period in which it first applies the amendments. The amendments are not expected to have a
material impact on the Group.
IFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter
As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued an amendment to
IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment permits a subsidiary
that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts
reported by the parent, based on the parent’s date of transition to IFRS. This amendment is also applied to an
associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.
The amendment is effective for annual reporting periods beginning on or after 1 January 2022 with earlier
adoption permitted. The amendments is not applicable to the Group.
IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities
As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9.
The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified
financial liability are substantially different from the terms of the original financial liability. These fees include only
those paid or received by the borrower and the lender, including fees paid or received by either the borrower or
lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged
on or after the beginning of the annual reporting period in which the entity first applies the amendment.
The amendment is effective for annual reporting periods beginning on or after 1 January 2022 with earlier
adoption permitted. The Group will apply the amendments to financial liabilities that are modified or exchanged
on or after the beginning of the annual reporting period in which the entity first applies the amendment. The
amendments are not expected to have a material impact on the Group.
144 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 145

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

7. Segment information 7. Segment information (continued)

The Group has identified three reportable segments that are used by the Executive Committee (EXCOM) to make
key operating decisions. All operating segment results are reviewed regularly by EXCOM to make decisions about
resources to be allocated and to assess its performance. The reportable segments are largely grouped according
to customer type for which discrete financial information is available. The customer segments are as follows:
Consumer Business Unit (CBU)
Enterprise Business Unit (EBU)
Wholesale Business Unit (WBU)
Operating results are reported and reviewed regularly by the EXCOM and include items directly attributable to a
segment.
Business segments Description
Customer Business Unit (CBU) It consists of subscribers sitting in value propositions and tariff
plans dedicated to three sub segments: Youth, High Value and Segment gross margin 1,100,278 951,057
Mass segments. All MTN customers are assumed to fall within Unallocated items:
CBU except where otherwise stated.
Enterprise Business Unit (EBU) Enterprise customers are mostly corporate and small medium
organisations whose business requires our products, services
and solutions to serve their everyday business needs.
Wholesale Business Unit (WBU) The Wholesale business, serves customers who buy MTN
telecom products in bulk with the intention to re-sell
these products (mobile or fixed) to their external clients.
A key performance measure of the Group is gross margin. This is defined as revenue less direct costs. The table
below presents revenue, direct costs and gross margin for the operating segments for the year ended 31 December
2020 and 31 December 2019 respectively. There were no intersegment transactions during the year.
Reconciliation of reportable segment revenue and profit or loss
Revenues
There are no significant reconciling items between the reportable segment revenue and total revenue for the
period.
The revenue of the Company is generated majorly from one geographical location, Nigeria.
None of the Company’s customers account for 10% or more of the total revenue of the Company.
Profit or loss
2020 2019
restated*
N ‘million N ‘million
- Other income (104) -
- Operating expenses (414,434) (326,026)
- Depreciation & amortisation (259,027) (231,806)
- Finance income 15,848 20,132
- Finance expense (143,687) (122,080)
Profit before taxation 298,874 291,277
Segment assets and liabilities
The Group has not provided information on reportable segment assets and liabilities as they are not part of the
items regularly reviewed by the Executive Committee (EXCOM) to make operating decisions.

Information about reportable segments

CBU EBU WBU Total

N ‘million N ‘million N ‘million N ‘million

31 December 2020
Segment revenue 1,169,676 134,814 41,900 1,346,390
Direct costs (231,303) (13,762) (1,047) (246,112)
Gross margin 938,373 121,052 40,853 1,100,278

31 December 2019
Segment revenue 991,058 132,761 46,012 1,169,831
Direct costs (205,634) (12,147) (993) (218,774)
Gross margin 785,424 120,614 45,019 951,057
146 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 147

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

8. Critical Accounting Judgements, Estimates and Assumptions
The Group makes judgements, estimates and assumptions concerning the future when preparing its financial
statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are
revised and in any future periods affected. The judgements, estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below.
The “Critical accounting judgements, estimates and assumptions” note should be read in conjunction with the
“other significant accounting policies” disclosed in note 4.
8.1 Income taxes
The Group exercises significant judgement in determining its provision for income taxes when dealing with
calculations and transactions for which the ultimate tax position is uncertain during the ordinary course of
business.
The Group recognises tax liabilities for anticipated tax issues based on estimates of whether additional taxes will
be payable. Where the final outcome of these matters is different from the amounts that were initially recorded,
such differences will impact the current and deferred tax in the period in which such determination is made.
8.2 Provisions
The Group exercises judgement in determining the expected cash outflows related to its provision. Judgement is
necessary in determining the timing of outflow as well as qualifying the possible range of financial settlements
that may occur.
The present value of the Group’s provisions is based on management’s best estimate of the future cash outflows
expected to be required to settle the obligations, discounted using appropriate pre-tax discount rates that reflect
the current market assessment of the time value of money and the risks specific to each provision.
8. Critical Accounting Judgements, Estimates and Assumptions (continued)
8.7 Principal and agency arrangements
When the Group sells goods or services as a principal, revenue is reported on a gross basis in revenue and the
amount paid to the agent is recorded in operating costs. If the Group sells goods or services as an agent, revenue
is on a net basis, representing the margin earned. Whether the Group is considered to be the principal or an agent
in the transaction depends on analysis by management of both the legal form and substance of the agreement
between the Group and its business partners; such judgements impact the amount of reported revenue.
8.8 Impairment on other and current investments
The Group applies the general approach to estimate impairment of the other and current investments measured
at amortised cost and at fair value through other comprehensive income. This area requires the use of inputs and
assumptions on the credit rating of the issuer and significant assumptions about future economic conditions and
credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses).
8.9 Amortisation of capitalised contract acquisition costs
The Group has capitalised incremental commission fees paid to trade partners for activating sim kits. These
costs are amortised on a straight line basis over the estimated subscriber tenure on the network. The Group has
estimated the amortisation periods based on the tenure spent by the subscriber on the network.
8.10 Contract liability
Recharge vouchers that have been purchased but not loaded, and airtime loaded but not recognised, are recorded
as part of contract liability. Customers may not exercise all their rights and these are called breakage. The Group
recognised the expected breakage amount as revenue in proportion to the pattern of rights exercised by the
customer. The pattern of rights exercised is estimated by reference to recharge/usage patterns. Management
estimates a breakage rate with which to gradually release unexercised rights or recognise credit into revenue.

8.3 Impairment of trade and other receivables

The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL), which uses a
lifetime expected loss allowance for all trade receivables. In applying the provision matrix, the Group estimates
the ultimate write offs for a defined population of trade receivables. A loss ratio is calculated according to the
ageing profile of the trade receivables by applying the historic write offs to the payment profile of the population
adjusted to reflect current and forward looking information on microeconomic factors. The Group exercises
significant judgements in the inputs, assumptions and techniques for estimating ECL, default and credit impaired
assets.

8.4 Extension of lease option

Most lease arrangement has an extension option clause that usually require the exercise price of a purchase
option (reasonably certain to be exercised by the Group) and payments of penalties for terminating a lease, if the
lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend
on an index or a rate are recognised as expense in the period on which the event or condition that triggers the
payment occurs.

8.5 Bundled products

In revenue arrangements where more than one good or service is provided to the customer, customer
consideration is allocated between the goods and services using estimated standalone selling prices (SASP). The
Group generally determines the SASP of individual elements based on prices at which the deliverable is regularly
sold on a stand-alone basis after considering any appropriate volume discounts.

8.6 Timing of satisfaction of performance obligations

The Group uses the output method to recognise revenue over a period of time. The output methods recognises
revenue based on direct measurement of the value to the customer of the goods or services transferred to date
relative to the remaining goods or services promised under the contract. The bulk of MTN’s revenue is from
airtime that is used on network services such as voice, SMS, data and digital services. The output method is a
faithful depiction as this represents the value transferred to the customer based on usage.
148 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
9. Revenue
Revenue from contracts with customers
Voice 766,389 725,449 766,389 723,923
Data 332,371 219,398 332,371 218,687
SMS 12,330 13,505 12,330 13,467
Interconnect and roaming 133,078 125,042 133,078 125,066
Handset and accessories 7,358 2,208 7,358 2,208
Digital 37,038 35,939 37,038 35,922
Value added services 46,444 37,167 46,444 37,158
Other revenues 11,287 11,026 11,185 10,987
1,346,295 1,169,734 1,346,193 1,167,418
Revenue other than from contracts
with customers
Rental Income 95 97 95 97
95 97 95 97
1,346,390 1,169,831 1,346,288 1,167,515
Data revenue excludes roaming data, roaming data is reported under interconnect and roaming. SMS revenue
excludes inbound roaming SMS. Inbound roaming SMS is reported under interconnect and roaming. Digital
revenue includes Bulk SMS and USSD services. Value added services includes airtime lending and mobile
money (Fintech), subscriber identification module (SIM) back up services and voice based services.
Other revenue comprises revenue from cloud and infrastructure services, information and communication
technology (ICT) revenue. Lease rental income from sites leased to other telecom operators is now reported as
part of Other revenue. 2019 comparatives have been updated to reflect this reclassification.
10. Other income
Other income 104 - 104 -
Other income in 2020 relates to bad debts recovered. A lease rental income from sites leased to other telecom
operators of N96.9 million which was initially reported as other income in 2019 had been reclassified to other
revenues in order to align it with group’s reporting structure.
11. Finance income
Interest income on bank deposits ** 7,860 7,950 7,847 8,023
Interest income on amortised cost 4,644 10,212 4,644 10,212
investments**
Net gain on FVTPL Investments 1,273 955 1,273 955
Net gain on FVOCI investments*** 791 281 791 281
Interest income on related party 5 16 5 16
receivables**
Currency swap gain - 28 - 28
Net foreign exchange gain - realised 1,275 690 1,275 690
Total finance income 15,848 20,132 15,835 20,205
** Finance income calculated using effective interest rate method.
***Included in Net gain on FVOCI investments is N282million relating to reclasification of cumulative changes in
fair value of FVOCI investments derecognised during the year.
12. Finance costs
Interest expense - borrowings** 53,205 46,967 53,205 46,967
Interest expense - leases** 78,544 64,902 78,544 64,902
Interest expense - banking fees 1,935 2,181 1,935 2,181
Time value accretion on regulatory fine** - 4,872 - 4,872
Net foreign exchange loss - unrealised 10,051 2,907 10,051 2,907
(Gain)/loss on fair value on derivatives (70) 251 (70) 251
Currency swap loss 22 - 22 -
Total finance costs 143,687 122,080 143,687 122,080
** Finance costs calculated using effective interest rate method.
Annual Report and Financial Statements 2020 149
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
13. Employee costs
Salaries and wages 30,254 25,792 29,527 25,792
Pension - Defined contribution plan 1,959 1,730 1,959 1,730
Share based payments 1,529 90 1,529 90
Other staff costs 11,583 3,095 11,583 3,095
45,325 30,707 44,598 30,707
Other staff costs comprises of mortgage subsidy, long service award, termination benefits, reward and
recognition, group life insurance, medical expenses, etc.
13.1 Particulars relating to employees
Employees of the Group, other than Directors, whose duties were wholly or mainly discharged in Nigeria
received remuneration (excluding pension contributions) in the following ranges:
Group Company
2020 2019 2020 2019
N1,900,001 - N2,500,000 - - - -
N2,500,001 - N3,500,000 1 218 1 218
N3,500,001 - N4,500,000 203 62 203 62
N4,500,001 - N5,500,000 83 67 83 67
N5,500,001 - N6,500,000 53 162 53 162
N6,500,001 - N7,500,000 139 313 139 313
N7,500,001 - N8,500,000 374 114 374 114
N8,500,001 - N9,500,000 90 128 90 128
N9,500,001 - N10,500,000 140 116 140 116
N10,500,001 - N11,500,000 77 98 77 98
N11,500,001 - N12,500,000 39 105 39 105
Over - N12,500,000 645 487 645 487
1,844 1,870 1,844 1,870
Group Company
2020 2019 2020 2019
13.2 The year end number of full time persons employed by the Group was as follows:
CEO’s Office 39 54 39 54
Corporate Services 60 66 60 66
Customer Relations 270 271 270 271
Digital Services 14 12 14 12
Finance 288 294 288 294
Human Resources 72 60 72 60
Information Systems 123 127 123 127
Transformation Office** 17 - 17 -
Marketing 97 103 97 103
Network Group 367 379 367 379
Sales and Distribution 298 301 298 301
Enterprise Solutions 141 145 141 145
Internal Audit & Fraud Management 26 23 26 23
Risk & Compliance 32 35 32 35
1,844 1,870 1,844 1,870
**Transformation office department was created in the year.
150 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
N ‘000 N ‘000 N ‘000 N ‘000
13.3 Remuneration was paid in respect of directors of the Group was as follows:
Directors’ emoluments:
Fees (non-executive directors) 83 69 79 69
Other emoluments (non-executive directors) 356 165 355 165
Emoluments (executive directors) 732 586 732 586
1,171 820 1,166 820
The directors’ remuneration shown above includes:
Chairman’s remuneration 38 33 38 33
Highest paid director 567 586 567 586
The emoluments of all other directors fall within the following ranges:
Nil 6 6 6 6
Above N5,000,000 10 14 9 14
13.4 Pensions and other post employment benefit plans
The Group has a defined benefit plan (unfunded), long service award (unfunded) and termination benefit
(unfunded). The long service awards is made to employees who made milestone anniversaries at the Group and
are paid on the anniversary month.
Net benefit expense (recgonised in other staff costs, with the exception of pension obligation)
Pension contribution 1,959 1,730 1,959 1,730
Long service award 5,481 231 5,481 231
Termination benefits 120 27 120 27
Retirement benefits 1,581 499 1,581 499
9,141 2,487 9,141 2,487
14. Other operating expenses
Loss/(profit) on disposal of property,
plant and equipment 117 (960) 117 (960)
Directors’ emoluments 13.3 1,172 820 1,166 820
Credit loss expense on trade and
other receivables 23.1 4,668 301 4,668 460
MTN Foundation 2,125 2,053 2,125 2,053
Insurance cost 1,708 1,496 1,708 1,496
Audit fees 314 304 309 289
Professional fees 24,297 19,899 22,401 19,596
Maintenance costs 17,358 14,728 17,358 14,671
Rent, rates, utilities and other
office running cost 6,053 3,044 5,984 3,020
Trainings, travels and entertainment cost 964 4,793 883 4,575
Fixed assets written off 17 - 3,041 - 3,041
Impairment/(reversal of impairment) of
property and equipment 17 865 (3,000) 865 (3,012)
Information technology development levy 3,095 2,947 3,092 2,947
Credit loss expense on cash and
cash equivalent, treasury bills and bonds 45.4.3 919 - 919 -
Covid-19 related expenses** 2,017 - 2,017 -
Other expenses*** 919 1,523 918 1,481
66,591 50,989 64,530 50,477
**Covid-19 related expenses includes N1 billion donation to the Coalition Against COVID-19 (CACOVID) in April
2020 and costs of Personal Protective Equipment (PPE).
***Other expenses includes bank charges, subscriptions, office refreshments, security costs, etc.
Annual Report and Financial Statements 2020 151
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
15. Direct network operating costs
Regulatory fees 34,805 30,273 34,805 30,202
Annual Numbering Plan 1,202 983 1,202 977
BTS leases 225,643 170,111 225,643 170,111
Network Maintenance 48,598 45,237 48,598 45,260
310,248 246,604 310,248 246,550
Following the adoption of IFRS 16 leases, BTS lease expense relating to the non-lease components (power and
maintenance) of the tower lease contracts are recognised as an expense in profit or loss as they are incurred.
16. Taxation
Analysis of tax expense for the year
Current
Company income tax 90,778 67,813 90,776 67,677
Education tax 10,324 8,845 10,319 8,845
Nigerian police trust fund 15 15 15 15
Net current tax charge 101,117 76,673 101,110 76,537
Deferred
Deferred tax (credit)/charge (7,905) 10,828 (4,780) 12,053
Prior year tax under provision of deferred tax 448 493 433 796
Net deferred tax (credit)/charge (7,457) 11,321 (4,347) 12,849
Tax expense for the year 93,660 87,994 96,763 89,386
Police Trust Fund is computed and recognised at 0.005% of the “net profit” which is profit before tax in line with
Nigerian Police Trust Fund Act of 2019 which came into force on 24th of June 2019. The Act imposes a levy of
0.005% on the Group’s operating business in Nigeria. The levy is calculated based on 0.005% of profit before tax.
Tax rate reconciliation
The table below explains the differences between the expected tax expense on continuing operations, at the
Nigerian statutory tax rate of 30% (2019: 30%) and the Company’s total tax expense for each year.
Profit before tax 298,874 291,277 309,245 295,868
Taxation (93,660) (87,994) (96,763) (89,386)
Actual tax rate 31.34% 30.33% 31.29% 30.33%
Applicable tax rate 30% 30% 30% 30%
Exempt income** -0.47% -1.06% -0.45% -1.04%
Prior year tax under provision of deferred tax 0.15% 0.17% 0.14% 0.27%
Investment allowance*** -1.87% -2.16% -1.80% -2.13%
Expenses not allowed 0.45% 0.28% 0.42% 0.19%
Education tax 3.07% 3.09% 2.97% 3.03%
Police trust fund 0.01% 0.01% 0.01% 0.01%
Effective tax rate 31.34 30.33 31.29 30.33
The Group is regarded as tax resident in Nigeria in line with the provisions of the Companies Income Tax Act and
as such taxable in Nigeria.
**Exempt income represents income from FGN Bonds and Treasury Bills not taxable.
***Investment allowance are allowances in respect of Network and IS Equipment additions during the period.
152 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
17. Property, plant and equipment
Group
Land & Buildings Leasehold Information Motor Network Capital Total
improvements systems, vehicles infrastructure work-in-
furniture progress
and office and office
equipment
N’million N’million N’million N’million N’million N’million N’million
Cost
Balance at
1 January 2019 30,107 20,520 38,121 5,975 1,044,145 69,461 1,208,329
Additions 821 1,048 4,544 - 6,144 169,128 181,685
Reallocation 718 278 6,071 - 188,384 (201,055) (5,604)
Other movement (2) - (182) (11) (9,226) (677) (10,098)
Disposal - (5) (3,623) (2) (24,155) - (27,785)
Write-off - - - - (3,041) - (3,041)
Balance at
31 December 2019 31,644 21,841 44,931 5,962 1,202,251 36,857 1,343,486
Additions 2,360 698 14,957 - 1,937 195,475 215,427
Reallocation 568 2,212 (1,165) - 175,300 (179,312) (2,397)
Disposal (5) (665) (11,064) (1,990) (305,726) (662) (320,112)
Balance at
31 December 2020 34,567 24,086 47,659 3,972 1,073,762 52,358 1,236,404
Accumulated depreciation Accumulated depreciation
Balance at
1 January 2019 18,492 6,111 22,691 3,485 550,526 - 601,305
Charge for the year 1,577 977 9,446 537 135,270 - 147,807
Disposal - (5) (3,583) (2) (23,777) - (27,367)
Impairment - - - - (3,000) - (3,000)
Other movement - - (20) (11) (326) - (357)
Balance at
31 December 2019 20,069 7,083 28,534 4,009 658,696 - 718,391
Charge for the year 1,187 1,814 9,007 507 137,688 - 150,203
Disposal (4) (666) (11,014) (1,891) (305,637) - (319,212)
Impairment - - - - - 865 865
Balance at
31 December 2020 21,252 8,231 26,527 2,625 490,747 865 550,247
Carrying amount
At 31 December 2020 13,315 15,855 21,132 1,347 583,015 51,493 686,157
At 31 December 2019 11,575 14,758 16,397 1,953 543,555 36,857 625,095
Annual Report and Financial Statements 2020 153
Notes to the consolidated and separate financial statements
17. Property, plant and equipment (continued)
Company
Land & Buildings Leasehold Information Motor Network Capital Total
improvements systems, vehicles infrastructure work-in-
furniture progress
equipment
N’million N’million N’million N’million N’million N’million N’million
Cost
Balance at
1 January 2019 30,104 20,520 38,098 5,964 1,043,764 69,461 1,207,911
Additions 821 1,048 4,544 - 6,144 169,128 181,685
Disposal - (5) (3,622) (2) (24,155) - (27,784)
Reallocation 719 278 6,071 - 188,384 (201,055) (5,603)
Other movement - - (160) - (8,845) (677) (9,682)
Write-off - - - - (3,041) - (3,041)
Balance at
31 December 2019 31,644 21,841 44,931 5,962 1,202,251 36,857 1,343,486
Additions 2,360 698 14,957 - 1,937 195,475 215,427
Reallocation 568 2,212 (1,166) - 175,300 (179,311) (2,397)
Disposal (5) (665) (11,063) (1,990) (305,726) (663) (320,112)
Balance at
31 December 2020 34,567 24,086 47,659 3,972 1,073,762 52,358 1,236,404
Balance at
1 January 2019 18,492 6,111 22,671 3,474 550,200 - 600,948
Charge for the year 1,577 977 9,446 537 135,270 - 147,807
Disposal - (5) (3,583) (2) (23,762) - (27,352)
Impairment reversal - - - - (3,012) - (3,012)
Balance at
31 December 2019 20,069 7,083 28,534 4,009 658,696 - 718,391
Charge for the year 1,188 1,813 9,007 507 137,688 - 150,203
Disposal (5) (665) (11,014) (1,891) (305,637) - (319,212)
Impairment - - - - - 865 865
Balance at
31 December 2020 21,252 8,231 26,527 2,625 490,747 865 550,247
Carrying amount
At 31 December 2020 13,315 15,855 21,132 1,347 583,015 51,493 686,157
At 31 December 2019 11,575 14,758 16,397 1,953 543,555 36,857 625,095
154 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 155

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

17. Property, plant and equipment (continued) 18. Right of use assets

17.1 Land and buildings Group & Company

Included in land and building category is land of N5.57 billion not depreciated.
17.2 Reallocation
Reallocation relates to assets moved from capital work in progress to network infrastructure, other categories of
property, plant and equipment and intangible assets.
Network Base Property Office Motor Total
infrastructure station leases equipment vehicles
land
N’million N’million N’million N’million N’million N’million

17.3 Write-off Cost

Write-off relate to fully depreciated assets and obsolete network infrastructure written off during the year.
17.4 Capital work-in-progress
These are various capital work-in-progress projects under way within the Group.
17.5 Impairment losses recognised in the year
Impairment relates to loss on obsolete network inventory and write off done during the year of N0.87 billion.
(2019: impairment reversal of N3.01 billion). Reallocations 213 - - - - 213
17.6 Other movement
This relates to the reversal of prior year accruals no longer required.
17.7 Assets pledged as security
The Group has made a negative pledge over all existing and future assets to the lenders. The negative pledge
signifies that the Group has agreed not to deplete its assets via sales, collateral and transfer to anyone except the
group of lenders, subject to a permitted amount. Depreciation (restated*) 50,184 2,359 1,316 129 14 54,002
17.8 Capitalised borrowing costs
No borrowing costs were capitalised during the year (2019: Nil).
Opening balance (restated*) 481,484 5,787 997 398 - 488,666
Additions 35,874 2,326 5,339 - 64 43,603
Restatement* (1,684) (105) (118) - (3) (1,910)
Balance at
31 December 2019 (restated*) 515,674 8,008 6,218 398 61 530,359
Additions 34,041 6,287 292 - 9,271 49,891
Modifications** 141,409 - - - - 141,409
Retirement*** - (289) - - - (289)
Balance at
31 December 2020 691,337 14,006 6,510 398 9,332 721,583
Depreciation
Balance at
31 December 2019 (restated*) 50,184 2,359 1,316 129 14 54,002
Depreciation 65,849 3,994 1,715 136 431 72,125
Retirement*** - (289) - - - (289)
Balance at
31 December 2020 116,033 6,064 3,031 265 445 125,838

Carrying amounts

At 31 December 2019 (restated*) 465,490 5,649 4,902 269 47 476,357

At 31 December 2020 575,304 7,942 3,479 133 8,887 595,745

*These figures have been restated, see Note 5.

**Modification relates to the impact of change in the Network infrastructure lease contracts exchange rates from
the Central Bank of Nigeria (CBN) rate to the Nigerian. Autonomous Foreign Exchange (NAFEX) rate following the
lease contract amendment in July 2020 effective 1 April 2020.

***Retirement refers to leases of BTS land leases fully utilized and the lease terms expired during the year.

Reallocation refers to assets moved from property and equipment to right of use assets.
156 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
19. Intangible assets
Group
Goodwill Software Licences Capital Total
work-in-
progress
N’million N’million N’million N’million N’million
Cost
Balance at 1 January 2019 10,016 51,353 178,187 - 239,556
Additions - 11,354 6,237 9,065 26,656
Reallocation - 9,471 - (3,868) 5,603
Disposal - (9,475) - - (9,475)
Other movement - (652) - - (652)
Balance at 31 December 2019 10,016 62,051 184,424 5,197 261,688
Addition - 12,199 734 11,717 24,650
Reallocation - 10,549 - (8,366) 2,183
Disposal - (20,730) - - (20,730)
Balance at 31 December 2020 10,016 64,069 185,158 8,548 259,243
Accumulated amortisation Balance at 1 January 2019 26,556 77,120 - 103,676
Balance at 1 January 2019 - 26,556 93,632 - 120,188
Charge for the year - 14,305 15,692 - 29,997
Disposal - (9,443) - - (9,443)
Balance at 31 December 2019 - 31,418 109,324 - 140,742
Charge for the year - 20,588 16,111 - 36,699
Disposal - (20,730) - - (20,730)
Balance at 31 December 2020 - 31,276 125,435 - 156,711
Carrying amount
At 31 December 2020 10,016 32,793 59,723 8,548 111,080
At 31 December 2019 10,016 30,633 75,100 5,197 120,946
Annual Report and Financial Statements 2020 157
Notes to the consolidated and separate financial statements
19. Intangible assets (continued)
Company
Software Licences Capital Total
work-in-
progress
N ‘million N ‘million N ‘million N ‘million
Cost
Balance at 1 January 2019 51,353 129,431 - 180,784
Additions 11,354 6,237 9,064 26,655
Disposal (9,340) - - (9,340)
Reallocation 9,471 - (3,867) 5,604
Other movement (652) - - (652)
Balance at 31 December 2019 62,186 135,668 5,197 203,051
Addition 12,198 735 11,717 24,650
Reallocation 10,550 - (8,366) 2,184
Disposal (20,462) - - (20,462)
Balance at 31 December 2020 64,472 136,403 8,548 209,423
Accumulated amortisation
Charge for the year 14,305 10,338 - 24,643
Disposal (9,340) - - (9,340)
Balance at 31 December 2019 31,521 87,458 - 118,979
Charge for the year 20,588 10,793 - 31,381
Disposal (20,462) - - (20,462)
Balance at 31 December 2020 31,647 98,251 - 129,898
Carrying amount
At 31 December 2020 32,825 38,152 8,548 79,525
At 31 December 2019 30,665 48,210 5,197 84,072
19.1 Licences and software
The licences and software are not internally generated intangible assets and have a definite useful life.
19.2 Reallocation
Reallocation relates to assets moved from capital work in progress to network infrastructure, other categories of
property, plant and equipment and intangible assets.
19.3 Write-offs
Write-offs relate to fully depreciated assets written off during the year.
19.4 Other movement
Other movement relates to reversal of prior year accruals no longer required.
19.5 Goodwill
Goodwill relates to the acquisition of Visafone Communications Limited.
158 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 159

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

19. Intangible assets (continued) 19. Intangible assets (continued)

19.6 Goodwill impairment assessment 19.7 Details of Network Licences

Goodwill arising on the acquisition of Visafone was tested for impairment in accordance with IAS 36. For this
purpose, goodwill was allocated to the MTN Nigeria Cash Generating Unit (CGU) following the transfer of the
800MHz spectrum to MTN Nigeria by the Nigerian Communications Commission. The recoverable amount of the Network Licences Date Term Renewable Licence Initiation Annual Future
CGU has been determined based on value-in-use calculations. Type Granted/ (Years) Term Fee Fee Licence Fees/
Renewed Currency Fees Obligations
The calculations mainly used cash flow projections based on financial budgets approved by Management covering
a three year period. Management is confident that the projections are appropriate based on the Group’s operating Digital Mobile 31 August 5 The NCC has NGN 18.6 billion Annual None
model. From the assessment carried out, the carrying amount of the CGU is lower than the recoverable amount, Licence 2016 decided to operating
hence no impairment was recorded in the financial statements. (DML) - 900MHz & discontinue levy - 2.5%
1800MHz the issuance of of net
The following key assumptions were used for the value in use calculations: the DML as the revenue
services provided
Revenue growth 16.8% there under have
Budgeted gross margin 82.5% been subsumed
Opex % revenue 31.5% under the UASL.
Capex % revenue 10.7% The tenure of
Discount rate 17.9% the 900MHz
and 1800MHz
Management determined the values assigned to each of the above key assumptions as follows: spectrum issued
with the DML has
Assumptions Approach used to determine values been extended to
Revenue The budget is built adopting assumptions that align with the strategic objectives of 31 August 2021 to
the business within the period the budget covers. align and expire
with our UASL.
Budgeted gross margin Based on anticipated strategic margin expectations that have adopted efficiencies The sum of N18.6
planned. million was paid
on 10 December
Operating expenditure Budget adopts core costs required to support revenue generation plans, strategic 2015 for the 5 year
expansion in consideration, and savings initiative identified by the business. extension.

Annual capital expenditure These are estimated capital expenditure costs that will be required to keep the MTN 3G Spectrum Licence 1 May 2007 15 As may be US$ 150 million Annual None
CGU running based on the historical experience of Management. (Receive Frequency determined by operating
1920 - 1930 MHz) NCC levy - 2.5%
Discount rate The discount rate used is the MTN Nigeria’s pre-tax Weighted Average Cost of (Transmit Frequency of net
Capital (WACC). This rate reflect both time value of money and other specific risks 2110 - 2120 MHz) revenue
relating to relevant CGU.

Universal Access 1 15 5 years NGN 114.6 million Annual None

The sensitivity analysis been performed is based on change in the discount rate, variations to cash flows arising
Service September operating
from revenue, operating expenditure (as seen below) considered possible by management:
Licence (Including 2006 levy - 2.5%

International of net
CGU input factors From To
Gateway) revenue
Discount rate 17.9% 19.7%
Revenue growth 16.8% 15.1%
Opex % revenue 31.5% 34.7% International 1 January 20 20 years US$ 220.5 million Annual None
Submarine 2010 operating
The analysis shows that no impairment loss would result under the scenario above. Cable Infrastructure levy - 2.5%
and of net
Landing Station revenue
(WACS)
160 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 161

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

19. Intangible assets (continued) 20. Investments in subsidiaries

The following table lists the entities which are controlled by the Group.

Company
Network Licences Date Term Renewable Licence Initiation Annual Future
Type Granted/ (Years) Term Fee Fee Licence Fees/ Name of company % % Carrying Carrying
Renewed Currency Fees Obligations Holding Holding amount amount
2020 2019 2020 2019
700 MHz spectrum 16 Janu- TBC TBC USD but $171 None None N ‘million N ‘million
License ary 2018 paid in Million
(effec- Naira USD (N34, Visafone Communications Limited 100% 100% 43,778 43,778
tive date at the 114, 500, XS Broadband Limited 100% 100% 500 500
for the prevailing 000.00) Yello Digital Financial Services Limited 100% 100% 5,550 1,800
spectrum interbank
has been rate 49,828 46,078
suspend- Impairment of investment in subsidiaries
ed by the (XS Broadband) (500) (500)
NCC till all 49,328 45,578
encum-
brances All subsidiary undertakings are included in the consolidation. The proportion of the voting rights in the subsidiary
have been undertakings held directly by the parent company do not differ from the proportion of ordinary shares held. All the
cleared) subsidiaries have the same year-end as the parent company.

Spectrums 800MHz 1 January 10 Renewal fees will NGN 2.87 billion None None There was an increase in the investment in Yellow Digital Financial Services. During the year, the subsidiary had
(Visafone) 2015 be based on the an additional capital injection of N3.75 billion to fund business operations.
frequency
fees and Pricing The investment in XS Broadband Limited was impaired in previous years to reflect the recoverable amount of
Regulation in MTN’s investment in subsidiary in line with IAS 36 - Impairment of Assets.
force at the
time of renewal. Significant restrictions
There are no significant regulatory restrictions to movement of capital from the subsidiaries.
Spectrums 2.6GHz 01 August 10 Renewable after NGN 18.9 billion None None
2016 expiration of 10
(effective years.
date
suspended
by
the NCC
until
band is
cleared
of all
encum-
brances)

Super Agent 17 July 1 year 1 year NGN N 500,000 None None

Licence - 2019 with a
Central Bank of capital
Nigeria adequacy
deposit of
N50 million
162 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
21. Derivatives
Currency swap (194) (265) (194) (265)
Split between non-current and current portions
Non-current liabilities - (265) - (265)
Current liabilities (194) - (194) -
(194) (265) (194) (265)
All gains and losses from changes in the fair value of derivatives are recognised immediately in the profit or loss
statement as finance income or cost.
The Group uses derivative financial instruments such as currency swap to hedge its foreign currency risks. Such
derivative financial instruments are initially recognised at fair value on the date which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the
fair value is positive and as the financial liabilities when the fair value is negative.
22. Inventories
Handsets and accessories 1,245 658 1,245 658
Starter packs 3,582 436 3,582 436
4,827 1,094 4,827 1,094
Inventories (write-downs) (Note 22.1) (2,669) (185) (2,669) (185)
2,158 909 2,158 909
22.1 Reconciliation of inventory write-down
At beginning of year (185) (1,534) (185) (1,534)
(Increase)/decrease in inventory write-down (2,484) 1,159 (2,484) 1,159
Write off - 190 - 190
At end of year (2,669) (185) (2,669) (185)
During the year, there was an inventory write down of N2.48 billion (2019: reversal of N1.16 billion) for starter
pack, handsets and accessories carried at net relisable value. This is recognised in the costs of starter packs,
handsets and accessories in statement of profit or loss.
23. Trade and other receivables
Financial instruments:
Trade receivables 34,213 30,813 33,119 29,663
Trade receivables - related parties 13,469 12,490 16,457 14,385
Allowance for expected credit losses (10,941) (6,273) (10,523) (5,855)
Trade receivables at amortised cost 36,741 37,030 39,053 38,193
Other receivables 3,273 3,987 3,317 4,031
40,014 41,017 42,370 42,224
Non-financial instruments:
Sundry receivables and advances 216 217 216 217
Other non-financial receivables*** 5,918 6,434 5,908 6,424
Prepayments** 18,524 17,301 18,522 17,299
Less: non current prepayments (13,906) (12,145) (13,906) (12,145)
10,752 11,807 10,740 11,795
Total trade and other receivables - current 50,766 52,824 53,110 54,019
**Other non-financial receivables includes the placement of minimum capital with Central Bank of Nigeria (CBN)
for Payment Service Bank license and withholding tax receivables.
***Prepayments relate to rent payments for non-lease portion of BTS sites and payments made in advance for
insurance contracts.
The Group’s exposure to currency risk and credit risk and impairment losses related to trade and other receivables
are disclosed in note 45.6.2 and 45.4 respectively.
The carrying value of trade and other receivables materially approximates the fair value because of the short
period to maturity.
Annual Report and Financial Statements 2020 163
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
23.1 Reconciliation of allowance for expected credit losses
The following table shows the movement in the loss allowance (lifetime expected credit losses) for trade and
other receivables:
Opening balance (6,273) (15,339) (5,855) (14,762)
Increase in loss allowance recognised in
profit or loss (4,668) (301) (4,668) (460)
Receivables written off during the year
as uncollectible - 9,367 - 9,367
Closing balance (10,941) (6,273) (10,523) (5,855)
Impairment loss of N4.67 billion (2019: N0.30 billion) for Group and N4.67 billion (2019 : N0.46 billion) for
Company was recognised in the statement of profit or loss.
24. Investments
Other investments
Treasury bonds at amortised cost 26,070 - 26,070 -
Allowance for expected credit losses (223) - (223) -
25,847 - 25,847 -
Current investments
US Dollar deposits at amortised cost 19,015 11,853 19,015 11,853
NGN deposits at amortised cost 93,026 - 93,026 -
Treasury bills at amortised cost 9,831 33,204 9,831 33,204
Allowance for expected credit losses (69) - (69) -
Net current investments at amortised cost 121,803 45,057 121,803 45,057
Treasury bills and bonds at fair value
through profit or loss 24,980 3,634 24,980 3,634
Treasury bills and bonds at fair value
through other comprehensive income - 6,136 - 6,136
146,783 54,827 146,783 54,827
24.1 Debt instruments measured at fair value Notes N ‘million
through other comprehensive income
As at 1 January 2019 434
Additions/purchases 9,548
Sales (4,121)
Gains from changes in fair value recognised
in other comprehensive income 27.1 275
As at 1 January 2020 24 6,136
Additions/purchases 3,250
Sales (9,104)
Transfer of fair value reserve of investments
designated at FVOCI 27.1 (282)
As at 31 December 2020 24 -
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
25. Restricted cash
Restricted cash deposits 47,913 38,050 47,913 38,000
Restricted cash represents deposits with banks to secure Letters of Credit, collateral against repayment on
borrowings and bank guarantee on Garnishees against court judgments. Also included in restricted cash is the
retention fee on purchase of Visafone Communications Limited.
164 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
26. Cash and cash equivalents
Cash and cash equivalents consist of:
Bank balances 244,893 40,478 240,736 38,501
Short-term deposits 30,932 75,800 30,932 75,800
Cash and cash equivalents 275,825 116,278 271,668 114,301
Allowance for expected credit losses (627) - (627) -
Net cash and cash equivalents 275,198 116,278 271,041 114,301
Included in the cash and cash equivalents, is a sum of N136.4 million returned by the registrar to the Company
in compliance with the Security and Exchange Commission (SEC) amended rules and regulations on return of
unclaimed dividends to paying companies.
27. Share capital
Authorised
27,850,000,000 ordinary shares of N0.02 each 557 557 557 557
557 557 557 557
At an Extraordinary General Meeting of the Company on 31 January 2019, an ordinary resolution was passed
to subdivide the ordinary shares of the Company from One Naira (N1.00) each to 2 kobo each. This became
effective with the listing of the Company’s shares by introduction on the Nigerian Stock Exchange (NSE). The
sub-division led to the increase of the nominal value of the ordinary shares from 557,000,000 to 27,850,000,000
shares.
Issued and fully paid
20,354,513,050 ordinary shares of N0.02 each 407 407 407 407
407 407 407 407
At a General Meeting of the holders of ordinary shares on 31 January 2019, a special resolution was passed to
delink the ordinary shares of the Company from the preference shares. This became effective with the listing
of the Company’s shares by introduction on the NSE. Following the delinking of the ordinary shares from the
preference shares, the 4,500,000 Class B ordinary shares have been renamed ordinary shares by way of a special
resolution passed by the Board of Directors. Upon the listing on the NSE, on 24 May 2019, the Board approved
the redemption of the preference shares as required in the Group’s Memorandum and Articles of Association. The
premium and par value of the preference shares of 402,590,263 were reclassified from share capital (see table
below) and share premium (see Note 28) to a redemption account. $399.59 million (N148.19 billion redeemable
preference shares were redeemed on 30 December 2019.
In line with the Companies and Allied Matters Act, 2020 (CAMA), a sum equal to the nominal amount of the
par value of the redeemable preference shares N239.4 million was reclassified out of share capital to a Capital
Redemption Reserve Fund (CRRF). (See Note 27.1)
Movement
As at 1 January 407 646 407 646
Redemption of preference shares - (239) - (239)
As at 31 December 407 407 407 407
Annual Report and Financial Statements 2020 165
Notes to the consolidated and separate financial statements
27. Share capital (continued)
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
27.1. Other reserves
Opening reserves 521 6 521 6
Other comprehensive income (Note 24.1) - 276 - 276
Transfer of fair value reserve of investments (282) - (282) -
designated at FVOCI (Note 24.1)
Capital Redemption Reserve Fund (CRRF) - 239 - 239
Closing reserves 239 521 239 521
“Other comprehensive income relates to interest income earned on Federal Government of Nigeria securities that
are exempted from tax under the Companies Income Tax Act.
Capital Redemption Reserve Fund (CRRF) relates to the nominal amount transferred from retained earnings
in line with the requirement of S.182(4) of Companies and Allied Matters Act, 2020 (CAMA) on redemption of
402,590,263 redeemable preference shares.
27.2 Dividend declared and paid
2020 2019
N ‘million N ‘million
Final dividend for 2019 N4.97 kobo per share (2018: N3.59 kobo per share) 101,162 73,000
Interim dividend for 2020: 3.50 kobo per share (2019: 2.95 kobo per share) 71,241 60,046
172,403 133,046
28. Share premium
4,500,000 ordinary shares of N 3,779.89 each 17,009 17,009 17,009 17,009
138,960 ordinary shares at N 1,488.15 each 207 207 207 207
17,216 64,498 17,216 64,498
Movement
As at 1 January 17,216 64,498 17,216 64,498
Redemption of preference shares - (47,282) - (47,282)
As at 31 December 17,216 17,216 17,216 17,216
166 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 167

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

29. Borrowings 29. Borrowings (continued)

Unsecured Group Company Denominated

Description Type of Effective Remaining Unsecured Group Company Denominated Description Type of Effective Remaining
currency of borrowing interest interest repayment currency of borrowing interest interest repayment
charged details charged details

31 December 31 December 31 December 31 December

2020 2020 2019 2019
S/N N ‘million N ‘million % S/N N ‘million N ‘million %

1 181,050 181,050 NGN Local Floating 3.51 10 semi-annual 1 199,187 199,187 NGN Local Floating 14.85 11 semi-
Syndicated equal Syndicated annual equal
Facility (M) installments Facility (M) instalments

2 199,312 199,312 NGN New Local Floating 3.51 11 semi-annual 2 179,436 179,436 NGN New Local Floating 14.85 11 semi-
Syndicated equal Syndicated annual equal
Facility (N) installments Facility (N) instalments

3 79,215 79,215 NGN Commercial Fixed 5.70 1 bullet 3 14,374 14,374 US$ KFW/Citibank Floating 3.19 5 semi-
Paper repayment (Buyer’s Credit) annual equal
Facility instalments
4 19,831 19,831 NGN Letter of credit Floating 1.43 Quarterly equal
transaction installments 4
6,726 6,726 US$ Credit Suisse Floating 7.58 5 semi-
established on (Buyer Credit) annual equal
credit line Bilateral instalments
Facility
5 9,353 9,353 US$ KFW/Citibank Floating 1.43 3 semi-annual
(Buyer’s Credit) equal 5 12,819 12,819 US$ Credit Suisse Floating 7.42 5 semi-
Facility (H) instalments (Buyer Credit) annual equal
Facility) instalments
6 4,544 4,544 US$ Credit Suisse Floating 5.76 3 semi-annual Syndicated
(Buyer Credit) equal Facility
Bilateral instalments
Facility (J) Total
unsecured
7 8,420 8,420 US$ Credit Suisse Floating 5.76 3 semi-annual borrowings 412,542 412,542
(Buyer Credit equal
Facility) instalments
Syndicated
Facility (J1)

8 19,425 19,425 US$ AFC/RMB Floating 5.76 5 semi-annual

Syndicated equal
Facility (O) instalments
Syndicated

Total
unsecured
borrowings 521,150 521,150
168 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
29. Borrowings (continued)
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
The maturity of the loan is as follows:
Payable within one year (included in current 190,599 32,453 190,599 32,453
liabilities) paper is N76.6 billion (31 December 2019: Nil).
More than one but not exceeding two years 87,381 82,211 87,381 82,211
More than two but not exceeding five years 225,049 212,667 225,049 212,667
More than five years 18,121 85,211 18,121 85,211
Amounts included in non-current liabilities 330,551 380,089 330,551 380,089
Total borrowings 521,150 412,542 521,150 412,542
The Company has the following undrawn facilities: drawing on both H2 and H3 has expired and the amount on both tranches were undrawn. Facility H1 has 10 equal
Floating rate - 20,000 - 20,000
The carrying amounts of the Company’s
borrowings are denominated in the following
currencies:
US Dollar 41,742 33,919 41,742 33,919
Nigerian Naira 479,408 378,623 479,408 378,623
521,150 412,542 521,150 412,542
29.1 Borrowings reconciliation
Balance at 1 January 412,542 175,314 412,542 175,314
Drawdown 143,682 381,701 143,682 381,701
Repayment (41,748) (146,124) (41,748) (146,124)
Prepaid borrowing cost 354 1,693 354 1,693
Accrued interest 2,569 406 2,569 406
Revaluation loss 3,751 (448) 3,751 (448)
Balance at 31 December 521,150 412,542 521,150 412,542
29.2 Summary of borrowing arrangements
MTN Nigeria has a loan portfolio with a consortium of local banks, foreign banks and export development agencies.
The details of the facilities are as follows:
Local Facility M - This is a local facility of N200 billion syndicated from local banks in August 2018. It is a variable
interest loan, linked to average 3-Month NIBOR plus a margin of 1.75%. The total available amount under the loan
has been fully drawn. The loan is repayable in eleven (11) equal semi-annual instalments from August 2020 to
August 2025.
As at 31 December 2020, the outstanding principal balance on the facility is N181.8 billion (31 December
2019:N199.19 billion).
Local Facility N - This is a N200 billion local currency term loan syndicated from local banks in May 2019 with a
7- year tenor and moratorium of two years. It is a variable interest loan, linked to average 3-Month NIBOR plus a
margin of 1.75%. The loan is repayable in eleven (11) equal semi-annual instalments from May 2021 to May 2026.
As at 31 December 2020, a total amount of N200 billion has been drawn under the facility (31 December 2019:
N180 billion).
Annual Report and Financial Statements 2020 169
Notes to the consolidated and separate financial statements
29. Borrowings (continued)
Commercial Paper – Under the N100 billion Commercial paper Issuance Programme, Two series were issued on
8 June 2020 comprising of;
Series I: With a Face value of N20bn for 182 days at discount rate of 4.78%.
Series II: With a face value of N80bn for 270 days at discount rate of 5.70%.
Series I was fully repaid during the year, as at 31 December 2020 the outstanding balance on the Commercial
Foreign Facility H – The US$329m Export Credit Agency Backed Facility from KFW-IPEX Bank and Citibank was
arranged in 2017. The facility is in three trenches (H1, H2 and H3) of USD103 million, USD106 million and USD120
million, respectively:
A total drawdown of USD87.6 million has been made on H1 as at 31 December 2020. The availability periods for
semi-annual principal repayments which commenced September 2017. It is a floating interest loan linked to the
6- Month LIBOR plus a 1.15% margin.
The outstanding balance as at 31 December 2020 is US$25.6 million (31 December 2019: US$42.7 million ).
Foreign Facility J – This contains Facilities J and J1 in the sum of US$30 million and US$84 million respectively.
Facility J is a Buyer’s Credit Facility from Credit Suisse AG. London Branch while J1 is Buyers Credit Facility
from Credit Suisse AG, London Branch and China Export-Import Bank. Both J and J1 are floating interest rate
Facilities at LIBOR plus a margin of 5.5%. Full drawdown has been made on J while a total of US$57.32 million has
been drawn on J1. The two Facilities are repayable in eight equal instalments commencing in August 2018. The
availability periods for drawing on the unutilized portion of J1 has expired.
As at 31 December 2020, both J and J1 have a combined outstanding balance of US$32.7 million (31 December
2019 US$54.6 million).
New Foreign facility O - The US$95m Syndicated Facility from AFC and RMB was arranged in 2020, with one-year
moratorium. The facility is in two trenches (O1 and O2) of US$50 million and US$45 million, respectively:
A total drawdown of US$50 million has been made against Facility O1 as at 31 December 2020. Facility O1 has
5 equal semi-annual principal which will commence December 2021. It is a floating interest loan linked to the
6Month LIBOR plus a 5.5% margin.
In securing the facilities, MTN Nigeria has made a negative pledge over all existing and future assets to the
lenders. The negative pledge signifies that MTN Nigeria has agreed not to deplete its assets via sales, collateral
and transfer to anyone except the group of lenders, subject to a permitted amount. No other security has been
provided.
170 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
30. Trade and other payables
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
Financial instruments:
Trade payables 67,384 27,467 65,624 27,298
Trade payables - related parties 27,474 16,383 27,811 16,383
Other accrued expenses 170,227 64,023 168,957 63,469
Other payables** 607 434 607 429
265,692 108,307 262,999 107,579
Non-financial instruments
Other non-financial accrued expenses*** 15,702 68,937 15,676 68,883
Sundry payables 1,250 1,092 1,191 1,092
Other non-financial payables**** 21,333 12,108 21,316 12,092
38,285 82,137 38,183 82,067
303,977 190,444 301,182 189,646
**Other payables include unclaimed dividend returned and retention fee on purchase of Visafone.
***Other non-financial accrued expenses include accrued staff expenses and other regulatory fees.
****Other non-financial payables include withholding and value added tax liabilities.
31. Contract acquisition costs
Opening balance 4,852 3,766 4,852 3,766
Additions 8,570 3,762 8,570 3,762
Amortised in the year (5,432) (2,676) (5,432) (2,676)
Net book value 7,990 4,852 7,990 4,852
Contract acquisition costs are incremental costs of obtaining a contract with a customer that would not have
incurred if the contract had not been obtained. They include the incremental commission fees paid to trade
partners for activating sim kits.
These costs are amortised on a straight line basis over the estimated subscriber tenure on the network. The
amortisation period ranges from 18 months to 48 months. Contract acquisition costs amortised during the year
is included in discounts and commissions in profit or loss.
32. Contract liabilities
Contract liabilities 62,301 46,806 61,919 46,745
62,301 46,806 61,919 46,745
Contract liability relates to payments received in advance from sales of recharge cards and on Subscriber
Identification Module (SIM) cards. Contract liabilities are recognised as revenue when the subscribers use the
airtime for network services such as voice, SMS, data and digital services and when the SIM cards are activated
on the network.
Revenue recognized from contract liability at the beginning of the period is N34.2 billion (2019 N33.9 billion).
The Group has elected the practical expedient of not disclosing the transaction price of unsatisfied performance
obligations because the performance obligations relate to contracts that have an original expected duration of
one year or less.
Annual Report and Financial Statements 2020 171
Notes to the consolidated and separate financial statements
33. Provisions
Reconciliation of provisions - 2020
At beginning Additions Utilised Reversed At end of year
of year during the during the
year year
N ‘million N ‘million N ‘million N ‘million N ‘million
Decommissioning provision 71 44 - (77) 38
Litigation provision 16,438 4,647 (6,949) (2,156) 11,980
Bonus provision 4,211 6,466 (5,098) - 5,579
Other provisions 5,041 7,723 (1,142) (4,448) 7,174
25,761 18,880 (13,189) (6,681) 24,771
Reconciliation of provisions - 2019
At beginning Additions Utilised Reversed At end of year
of year during the during the
year year
N ‘million N ‘million N ‘million N ‘million N ‘million
Decommissioning provision 66 5 - - 71
Litigation provision 7,177 11,226 (1,564) (401) 16,438
Bonus provision 3,425 5,953 (4,767) (400) 4,211
Other provisions 9,220 3,237 (1,399) (6,017) 5,041
19,888 20,421 (7,730) (6,818) 25,761
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
Non-current liabilities 38 71 38 71
Current liabilities 24,733 25,690 24,733 25,690
24,771 25,761 24,771 25,761
33.1 Bonus provision
The bonus provision consists of a performance-based bonus, which is determined by reference to the overall
Group performance with regard to a set of predetermined key performance measures. Bonuses are payable
annually after the Holding Company annual results have been announced. Bonus provision is calculated as a
percentage of employee’s gross annual income plus pension contribution based on the overall performance of
the Group, the teams, divisions and the employees.
33.2 Decommissioning provision
The decommissioning provision is the present value of dismantling costs discounted at a rate equal to the average
rate that reflects current market assessment of the time value of money and the risks specific to the dismantling
cost. The timing of the decommissioning is dependent on the expiration of the contract with the lessor.
33.3 Litigation provision
This relates to cases between MTN Nigeria and various bodies such as: Abia State vs MTN Nigeria, Corporate
Communications Ltd vs MTN Nigeria, C-SOKA Nigeria Limited vs MTN Nigeria, Premium Sports vs MTN Nigeria
& Media Reach, arbitration between CALL FIX IT and MTN Nigeria, Pastor Friday Essien & ors v MTNN, Beruk
International & ANOR V MTNN, Adekunle Adebiyi, Richard Iweanoge & Access bank Plc, Benue State Internal
Revenue Services v MTNN, MTN V Anambra State Internal Revenue Service etc. Timing is dependent on the
outcome of court judgements in respect of the litigation.
172 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
33. Provisions (continued)
33.4 Other provisions
The Group is involved in various regulatory and tax matters. These matters may not necessarily be resolved in a
manner that is favourable to the group. The group has therefore recognized provisions in respect of these matters
based on estimates and probability of an outflow of economic benefits. MTN Nigeria listing expense and other
strategic advisory services are payable to various consultants and legal advisers.
34 Lease liabilities
The Group’s leases include network infrastructure (including tower space and land), land and buildings, motor
vehicles and office equipment. The leases have varying terms, escalation clauses and renewal rights penalties are
chargeable on certain leases should they be cancelled before the end of the agreement.
The lease liability is measured at the present value of lease payments to be made over the lease term and are
discounted using the Group’s incremental borrowing rate. The lease liability is included in the statement of
financial position under other non-current/current liabilities. Each lease payment is allocated between the liability
and interest expense. Interest expense on the lease liability is a component of finance costs, which represents the
unwinding of discount charged to profit or loss over the remaining balance of the obligation for each accounting
period.
Lease commitments exclude non-lease components, short-term and low-value leases. There were no future cash
outflows to which MTN Nigeria is potentially exposed that are not reflected in the measurement of lease liabilities.
Short-term lease payments of N884 million (2019: N835.4 million) not included in the lease liabilities are included
in other operating expenses during the year. In all significant operating lease arrangements in place during the
year, the Group acted as the lessee.
As at year end, the Group had outstanding obligations under lease commitments which fall due as follows
Group Company Present value of defined benefit obligation at 31 December 2020 2,751 2,751
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
Movement schedule
As at 1 January opening balance adjustments 492,073 481,881 492,073 481,881
(restated*)
Additions 43,543 36,839 43,543 36,839
Modifications 132,745 - 132,745 -
Interest capitalised 78,544 64,902 78,544 64,902
Revaluation (204) (17) (204) (17)
Payments - principal portion (26,676) (33,265) (26,676) (33,265)
Payments - interest portion (78,235) (58,267) (78,235) (58,267)
As at year end 641,790 492,073 641,790 492,073
Lease liability by maturity
- within one year 54,798 33,564 54,798 33,564
- after one year to two years 48,115 35,232 48,115 35,232
- after two years to five years 180,666 122,789 180,666 122,789
- later than five years 358,211 300,488 358,211 300,488
641,790 492,073 641,790 492,073
Non-current 586,992 458,509 586,992 458,509
Current 54,798 33,564 54,798 33,564
641,790 492,073 641,790 492,073
Annual Report and Financial Statements 2020 173
Notes to the consolidated and separate financial statements
35. Employment benefits
MTN Nigeria Communications Plc operates a Post employment benefits plans in non-contributory, long service
award and staff retirement benefits. Employees are automatically beneficiaries of the Long service award after
completing five consecutive years of service with the Company. Employees’ retirement benefits are calculated
based on number of years of continuous service, and upon attaining the compulsory retirement 60 years. The
defined benefit obligation valuation was carried out using the tools developed by the Actuaries Services of
Custodian Investment Plc, formerly Custodian and Allied Plc.
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
Post employment benefit plans
Present value of defined benefit obligation - 2,751 1,170 2,751 1,170
retirement benefits
Present value of long service awards 5,510 408 5,510 408
8,261 1,578 8,261 1,578
a) Movement in the present value of defined benefit Group Company
obligation (retirement benefits)
N ‘million N ‘million
Present value of defined benefit obligation at 1 January 2019 820 820
Current service cost 500 500
Benefits paid by the plan (150) (150)
Actuarial losses/(gains) recognised in other comprehensive income - -
Present value of defined benefit obligation at 1 January 2020 1,170 1,170
Current service cost 1,581 1,581
Benefits paid by the plan - -
Actuarial losses/(gains) recognised in other comprehensive income - -
b) Movement in the present value of the long service award
Present value of long service award at 1 January 2019 717 717
Current service cost 231 231
Benefit paid by plan (540) (540)
Present value of long service award as 1 January 2020 408 408
Current service cost 5,481 5,481
Benefit paid by plan (379) (379)
Present value of long service award at 31 December 2020 5,510 5,510
c) Principal actuarial assumptions 31 December 2020 31 December 2019
Discount rate - retirement benefits 10.5% 25.0%
Discount rate - long service award 7.5% -%
Salary increase rate 8.0% 8.0%
Retirement age for both male and female 60 years 60 years
Assumptions regarding future mortality before retirement are based on A6770 mortality table published by the
Institute of Actuaries of United Kingdom.
The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on
individual asset categories. The return is based entirely on current market yields on Nigerian Government Bonds.
The component of the rate of remuneration increase based on IPF and Promotion, and IFP is an average of 8%
per annum. The inflation component has been worked out at 14.4% per annum.
“For members in active service as at the valuation date, the projected unit credit method of valuation as required
under the IFRS has been adopted.
174 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
36. Deferred tax
Group Company
At beginning Recognised Arising on At end of
of year in income consolidation year
statement
N ‘million N ‘million N ‘million N ‘million
Non-current Liabilities
31 December 2019 31 December 2019
Arising due to fair value adjustment on business (9,056) - 1,509 (7,547)
combination
Temporary differences from non-current assets and (100,210) (12,830) - (113,040)
liabilities
Total deferred tax liability (109,266) (12,830) 1,509 (120,587)
31 December 2020
Arising due to fair value adjustment on business (7,547) - 3,110 (4,437)
combination
Temporary differences from non-current assets and (113,040) 4,347 - (108,693)
liabilities 31 December 2019 (100,191) (12,849) - (113,040)
Total deferred tax liability (120,587) 4,347 3,110 (113,130)
Net deferred tax liability
31 December 2019 (109,266) (12,830) 1,509 (120,587)
31 December 2020 (120,587) 4,347 3,110 (113,130)
Movement in temporary differences in the year
2019 Opening Charge to Closing
balance profit or loss balance
N ‘million N ‘million N ‘million
Property and equipment 122,010 11,360 133,370
Decommissioning provision (2,926) (12,903) (15,829)
Right of use assets (6,228) 6,228 -
Unrealised exchange difference (12,664) 8,163 (4,501)
Arising due to fair value adjustments on business combination Property and equipment 133,370 15,109 148,479
Visafone Communications Limited 9,056 (1,509) 7,547
Yello Digital Financial Services Limited 18 (18) -
109,266 11,321 120,587
2020 Opening Charge to Closing
balance profit or loss balance
N ‘million N ‘million N ‘million
Property and equipment 133,370 15,109 148,479
Decommissioning provision (15,829) (3,052) (18,881)
Right of use assets - (14,642) (14,642)
Unrealised exchange difference (4,501) (1,762) (6,263)
Arising due to fair value adjustments on business combination
Visafone Communications Limited 7,547 (1,612) 5,935
Yello Digital Financial Services Limited - (1,498) (1,498)
120,587 (7,457) 113,130
Annual Report and Financial Statements 2020 175
Notes to the consolidated and separate financial statements
36. Deferred tax (continued)
At beginning Recognised Arising on At end of
of year in income consolidation year
statement
N ‘million N ‘million N ‘million N ‘million
Non-current Liabilities
Temporary differences from non-current assets (100,191) (12,849) - (113,040)
and liabilities
Total deferred tax liability (100,191) (12,849) - (113,040)
31 December 2020
Temporary differences from non-current assets (113,040) 4,347 - (108,693)
and liabilities
Total deferred tax liability (113,040) 4,347 - (108,693)
Net deferred tax liability
31 December 2020 (113,040) 4,347 - (108,693)
Movement in temporary differences in the year.
2019 Opening Charge to Closing
balance profit or loss balance
N ‘million N ‘million N ‘million
Property and equipment 122,010 11,360 133,370
Decommissioning provision (2,926) (12,903) (15,829)
Right of use assets (6,228) 6,228 -
Unrealised exchange difference (12,664) 8,163 (4,501)
100,192 12,849 113,040
2020
Decommissioning provision (15,829) (3,052) (18,881)
Right of use assets - (14,642) (14,642)
Unrealised exchange difference (4,501) (1,762) (6,263)
113,040 (4,347) 108,693
176 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
37. Capital commitments
Group Company 2020 2019 2020 2019
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
Commitments for the acquisition of property,
plant and equipment
Contracted but not provided for 212,889 53,340 212,889 53,340
Authorised but not contracted for 74,604 145,263 74,604 145,263
Total commitments for property, plant, 287,493 198,603 287,493 198,603
equipment and software
Commitments for the acquisition of software*
Contracted but not provided for 19,265 1,010 19,265 1,010
Authorised but not provided for 7,657 19,321 7,657 19,321
26,922 20,331 26,922 20,331
*Capital commitments have been split into property, plant and equipment and software. The comparatives have
been updated to reflect this split.
38. Current tax payable
Group Company cash equivalent, treasury bills and bonds
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
Opening balance 65,625 54,132 65,325 53,668
Provisions for the year - company income tax 90,778 67,813 90,776 67,677
Provisions for the year - education tax 10,324 8,845 10,319 8,845
Provisions for the year - capital gains tax 15 15 15 15
Tax paid (55,912) (44,069) (55,877) (43,769)
Income tax on dividend - (18,014) - (18,014)
Withholding tax credit (1,884) (3,097) (1,884) (3,097)
Reclassification (1,636) - (1,636) -
Closing balance 107,310 65,625 107,038 65,325
*2019 figures have been restated, see Note 5.
**Reclassification relates to additional tax liability arising from FIRS Tax Audit for 2010 to 2015 financial years,
which was initially provided for in the Companies Income Tax account. The FIRS carried out a tax audit exercise on
the books of MTN for 2010 to 2015 financial years; the disputed liability arising from the audit was subsequently
appealed at the Tax Appeal Tribunal (TAT). Successively, the TAT, on its judgment TAT/LZ/CIT/001/2018 of 7
February 2020, adjudged (amongst others) that fixed asset swap is vatable based on the interpretation of the
VAT Act, notwithstanding that there was no monetary consideration. Therefore, MTNN reclassified initial provision
in the Companies Income Tax Account into the Value Added Tax Account and paid the liability as ordered by the
Court of Law.
Annual Report and Financial Statements 2020 177
Notes to the consolidated and separate financial statements
Group Company
restated* restated*
N ‘million N ‘million N ‘million N ‘million
39. Cash generated from operations
Note(s)
Profit before taxation 298,874 291,277 309,245 295,868
Adjustments for:
Finance costs 12 143,687 122,080 143,687 122,080
Interest income 11 (15,848) (20,132) (15,835) (20,205)
Depreciation of property, plant and equipment 17 150,203 147,807 150,203 147,807
Depreciation of right of use assets 18 72,125 54,002 72,125 54,002
Amortisation of intangible assets 19 36,699 29,997 31,381 24,643
Amortisation of contract cost 31 5,432 2,676 5,432 2,676
Fixed assets written off - 3,041 - 3,041
Loss/(profit) on disposals of property, plant 14 117 (960) 117 (960)
and equipment
Impairment of /(reversal of impairment) of 17 865 (3,000) 865 (3,012)
property and equipment
Allowance for credit losses on cash and 14 919 - 919 -
Credit loss expense on trade and
other receivables 23 4,668 301 4,668 460
Impairment/(reversal) of trading inventory 22 2,484 (1,349) 2,484 (1,349)
Other movement in intangible assets - 32 - 32
Post employment benefit plan cost 35 7,062 731 7,062 731
Provision expense 33 12,199 13,603 12,199 13,603
(Gain)/loss on fair valuation of derivative 12 (71) 251 (71) 251
Share based payment 1,528 90 1,528 90
Changes in working capital:
(Increase)/decrease in inventories (3,733) 1,978 (3,733) 1,978
Increase in trade and other receivables (9,028) (14,375) (10,179) (14,534)
Increase in prepayments - (4,001) - (4,001)
Increase/(decrease) in trade and other payables 109,430 (19,385) 107,431 (18,928)
Increase in contract liabilities 15,495 4,068 15,174 4,060
833,107 608,732 834,702 608,333
178 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 179

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

40. Other adjustments to statement of cash flows 41. Contingent liabilities

40.1 Changes in liabilities arising from financing activities Contingent liabilities represent possible obligations that arise from past event whose existence will be confirmed
only by the occurrence or non-occurrence of uncertain future events not wholly within the control of the Group.
Group and Company Opening Cash Cash Foreign Additions Others Lease Total
balance raised paid modification/ The Group has N2.6 billion (2019: N16 billion) contingent liabilities arising from claims and litigations in the ordinary
exchange (restatement) course of business and the Group is defending these actions. These matters are currently being considered by
movement various courts and the timing of the judgements are unknown. In the opinion of the directors, which is based on
N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million
advice from the legal counsels, no material loss is expected to arise from these claims and litigations.
2020
Current interest bearing 32,453 111,642 (41,748) 3,566 - 84,686 - 190,599
42. Earnings and dividend per share
loans and borrowings
(excluding items listed below) 42.1 Basic earnings per share

Non-current interest bearing 380,089 32,039 - (451) - (81,126) - 330,551
loans and borrowings
(excluding items listed below)
Current lease liabilities 33,564 - (26,676) (205) 43,543 (128,173) 132,745 54,798
Earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Group by the
weighted average number of ordinary shares outstanding at the end of the reporting period. On the other hand,
diluted earnings per share is calculated by dividing the profit or loss attributable to the owners of the Company, by
the weighted average number of shares outstanding after adjusting for the effects of all dilutive potential ordinary
shares.

Non-current lease liabilties 458,509 - - - - 128,483 - 586,992 Group Company

2020 2019 2020 2019
904,615 143,681 (68,424) 2,910 43,543 3,870 132,745 1,162,940 restated* restated*

Profit attributable to equity holders (N ‘million) 205,214 203,283 212,482 206,482

2019
Weighted average numbers of ordinary shares 20,355 20,355 20,355 20,355
Current interest bearing 135,736 - (144,124) 1,444 - 39,397 - 32,453
loans and borrowings
(million)
(excluding items listed below) Basic/diluted EPS (N) 10.08 9.99 10.44 10.14

Non-current interest bearing 31,438 381,701 - (1,748) - (31,302) - 380,089 42.2 Dividend per share
loans and borrowings
(excluding items listed below) During the year ended 31 December 2020, N172.4billion (31 December 2019; N133.0billion) dividend was
approved and paid as follows:
Current lease liabilities 26,836 - (33,265) (15) 38,474 3,070 (1,536) 33,564
31 December 2019 final dividend: N101.2 billion
Non-current lease liabilities 479,165 - - - 52 2,217 (22,925) 458,509 30 June 2020 interim dividend: N71.2 billion

673,175 381,701 (177,389) (319) 38,526 13,382 (24,461) 904,615
Note: The additions of cash flows from current and noncurrent interest bearing loan and borrowing represent the net of
proceeds from borrowing and repayment of borrowings on the statement of cash flow.
On 28 July 2020, the Board of Directors approved interim dividends of N71.2 billion for the year ended 31
December 2020 (Interim 2019: N60 billion).
The interim dividend represents N3.50 kobo per ordinary share on the issued share capital of 20.3 billion ordinary
shares of 2 kobo each for the period ended 30 June 2020.

The Board of Directors recommend the payment of a final dividend of N5.90 per ordinary share of 2 kobo each
subject to shareholders’ approval at the forthcoming Annual General Meeting (AGM). If the proposed final dividend
is approved, the total dividend for the financial year ended 31 December 2020 will be N9.40 per share of 2 kobo
each.

Withholding tax would be deducted at the point of payment.

180 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
43. Foreign exchange exposure
Included in the Group statement of financial position are the following amounts denominated in currencies
other than the functional currency of the Group:
Group and Company
31 December 2020 United British Euro South Total
States Dollar Pound African Rand
Sterling
N ‘million N ‘million N ‘million N ‘million N ‘million
Assets
Current assets - - 11,276
Trade and other receivables 11,276 - and Yello Digital Financial Services Limited. Their principal activities are the provision of broadband fixed wireless
Current investments 18,816 - - - 18,816
Restricted cash 609 - - - 609
Cash and cash equivalents 13,294 1 11 - 13,306
43,995 1 11 - 44,007
Liabilities
Current liabilities
Trade and other payables 136,443 451 34 98 137,026
Borrowings 18,902 - - - 18,902
Lease liabilities 33,135 - - - 33,135
188,480 451 34 98 189,063
Non-current liabilities
Borrowings 22,840 - - 22,840
Lease liabilities 405,138 - - - 405,138
427,978 - - - 427,978
Total liabilities 616,458 451 34 98 617,041
31 December 2019
Assets
Current assets
Trade and other receivables 7,095 - - - 7,095
Current investments 11,853 - - - 11,853
Restricted cash 19,013 - - - 19,013
Cash and cash equivalents 4,598 7 1 - 4,606
42,559 7 1 - 42,567
Liabilities
Current liabilities
Trade and other payables 72,108 29 819 42 72,998
Borrowings 13,891 - - - 13,891
Lease liabilities 8,426 - - - 8,426
94,425 29 819 42 95,315
Non-current liabilities
Borrowings 20,028 - - 20,028
Lease liabilities 155,604 - - - 155,604
175,632 - - - 175,632
Total liabilities 270,057 29 819 42 270,947
Annual Report and Financial Statements 2020 181
Notes to the consolidated and separate financial statements
44. Related party transactions
Related party transactions constitute the transfer of resources, services or obligations between the Group and a
party related to the Group, regardless of whether a price is charged.
Various transactions are entered into by the Group during the year with related parties. The terms of these
transactions are at arm’s length.
Holding and ultimate holding companies
The Company’s holding company is MTN International (Mauritius) Limited, a company incorporated in the Republic
of Mauritius and its ultimate holding company is MTN Group Limited, a company incorporated in South Africa.
MTN Nigeria Communications Plc’s subsidiaries are XS Broadband Limited, Visafone Communications Limited
access service, high quality telecommunication services and mobile financial services respectively.
Key management personnel
For the purpose of defining related party transactions with key management personnel, key management is defined
as Directors and the Group’s Executive Committee (EXCOM) members having the authority and responsibility for
planning, directing and controlling the activities of the Group. It also includes close members of their families and
entities controlled or jointly controlled by these individuals.
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
Executive directors and EXCOM members
Salaries and other short-term employee benefits 1,932 1,842 1,932 1,842
Post-employment benefits 155 131 155 131
Other benefits 440 475 440 475
Bonuses 1,007 1,133 1,007 1,133
Share based payments 77 - 77 -
Non-executive directors
Fees 79 70 79 70
Other emoluments 355 165 355 165
Total 4,045 3,816 4,045 3,816
Executive directors’ and EXCOM members emoluments comprise:
Salaries and other short-term employee benefits: This includes the gross salary package and other allowances
paid on a monthly basis.
Post-employment benefits: This includes the company’s pension contribution paid monthly on behalf of
executive directors and EXCOM members.
Other benefits: These include lifestyle, medical and accommodation benefits. These are paid at periodic
intervals during the year.
Share based payment: This is equity compensation benefits for executive directors and EXCOM members in
respect of the share appreciation rights.
Bonus: This is a performance-based bonus, which is based on overall Group performance. Bonuses are
payable annually in arrears.
182 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 183

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

44. Related party transactions (continued) 44. Related party transactions (continued)

Non-executive directors’ emoluments comprise: Group Company
2020 2019 2020 2019
Directors’ emoluments: This includes sitting allowance for attending Board and Board Committee Meetings N’million N’million N’million N’million
paid after each meeting. It also includes travel and accommodation related expenses. Related party balances

Directors fees: These are board and committee member appointment fees paid quarterly to non-executive Amounts due to related parties
directors. MTN Sudan 111 76 111 76
MTN Uganda 2 2 2 2
The following is a summary of transactions between the Group and its related parties during the year and balances MTN Zambia 7 5 7 5
due at year end: MTN Dubai 565 362 565 362
Global Trading Company 491 371 491 371
Group Company MTN Management Services Co 1,517 1,064 1,517 1,064
2020 2019 2020 2019 MTN Benin 1,302 1,195 1,302 1,195
N ‘million N ‘million N ‘million N ‘million MTN Cameroon 282 628 282 628
MTN Congo 13 9 13 9
Parent company: MTN International (Mauritius) MTN Cote d’Ivoire 80 168 80 168
Limited MTN Ghana 145 770 145 770
Dividends paid (excluding withholding tax): MTN Guinea Bissau 1 - 1 -
MTN International (Mauritius) Ltd 121,325 93,629 121,325 93,629 MTN Rwanda 1 2 1 2
MTN South Africa 14 589 14 589
Redemption of preference shares - 112,345 - 112,345 Interserve Overseas Ltd 6,133 2,023 6,133 2,023
MTN Global Connect 2,482 613 2,482 613
Subsidiaries MTN International (Mauritius) Limited 14,328 8,492 14,328 8,492
Visafone Communications Limited MTN Holdings - 14 - 14
Purchases - - - 34 Total 27,474 16,383 27,474 16,383

Cost charged for hosting its customers on the - - - 704
network
Net settlement of liabilities by the subsidiary - - (516) -
Amounts (due to)/due from related party - - (337) 179
Yello Digital Financial Services Limited
Net settlement of liabilities by the subsidiary - - 1,069 -
Amounts due from related party - - 2,171 1,103
XS Broadband Limited
Net settlement of liabilities by the subsidiary - - 25 -
Amounts due from related party - - 638 613
Related parties under MTN Group
MTN Nigeria transacts with its sister companies under the MTN Group. These transactions are listed in the next
page.
Amounts due from related parties
MTN Sudan 96 87 96 87
MTN Zambia 40 18 40 18
MTN Global Connect 9,376 6,292 9,376 6,292
Lonestar Communications Corporations (Liberia) 35 16 35 16
MTN Benin 37 274 37 274
MTN Cameroon 489 1,688 489 1,688
MTN Congo 39 19 39 19
MTN Cote d’Ivoire 80 340 80 340
MTN Ghana - 719 - 719
MTN Guinea Bissau 27 9 27 9
MTN Guinea Conakry 17 14 17 14
MTN Namibia - - - -
MTN Rwanda - - - -
MTN South Africa 1 750 1 750
MTN Group Management Services 3,232 2,264 3,232 2,264
Total 13,469 12,490 13,469 12,490
184 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
44. Related party transactions (continued)
Group Company
2020 2019 2020 2019
N’million N’million N’million N’million
Related party transactions
Purchases from related parties
MTN Sudan 27 4 27 4
MTN Uganda 20 4 20 4
MTN Zambia 7 1 7 1
MTN Dubai 3,453 2,388 3,453 2,388
MTN South Sudan 3 1 3 1
Global Trading Company 1,029 1,106 1,029 1,106
MTN Global Connect 1,731 17 1,731 17
Lonestar Communications Corporations (Liberia) 3 4 3 4
MTN Benin 1,758 48 1,758 48
MTN Cameroon 278 35 278 35
MTN Congo 4 1 4 1
MTN Cote d’Ivoire 72 10 72 10
MTN Cyprus 3 2 3 2
MTN Ghana 739 96 739 96
MTN Guinea Bissau 3 1 3 1
MTN Guinea Conakry 1 1 1 1
MTN Irancell 1 - 1 -
MTN Rwanda 9 5 9 5
Mobile Telephone Networks (Pty) Ltd 621 35 621 35
Sales to related parties
MTN Sudan 1 35 1 35
MTN Uganda 1 13 1 13
MTN Zambia 13 17 13 17
MTN South Sudan 11 3 11 3
MTN Namibia - 1 - 1
Lonestar Communications Corporations (Liberia) 2 3 2 3
MTN Benin 68 927 68 927
MTN Cameroon 24 519 24 519
MTN Congo - 10 - 10
MTN Cote d’Ivoire 4 169 4 169
MTN Ghana 36 4,000 36 4,000
MTN Guinea Conakry 1 6 1 6
MTN Rwanda 1 1 1 1
Mobile Telephone Networks (Pty) Ltd 24 517 24 517
MTN Global Connect 14,328 6,292 14,328 6,292
The receivables from related parties arise mainly from professional, roaming and interconnect services
transactions rendered on behalf of other operations within MTN Group. These are due one month after the date
of rendering of service.
Trade payables to related parties arise mainly from professional fees, interconnect, roaming service transactions
rendered on MTN Nigeria’s behalf by other operations within the MTN Group and are due one month after the
date of purchase.
No allowance for expected credit loss on receivables from related parties because MTN Nigeria is in a net payable
position.
Annual Report and Financial Statements 2020 185
Notes to the consolidated and separate financial statements
44. Related party transactions (continued)
Summary of amounts due and from related parties:
Group Company
2020 2019 2020 2019
restated* restated*
N ‘million N ‘million N ‘million N ‘million
Note(s)
Amount due to related parties
Related parties 27,474 16,383 27,474 16,383
Subsidiaries - - 337 -
30 27,474 16,383 27,811 16,383
Amounts due from related parties
Related parties 13,469 12,490 13,469 12,490
Subsidiaries - - 2,988 1,895
23 13,469 12,490 16,457 14,385
Other related party transactions
Group and Company 2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
Names of related entity Dividends paid Prerence shares redeemed
Hermitage Overseas Corporation** - 4,747 - 5,940
NISPV Limited** - 305 - 381
Celtelecom Investment Limited** - 1,962 - 2,455
N-Cell Limited** - 962 - 1,204
Universal Communications Limited** - 1,180 - 1,476
SASPV Limited** - 850 - 1,063
One Africa Investment Limited** - 1,559 - 1,952
Purchaes from Amount due to
Eventful Ltd - 301 - 88
Aluko & Oyebode** - 968 - 114
Ecart Internet Service Nigeria Ltd (Jumia) 196 491 - 215
Brawal Line Limited** - 30 - -
The Temple Management Co. Ltd** - 14 - 1
Main One Cable Company Nigeria Limited 367 269 - 46
Total 563 2,073 - 464
**The entity relates to directors that retired in 2019.
Other related parties relate to entities that transact with MTN Nigeria and whose directors also serve on the Board
of MTN Nigeria. Other related parties as at 31 December 2020 include:
Ecart Internet Service Nigeria Ltd (Jumia)
Jumia is an online store that delivers goods and renders logistic services to MTN Nigeria. Karl Toriola is a director
in Jumia.
Eventful Ltd
Eventful Ltd provides event management services to MTN Nigeria. Omobola Johnson is related to the CEO of
Eventful Ltd.
Main One Cable Nigeria Ltd
MTN Nigeria Communications PLC purchases capacity from Main One Cable Company. Karl Toriola is a minority
shareholder in Main One Cable Company Nigeria Limited.
186 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 187

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

45.
Financial instruments and risk management 45.
Financial instruments and risk management (continued)

Introduction 31 December 2019 Amortised FVTPL FVOCI Total
Financial assets and financial liabilities are recognised on the Group’s statement of financial position when costs carrying
the Group becomes a party to the contractual provisions of the instrument. The Group classifies its financial amount
instruments into the following categories depending on the purpose for which the financial instruments were N ‘million N ‘million N ‘million N ‘million
acquired:
Current financial assets
Financial assets: Amortised cost, fair value through OCI (FVOCI) and fair value through profit or loss (FVTPL); Trade and other receivables 41,017 - - 41,017
Current investments 45,057 3,634 6,136 54,827
Financial liabilities: fair value through profit or loss and amortised cost. Cash and cash equivalents 116,278 - - 116,278
Restricted cash 38,050 - - 38,050
Financial instruments comprise trade and other receivables, cash and cash equivalents, current investments, 240,402 3,634 6,136 250,172
borrowings and trade and other payables. 240,402 3,634 6,136 250,172

The Group has exposure to the following risks from its use of financial instruments: credit risk, liquidity risk and
market risk (foreign exchange and interest rate risk). This note presents information about the Group’s exposure
to each of the above risks, objectives, policies and processes for measuring and managing risk, and the Group’s
management of capital. Further quantitative disclosures are included throughout these consolidated financial
statements.
Non-current financial liabilities
Borrowings 380,089 - - 380,089
Lease liabilites 458,509 - - 458,509
Derivatives - 265 - 265
838,598 265 - 838,863

Risk profile Current financial liabilities

The Group’s overall risk management programme focuses on the unpredictability of its markets and seeks to Trade and other payables 108,307 - - 108,307
minimize potential adverse effects on the performance of the Group and its subsidiaries. Borrowings 32,453 - - 32,453
Lease liabilities 33,564 - - 33,564
Risk management is carried out under policies approved by the Board of Directors of the Group. The Directors’ 174,324 - - 174,324
identify, evaluate and manage the enterprise risks in line with the MTN Group Risk Management Framework. 1,012,922 265 - 1,013,187
The Board provides written principles for overall risk management, as well as for specific areas such as foreign
exchange risk, interest rate risk, credit risk and investing cash. Company
31 December 2020
The carrying value of financial instruments materially approximate their fair values. Non-current financial assets
Other investments 25,847 - - 25,847
45.1 Accounting classes and fair values 25,847 - - 25,847

Group Current financial assets

31 December 2020 Amortised FVTPL FVOCI Total Trade and other receivables 42,370 - - 42,370
costs carrying Current investments 121,803 24,980 - 146,783
amount Cash and cash equivalents 271,041 - - 271,041
N ‘million N ‘million N ‘million N ‘million Restricted cash 47,913 - - 47,913
483,127 24,980 - 508,107
Non-current financial assets 508,974 24,980 - 533,954
Other investments 25,847 - - 25,847
25,847 - - 25,847 Non-current financial liabilities
Current financial assets Borrowings 330,551 - - 330,551
Trade and other receivables 40,014 - - 40,014 Lease liabilites 586,992 - - 586,992
Current investments 121,803 24,980 - 146,783 917,543 - - 917,543
Cash and cash equivalents 275,198 - - 275,198
Restricted cash 47,913 - - 47,913 Current financial liabilities
484,928 24,980 - 509,908 Trade and other payables 262,999 - - 262,999
510,775 24,980 - 535,755 Borrowings 190,599 - - 190,599
Lease liabilites 54,798 - - 54,798
Non-current financial liabilities Derivatives - 194 - 194
Borrowings 330,551 - - 330,551 508,396 194 - 508,590
Lease liabilities 586,992 - - 586,992 1,425,939 194 - 1,426,133
917,543 - - 917,543
Current financial liabilities
Trade and other payables 265,692 - - 265,692
Borrowings 190,599 - - 190,599
Lease liabilites 54,798 - - 54,798
Derivatives - 194 - 194
511,089 194 - 511,283
1,428,632 194 - 1,428,826
188 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 189

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

45.
Financial instruments and risk management (continued) 45. Financial instruments and risk management (continued)

31 December 2019 Amortised FVTPL FVOCI Total The Group’s financial instruments measured at fair value are presented below
costs carrying
amount Group and Company
N ‘million N ‘million N ‘million N ‘million 31 December 2020 Level 1 Level 2 Level 3 Total
N ‘million N ‘million N ‘million N ‘million
Current financial assets
Trade and other receivables 42,224 - - 42,224 Assets
Current investments 45,057 3,634 6,136 54,827 Treasury bills at fair value through profit and loss 24,980 - - 24,980
Cash and cash equivalents 114,301 - - 114,301 24,980 - - 24,980
Restricted cash 38,000 - - 38,000
239,582 3,634 6,136 249,352 Liabilities
239,582 3,634 6,136 249,352 Derivatives - 194 - 194
- 194 - 194
Non-current financial liabilities
Borrowings 380,089 - - 380,089 31 December 2019
Lease liabilites 458,509 - - 458,509 Assets
Derivatives - 265 - 265 Treasury bills at fair value through profit and loss 3,634 - - 3,634
838,598 265 - 838,863 Treasury bills at fair value through other
comprehensive income 6,136 - - 6,136
Current financial liabilities 9,770 - - 9,770
Trade and other payables 107,579 - - 107,579
Borrowings 32,453 - - 32,453 Liabilities
Lease liabilities 33,564 - - 33,564 Derivatives - 265 - 265
173,596 - - 173,596 - 265 - 265
1,012,194 265 - 1,012,459
Financial asset at amortised cost and financial liabilities at amortised cost – The carrying value of current
45.2 Fair value estimation receivables and liabilities measured at cost approximates their fair value.
A number of the Group’s accounting policies and disclosures require the measurement of fair values. The Group
uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available The fair values of the majority of the non-current liabilities measured at amortised cost are also not significantly
to measure fair value maximising the use of relevant observable inputs and minimising the use of unobservable different from their carrying values.
inputs.
COVID-19 impact
Where a financial asset or liability is carried on the statement of financial position at fair value, additional disclosure The impact of the outbreak on fair value measurement for treasury bills although immaterial has been assessed
is required. In particular, the fair values need to be classified in accordance with the fair value hierarchy. This fair and recognized in the financial statements.
value hierarchy distinguishes between different fair value methodologies based on the level of subjectivity applied
in the valuation. The fair value hierarchy is split into the following levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities (e.g. the price quoted on a
stock exchange for a listed share).

Level 2: Valuation techniques with inputs other than quoted prices (included within level 1) that are observable for
the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (e.g. a valuation that
uses observable interest rates or foreign exchange rates as inputs).

Level 3: Valuation techniques with inputs that are not based on observable market data (that is, unobservable
inputs) (e.g. a valuation that uses the expected growth rate of an underlying business as input).
190 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
45.3 Financial assets and liabilities subject to offsetting
Financial assets and liabilities are offset and the net amount reported in the statement of financial position where
the Group currently has a legally enforceable right to offset the recognised amounts, and there is an intention to
settle on a net basis or realise the asset and settle the liability simultaneously. Interconnect parrtners payables
are offset against its receivables and reported on a net basis in the statement of financial position.
The following table presents the Group’s financial assets and liabilities that are subject to offsetting:
Group and Company
31 December 2020 Gross Amount Net
amount offset amount
N ‘million N ‘million N ‘million
Current financial assets
Interconnect receivables 16,260 10,781 5,479
16,260 10,781 5,479
Current financial liabilities Cash and cash equivalents 275,198 116,278 271,041 114,301
Interconnect payables 13,461 10,781 2,680
13,461 10,781 2,680
31 December 2019
Current financial assets
Interconnect receivables 24,618 10,349 14,269
24,618 10,349 14,269
Current financial liabilities of its counter parties are continuously monitored and the aggregate values of investment portfolio is spread
Interconnect payables 13,916 10,349 3,567
13,916 10,349 3,567
Annual Report and Financial Statements 2020 191
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
45.4 Credit risk
Credit risk or the risk of financial loss to the Group due to customers or counter parties not meeting their contractual
obligations and is managed through the application of credit approvals, limits and monitoring procedures.
The Group’s maximum exposure to credit risk is represented by the carrying amount of the financial assets that
are exposed to credit risk.
Group Company
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
The following instruments give rise to credit risk
Other investments 25,847 - 25,847 -
Trade and other receivables 40,014 41,017 42,370 42,224
Restricted cash 47,913 38,050 47,913 38,000
Current investments 121,803 51,193 121,803 51,193
536,622 246,538 483,127 245,718
45.4.1 Cash and cash equivalents, and restricted cash
Cash and cash equivalents, restricted cash and current investments. The Group’s exposure and the credit ratings
amongst approved financial institutions, which are lending institutions to the Group. The Group’s Cash investment
activity is based on the SLY (Safety, Liquidity and Yield) principle while it also limits its cash holdings in a financial
institution to a maximum of 40% of total investment portfolio to manage concentration risk. The Exposure is
controlled by a right of setoff and counter party exposure limits derived from the facility amount provided to the
Group, the credit rating of the lending institutions as well as the cash collection by each of the lending institutions
The National Long Term credit ratings of the counterparty financial institutions where the Group’s bank deposits
and restricted cash range from AAA to BBB-.
The credit ratings of the counterparty financial institutions where the Group’s current investments range from B-
to B.
45.4.2 Trade receivables
Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures
and control relating to customer credit risk management. Credit quality of a customer is assessed based on an
extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment.
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit
losses. The provision rates are based on days past due for groupings of various customer segments with similar
loss patterns (i.e., by geographical region, product type, customer type).
The Group holds collateral as security for trade receivables relating to trade partners. These are bank guarantees
held with bank with credit ratings of AAA to BBB-. A total of N4.41 billion was held as collateral for same value of
receivables as at 31 December 2020 (31 December 2019: N4.75 billion). Trade partners are to pay within seven
days of credit advanced. In the event of default, the bank guarantee is recalled immediately to offset the credit.
.
192 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
Set out below is the information about the credit risk exposure on the Group’s trade receivables using a
provision matrix.
Group
31 December 2020 Current More than 30 More than 90 More than 180 Total
days past due days past due days past due
N ‘000 N ‘000 N ‘000 N ‘000 N ‘000
Expected loss rate 8.90% 27.13% 33.40% 100.00% circulation of money in the country or borrow from international sources to pay off its local debt. In line with the
Gross carrying amount 16,200 5,786 6,452 5,775 34,213
Loss allowance 1,441 1,570 2,155 5,775 10,941
Credit impaired No No No Yes
Group
31 December 2019 Current More than 30 More than 90 More than 180 Total
days past due days past due days past due
N ‘000 N ‘000 N ‘000 N ‘000 N ‘000
Expected loss rate 1.04% 5.05% 7.11% 100.00% the probability of default (default rate) based on rating by international credit rating agencies like S&P, Moodys and
Gross carrying amount 16,950 3,898 4,376 5,589 30,813
Loss allowance 176 197 311 5,589 6,273
Credit impaired No No No Yes
Company
31 December 2020 Current More than 30 More than 90 More than 180 Total
days past due days past due days past due
N ‘000 N ‘000 N ‘000 N ‘000 N ‘000
Expected loss rate 6.52% 27.57% 37.85% 100.00%
Gross carrying amount 15,970 5,187 6,291 5,671 33,119
Loss allowance 1,041 1,430 2,381 5,671 10,523
Credit impaired No No No Yes
Company
31 December 2019 Current More than 30 More than 90 More than 180 Total
days past due days past due days past due
N ‘000 N ‘000 N ‘000 N ‘000 N ‘000
Expected loss rate 0.63% 1.13% 3.78% 100.00% Balance at 31 December 2019 116,278 45,057 - -
Gross carrying amount 16,754 3,791 3,546 5,572 29,663
Loss allowance 106 43 134 5,572 5,855
Credit impaired No No No Yes
COVID-19 impact
In view of COVID-19, historical credit losses have been adjusted for the effects of current conditions and forecasts
of future conditions. Credit impaired financial assets for the year ended 31 December 2020 stood at N4.3 billion
(31 December 2019 N4.4 billion).
Annual Report and Financial Statements 2020 193
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
45.4.3 Current and other investments
Current investments are all liquid assets that consist of marketable securities. They are primarily selected based
on the funding and liquidity plan of the Group and from issuers with the least known credit and default risk. In
connection with investment decisions, priority is placed on the issuer’s very high creditworthiness and the present
yield/interest rates offered. In this assessment, the Group also considers the credit risk assessment of the issuer
by the rating agencies such as Fitch, Standards and Poor (S & P). The Federal Government of Nigeria (FGN) has
one of the lowest credit risks known in the country and in a possibility of default, it could simply increase the
Group’s risk policy, its investments in treasury bills have no historical rate of default and the investments can be
liquidated and sold at the prevalent market rates at that point in time. The rating for the FGN is B-, a speculative
grade, for its Short-Term Local-Currency Issuer Default Rating (IDR) which is a stable rating but not yet at the
investment grade level which is hardly given to African Countries. Current investments are thus not subject to a
material credit risk and are allocated to stage 1 of the impairment model.
Expected Credit Losses (ECLs) are based on the difference between the contractual cash flows due in accordance
with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the
original effective interest rate. In determining the cash flows that the Group expects to receive, the Group apply
Fitch as well as local ratings by Agusto and Co.
Total estimated credit loss as at 31 December 2020 stood at N292.5 million (31 December 2019: Nil) while credit
loss expense for the period stood at N292.5 million (31 December 2019: Nil).
The National Long Term credit ratings of the counterparty financial institutions where the Group’s current
investments range from AAA to BBB-.
Reconciliation of gross carrying amount and related ECL
Group Cash and cash Current Other Total ECL
equivalent investments investments
N ‘million N ‘million N ‘million N ‘million
Balance at 1 January 2019 53,012 63,732 - -
Net movement during the year 63,112 (18,675) - -
Exchange gain/(loss) 154 - - -
Allowance for expected credit losses - - - -
Net movement during the year 158,823 76,815 26,070 -
Exchange gain/(loss) 724 - - -
Allowance for expected credit losses (627) (69) (223) (919)
Balance at 31 December 2020 275,198 121,803 25,847 (919)
Company
Balance at 1 January 2019 52,806 63,732 - -
Net movement during the year 61,342 (18,675) - -
Exchange gain/(loss) 153 - - -
Allowance for expected credit losses - - - -
Balance at 31 December 2019 114,301 45,057 - -
Net movement during the year 156,643 76,816 26,090 -
Exchange gain/(loss) 724 - - -
Allowance for expected credit losses (627) (69) (223) (919)
Balance at 31 December 2020 271,041 121,804 25,867 (919)
194 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
45.5 Liquidity risk
Liquidity risk is the risk that an entity will be unable to meet its obligations as they become due.
The Group’s approach to managing liquidity risk is to ensure that sufficient liquidity is available to meet its liabilities
when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Group’s reputation.
The Group ensures it has sufficient cash on demand (currently the Group is maintaining a positive cash position)
or access to facilities to meet expected operational expenses, including the servicing of financial obligations; this
excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural
disasters.
COVID-19 impact
We have considered the potential of liquidity and working capital shortfalls due to changes in liquidity risk on
financial instruments as a result of the pandemic. We have not had working capital shortfalls as a result of
COVID-19. Beyond the steady operational cashflows, the current investment climate has provided an opportunity
to raise funds at moderately low rates as witnessed N100 billion Commercial Paper that was oversubscribed
Group Company Non-current
2020 2019 2020 2019
N ‘million N ‘million N ‘million N ‘million
The following are the liquid resources:
Cash and cash equivalents 275,198 116,278 271,041 114,301
Trade and other receivables 40,014 41,017 42,370 42,224
Current investments 146,783 54,827 146,783 54,827
461,995 212,122 460,194 211,352
Annual Report and Financial Statements 2020 195
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
The following are contractual maturities of financial liabilities
Group Carrying Payable More than More than More than More than More than Total
amount within one one month three one year two years five years
month or but not months but not not
on demand exceeding not exceeding exceeding exceeding
three months one year two years five years
31 December
2020 N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million
Trade and
other
payables 265,692 192,515 73,177 - - - - 265,692
Derivatives 194 - - 194 - - - 194
Current
borrowings 190,599 18,070 88,522 87,650 - - - 194,242
Current
lease liability 54,798 - 31,785 89,651 - - - 121,436
Non-current
Borrowings 330,551 - - - 109,938 265,000 19,282 394,220
lease liability 586,992 - - - 120,881 357,299 459,303 937,483
1,428,826 210,585 193,484 177,495 230,819 622,299 478,585 1,913,267
31 December 2019
Trade and
other
payables 108,307 68,353 39,954 - - - 108,307
Derivatives 265 - - - 265 - - 265
Current
borrowings 32,453 - 19,905 71,339 - - - 91,244
Current
lease liability 33,564 - 28,245 73,553 - - - 101,798
Non-current
borrowings 380,089 - - - 132,767 310,052 94,044 536,863
Non-current
lease liability 458,509 - - - 99,397 285,118 435,728 820,243
1,013,187 68,353 88,104 144,892 232,429 595,170 529,772 1,658,720
196 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
The following are contractual maturities of financial liabilities
Company Carrying Payable More than More than More than More than More than Total
amount within one one month three one year two years five years
month or but not months but not not
on demand exceeding not exceeding exceeding exceeding
three months one year two years five years
31 December
2020 N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million
Trade and
other
payables 262,999 190,895 72,104 - - - - 262,999
Derivatives 194 - - 194 - - - 194
Current
borrowings 190,599 18,070 88,522 87,650 - - - 194,242
Current
lease liability 54,798 - 31,785 89,651 - - - 121,436
Non-current
borrowings 330,551 - - - 109,938 265,000 19,282 394,220
Non-current
lease liability 586,992 - - - 120,881 357,299 459,303 937,483
1,426,133 208,965 192,411 177,495 230,819 622,299 478,585 1,910,574
31 December 2019
Trade and
other
payables 107,579 67,912 39,667 - - - - 107,579
Derivatives 265 - - - 265 - - 265
Current
borrowings 32,453 - 19,905 71,339 - - - 91,244
Current
lease liabilities 33,564 - 28,245 73,553 - - - 101,798
Non-current
borrowings 380,089 - - - 132,767 310,052 94,044 536,863
Non-current
lease liabilities 458,509 - - - 99,396,747 285,118,485 435,727,955 820,243,187
1,012,459 67,912 87,817 144,892 99,529,779 285,428,537 435,821,999 821,080,936
Annual Report and Financial Statements 2020 197
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
45.6 Market risk
Market risk is the risk that changes in market prices (interest rate, price risk and currency risk) will affect the
Group’s income or the value of its holding of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return. The Group
is not exposed to price risk.
Derivatives are entered into solely for risk management purposes and not as speculative investments. The Group
treasury policy specifies approved instruments which may be used to economically hedge the Group’s exposure
to variability in foreign currency and to manage and maintain market risk exposures within the parameters set by
the Group’s board of directors.
45.6.1 Interest rate risk
Interest rate risk is the risk that the cash flow or fair value of an interest bearing financial instrument will fluctuate
because of changes in market interest rates.
Financial assets and liabilities that are sensitive to interest rate risk are cash and cash equivalents, short term
investments and loans payable. The interest rates applicable to these financial instruments are on a combination
of floating and fixed basis in line with those currently available in the market.
The Group’s interest rate risk arises from the repricing of the Group’s floating rate debt, incremental funding or
new borrowings, the refinancing of existing borrowings and the magnitude of the significant cash balances which
exist.
The Group manages its debt on an optimal mix of local and foreign borrowings and fixed and floating interest
rates.
Interest rate profile
At the reporting date the interest rate profile of the Group’s financial instruments is as follows:
31 December 2020 31 December 2019
Group Fixed rate Variable rate Non interest Fixed rate Variable rate Non interest
instruments instruments bearing instruments instruments bearing
N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million
Financial assets
Cash and cash
equivalents 275,198 - - 116,278 - -
Current investments 146,783 - - 54,827 - -
Restricted cash - - 47,913 - - 38,050
Trade and other
receivables - - 40,014 - - 41,017
Other investments 25,847 - - - - -
447,828 - 87,927 171,105 - 79,067
Financial liabilities
Trade payables - - 67,384 - - 27,467
Accrued expenses - - 170,227 - - 64,023
Other payables - - 607 - - 434
Amounts due to
related parties - 27,474 - - 16,383 -
Current Regulatory
fine liability - - - - - 105,127,783
Current Borrowings - 190,599 - - 32,453 -
Non-current
Borrowings - 330,551 - - 380,089 -
- 548,624 238,218 - 428,925 91,924
198 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
31 December 2020 31 December 2019
Company Fixed rate Variable rate Non interest Fixed rate Variable rate Non interest
instruments instruments bearing instruments instruments bearing
N ‘million N ‘million N ‘million N ‘million N ‘million N ‘million
Financial assets
Cash and cash
equivalents 271,041 - - 114,301 - -
Current investments 146,783 - - 54,827 - -
Restricted cash - - 47,913 - - 38,000
Trade and other
receivables - - 42,370 - - 42,224
Other Investments 25,847 - - - - -
443,671 - 90,283 169,128 - 80,224
Financial liabilities
Trade payables - - 65,624 - - 27,298
Accrued expenses - - 168,957 - - 63,469
Other payables - - 607 - - 429
Amounts due to
related parties - 27,811 - - 16,383 -
Current Regulatory
fine liability - - - - - 105,127,783
Current Borrowings - 190,599 - - 32,453 -
Non-current
Borrowings - 330,551 - - 380,089 -
- 548,961 235,188 - 428,925 91,196
COVID-19 impact The Group is mainly exposed to fluctuations in foreign exchange rates in respect of the US Dollar, being the
Interest rates on borrowings are still trending in the Pre- COVID-19 direction in a downward direction, so there has
not been a major impact of the COVID-19 on borrowings.
Interest rate sensitivity analysis
The following sensitivity analysis has been prepared using a sensitivity rate which is used when reporting interest
rate risk internally to key management personnel and represents management’s assessment of the reasonably
possible change in interest rates. All other variables remain constant. The sensitivity analysis includes only
financial instruments exposed to interest rate risk which were recognised at the reporting date. No changes
were made to the methods and assumptions used in the preparation of the sensitivity analysis compared to the
previous reporting period.
The Group has used a sensitivity analysis technique that measures the estimated change to profit or loss of an
instantaneous increase or decrease of 1% (100 basis points) in market interest rates, from the rate applicable at
31 December, for each class of financial instrument with all other variables remaining constant.
The Group is mainly exposed to fluctuations in the following market interest rates: LIBOR and NIBOR. Changes
in market interest rates affect the interest income or expense of floating rate financial instruments. Changes in
market interest rates only affect profit or loss in relation to financial instruments with fixed interest rates if these
financial nstruments are recognised at their fair value.
A change in the above market interest rates at the reporting date would have increased/(decreased) profit before
tax by the amounts shown overleaf.
Annual Report and Financial Statements 2020 199
Notes to the consolidated and separate financial statements
45. Financial instruments and risk management (continued)
The analysis has been performed on the basis of the change occurring at the reporting date and assumes that
all other variables, in particular foreign currency rates, remains constant. The analysis is performed on the same
basis for prior year.
Group and Company 31 December 2020 31 December 2019
Increase/(decrease) in profit before tax Increase/(decrease) in profit before tax
Change in Upward Downward Change in Upward Downward
interest rate change in change in interest rate change in change in
interest rate interest rate interest rate interest rate
% N ‘million N ‘million % N ‘million N ‘million
LIBOR 1 (292) 292 1 (345) 345)
NIBOR 1 (3,217) 3,217 1 (3,800) 3,800
45.6.2 Currency risk
Currency risk is the exposure to exchange rate fluctuations that have an impact on cash flows and financing
activities.
The Group manages foreign currency risk on major foreign denominated purchase orders through the use of
Letters of Credit. The Group has also entered into a currency swap arrangement to enhance dollar liquidity to
address critical operational requirements.
Refer to Note 43 for details of financial instruments exposed to currency risk.
Sensitivity analysis
significant foreign denominated currency.
The Group has used a sensitivity analysis technique that measures the estimated change to the income statement
of an instantaneous 10% strengthening or 5% weakening in the Nigerian Naira against the US Dollar, from the
rate applicable at 31 December, for each class of financial instrument with all other variables, in particular interest
rates, remaining constant.
A change in the foreign exchange rates to which the Group is exposed at the reporting date would have increased/
(decreased) profit before tax by the amounts shown below.
The analysis has been performed on the basis of the change occurring at the start of the reporting period. The
analysis is performed on the same basis for the Company.
Group and Company 31 December 2020 31 December 2019
Increase/(decrease) in profit before tax Increase/(decrease) in profit before tax
10% weakening in Naira, 5% strengthening in 10% weakening in 5% strengthening in
resulting in a decrease Naira, resulting in an Naira, resulting in an Naira, resulting in an
in profit before tax increase in profit decrease in profit increase in profit
before tax before tax before tax
Denominated: N ‘million N ‘million N ‘million N ‘million
Functional
USD:NGN (10,164) 5,082 (2,470) 1,235
200 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 201

Notes to the consolidated and separate financial statements Notes to the consolidated and separate financial statements

45. Financial instruments and risk management (continued) 46. Share based payments (continued)

45.7 Capital risk management 46.2 Share appreciation rights

The Group seeks to optimise its capital structure by ensuring adequate gearing levels taking into consideration The share based payment liability above relates to the following notional share scheme.
working capital, cash flow, existing loan covenants, operational requirements, business plan and boader macro-
economic conditions. MTN Nigeria Communications Plc operates a Notional Share Scheme, where qualifying staff receive the increase
in a phantom MTN share price at exercise date as compared to the offer price. The scheme is a cash-settled share
It maximizes external borrowings on the back of its strong cash generating capacity. In line with its funding based payment scheme. The vesting period is 100% on the third anniversary after the grant date. Options expire
policy, the Group diversifies funding sources across local and international market and ensures that new faciity after 10 years from grant date.
conditions comply with existing loan covenants.
Group and Company
Management monitors Net Debt to EBITDA and EBITDA to Net Interest in line with the financial covenats in the 2020
loan agreement while it seeks to limit refinancing risk by controlling the concentations of maturing obligations in
Offer Naira strike Number outstanding at Offered During Expired\Forfeited Exercised Number outstanding at Price Amount
the short end of maturity profile. Equity approximates share capital and reserve. EBITDA is defined as ernings date price 1 January 2020 2020 During 2020 During 2020 31 December 2020 appreciation of cash
before interest, tax, depreciation, amortisation and goodwill impairment/losses. option per settled
LAN option

Gross debt relates to MTN Nigeria syndicated medium term loan, net debt is the gross debt less cash and cash LAN GAN LAN GAN LAN GAN LAN GAN LAN GAN LAN GAN NGN NGN
equivalents and total funding is gross debt plus equity. - - - - - - - - - - - - - -
- - - - - - - - - - - - - -
- - - - - - - - - - - - - -
Group Company
01-Apr-2010 - - 6,680 5,660 - - 6,680 5,660 - - - - - -
2020 2019 2020 2019 01-Apr-2011 6,067 3,123 47,600 21,550 - - 18,700 11,240 15,200 - 13,700 10,310 144 2,183,480
restated* restated* 01-Apr-2012 6,100 2,780 106,300 64,580 - - 15,620 22,530 68,580 - 22,100 42,050 110 7,552,030
N ‘million N ‘million N ‘million N ‘million 01-Apr-2013 5,009 2,781 251,352 194,840 - - 11,060 16,980 213,220 - 27,072 177,860 1,201 256,102,806
01-Apr-2014 5,313 3,367 56,600 38,600 - - 1,500 2,000 53,400 - 1,700 36,600 897 47,916,888
Revenue 1,346,390 1,169,831 1,346,288 1,167,515 01-Apr-2015 5,299 3,354 143,700 98,000 - - 15,300 13,200 111,900 - 16,500 84,800 912 102,008,040
01-Apr-2016 4,747 1,787 160,900 182,800 - - 1,390 1,900 144,540 - 14,970 180,900 1,464 211,535,735
Operating expenses excluding depreciation and
01-Apr-2017 4,207 2,810 340,100 212,000 - - 2,600 4,800 314,900 - 22,600 207,200 2,003 630,842,319
amortisation (685,740) (625,031) (690,806) (624,195)
01-Apr-2018 3,820 3,619 548,200 241,300 24,900 11,500 36,200 16,500 2,500 - 534,400 236,300 -
EBITDA 660,650 544,800 655,482 543,320 01-Apr-2019 4,797 2,189 530,200 501,000 - - 18,500 16,200 1,050 - 510,650 484,800 -
Gross debt 521,150 412,542 521,150 412,542 01-Apr-2020 6,210 1,016 - - 502,200 1,315,300 12,000 31,600 - - 490,200 1,283,700 -
Cash and cash equivalents (275,198) (116,278) (271,041) (114,301) 2,191,632 1,560,330 527,100 1,326,800 139,550 142,610 925,290 - 1,653,892 2,744,520 1,258,141,298
Net debt 245,952 296,264 250,109 298,241
Gross debt 521,150 412,542 521,150 412,542
Equity 178,386 145,857 202,232 162,435 2019
Total funding 699,536 558,399 723,382 574,977
Gross debt :Total funding 74% 74% 72& 72% Offer Naira strike Number outstanding at Offered During Expired\Forfeited Exercised Number outstanding at
date price 1 January 2019 2019 During 2019 During 2019 31 December 2019
Net debt: Total funding 35% 53% 35% 52%
Net debt : EBITDA 37% 54% 38% 55% LAN GAN LAN GAN LAN GAN LAN GAN LAN GAN LAN GAN
- - - - - - - - - - -
- - - - - - - - - - -
46. Share based payments
01-Apr-2008 2,916 2,160 - - - - - - - - - -
01-Nov-2008 2,916 1,291 - - - - - - - - - -
46.1 Share based payment liability
01-Apr-2009 3,726 1,570 - - - - - - - - - -
Group Company 01-Apr-2010 4,991 2,288 6,680 5,660 - - - - - - 6,680 5,660
2020 2019 2020 2019 01-Apr-2011 6,067 3,123 47,600 21,550 - - - - - - 47,600 21,550
N ‘million N ‘million N ‘million N ‘million 01-Apr-2012 6,100 2,780 108,600 66,680 - - 2,300 2,100 - - 106,300 64,580
01-Apr-2013 5,009 2,781 252,852 196,040 - - 1,500 1,200 - - 251,352 194,840
Non-current 2,273 745 2,273 745 01-Apr-2014 5,313 3,367 57,000 38,800 - - 400 200 - - 56,600 38,600
2,273 745 2,273 745 01-Apr-2015 5,299 3,354 145,200 99,000 - - 1,500 1,000 - - 143,700 98,000
01-Apr-2016 4,747 1,787 165,300 187,800 - - 4,400 5,000 - - 160,900 182,800
01-Apr-2017 4,207 2,810 340,100 212,000 - - - - - - 340,100 212,000
01-Apr-2018 3,820 3,619 563,700 248,200 - - 15,500 6,900 - - 548,200 241,300
01-Apr-2019 4,797 2,189 - - 541,800 511,900 11,600 10,900 - - 530,200 501,000
1,687,032 1,075,730 541,800 511,900 37,200 27,300 - - 2,191,632 1,560,330

The weighted average price of the LAN options granted during the year is N6,210; 527,100 options (2019: N4,797;
541,800 options) while the weighted average price of GAN options granted during the year is N1,016; 1,326,800 options
(2019: N2,189; 511,900 options).
202 MTN Nigeria Communications PLC
Notes to the consolidated and separate financial statements
46. Share based payments (continued)
MTN Group option pricing model can be categorized into two - GAN Share Pricing model and the LAN Share
Pricing model.
Group Aligned Notional (GAN) Share Pricing
The MTN GAN price is based on the daily closing price of the MTN Group Shares on the Johannesburg Stock
Exchange. Initially, the price at which GAN NSO is offered to a participant will be the closing price of the MTN
Group Share on the day preceding the allocation date of Group Shares as traded on the JSE, converted into
applicable local currency using the exchange rate for the day (31 March).
As at 01 April 2020, the price of the MTN Group Share was R48.39 (closing price of group share on 31 March
2020).
The exchange rate of the Naira to the Rand on the same date was 20.99. The local currency equivalent price of
GAN as at that date was (48.39*20.99) NGN1, 015.71. This price was used for allocating GAN NSO to qualifying
employees of MTN Nigeria in April 2020.
Meanwhile, the closing price of the GAN Stock on the JSE on 31 December 2020 was R60.19. The revised valuation
of the 01 April 2020 GAN Share as at year end is NGN1, 262.72. This is calculated as follows:
GAN Share as at year end = (31 Dec 2020 Price / 01 April
2020 Price) * NGN Price at
grant date
= (R60.19 / R48.39) * NGN 1,015.17
= NGN 1,262.72
If an employee or participant who was allocated GAN Stock on 01 April 2020, wishes to exercise the stock on 31
Dec.
2020, the share appreciation right per unit of GAN will be as below:
Share appreciation right per unit of GAN = NGN (1,262.47- 1,015.17) = N247.30
Locally Aligned Notional (LAN) Share Pricing
The LAN NSO price calculation of the share options and Share Appreciation Right (SAR) is based on historical data
and based on the audited financial results (EBITDA) of the previous year. The audited EBITDA (IAS 17, now IFRS
16) will be multiplied by the determined EBITDA multiple to calculate the imputed enterprise value, in accordance
with the MTN NSO Policy. The imputed enterprise value will be divided by the number of shares issued in order to
determine a price per LAN NSO. The LAN NSO Price is usually determined once in a year, and it’s effective on 01
April of each year.
Annual Report and Financial Statements 2020 203
Notes to the consolidated and separate financial statements
47. Going concern assessment
In accordance with the requirements of IAS 1.25, the Board of Directors of MTN Communications Nigeria Plc
have performed an assessment of the entity’s ability to continue as a going concern when preparing financial
statements.
The Board has considered whether:
there is an intention to liquidate MTN Nigeria.
there is an intention to cease operations.
MTNN has no realistic alternative but to liquidate or cease operations.
Furthermore, we have considered the various events and conditions below that may exist and impact the business
individually or collectively may cast significant doubt on the entity’s ability to continue as a going concern such as:
There are no fixed-term borrowings approaching maturity without realistic prospects of renewal or
repayment. We are currently complying with all loan agreements and no loans have been renegotiated.
There are currently no changes in legislation or government policy expected to adversely affect MTN
Communications Nigeria Plc.
There are no substantial operating losses or significant deterioration in the value of assets used to generate
cash flows, however there’s been a major impact of forex deterioration on the business due to the increase
in the NAFEX rate from N365 to around N400 to $1. There is an ongoing effort to re-denominate some
categories of foreign denominated expenditure to local currency to reduce exposure to exchange rate
volatility.
There are no plans to restructure the business of MTN Nigeria, dispose major assets or business.
An assessment of forecast cash flows and projections has been performed, including potential impact of
external/internal variations, uncertainties and sensitivity of expenditure plans. We are satisfied that the
business continuity is not hindered in any way or manner.
Based on the factors considered above and taking account of reasonable possible changes in trading performance
and the current financial position, the going concern basis has been adopted in preparing the consolidated
financial statements. The Directors have a reasonable expectation that the Group and Company have adequate
resources to continue in operational existence for the foreseeable future.
204 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 205

Notes to the consolidated and separate financial statements

Value added statements

48. Business continuity on the COVID-19 pandemic

2020 2020 2019 2019
The COVID-19 pandemic caused unprecedented disruption to businesses and impacted lives and livelihood. restated* restated*
The pandemic is currently active in over 218 countries around the world and having infected over 109million N’million % N’million %
people. Although the operating environment remains challenging, the easing of lockdown restrictions has led to
an improvement in economic activity and market conditions. Our response to the global pandemic and its impact Group
can be categorised into four broad areas, namely social, commercial, network and supply chain as well as funding
and liquidity considerations.
Value added
In terms of the social impact, we launched various initiatives to provide support for our people, customers and the Revenue 1,346,390 1,169,831
various levels of government as part of our Y’ello Hope Package. We empowered our people to work remotely and Other income 104 -
implemented health measures and monitoring to ensure their safety and business continuity. We provide welfare - Local (581,289) (472,736)
support to them through the MTN Global Staff Emergency Fund.
- Foreign (17,427) (21,184)
Our customers, particularly the low-income mass, benefitted from the free SMS initiative introduced in Q2, Total value added 747,778 100 675,911 100
providing 300 free text messages a month to ensure that they could stay in touch with friends and family. Over 4.3
billion text messages were sent by more than 75% of our subscribers. We zero-rated access to a range of health Value distributed
and education sites, enabling our customers to use more than 3,000TB of free data as at December 2020 to
access vital information. Fees for local money transfers via the MoMo Agent Network were waived for one month To pay employees
starting 23 March 2020.
Salaries, wages and other benefits 45,325 30,707
To support the thousands of small businesses that rely on us for connectivity, we rolled out a series of interventions. 45,325 6 30,707 5
From relaxing payment terms at the beginning of the crisis to designing and delivering the multi-faceted REVV
programme aimed at supporting Micro, Small and Medium scale enterprises (MSMEs) amidst the economic To pay providers of capital
disruptions resulting from the COVID-19 pandemic. Over 20,000 MSMEs registered for the masterclass sessions Finance costs 143,687 122,080
and we provided support for the 200 MSMEs (Y’ello 200) that emerged from the programme, helping them to 143,687 19 122,080 18
adapt to a digital marketplace.

To support government’s efforts at combatting the pandemic, MTN Nigeria Communications Plc donated N1 To pay government
billion to the Coalition Against COVID-19 (CACOVID) and delivered N250 million of personal protective equipment Income tax 101,117 76,673
(PPE) to the Nigeria Centre for Disease Control (NCDC) through MTN Nigeria Foundation. This is in addition to Deferred tax (7,457) 11,321
the support provided to the Federal Ministry of Education who recommended sites that have been zero rated for 93,660 13 87,994 13
educational purposes and to the logistical and communications provided to the Nigeria Governors Forum.

49. Security trading policy To be retained in the business for expansion and
future wealth creation:
MTN Nigeria Communications Plc has in place a Securities Trading Policy which guides the Board and employees Depreciation and impairment 223,193 201,850
when effecting transactions in the Company’s shares. The Policy provides for periods for Dealing in Shares and Amortisation 36,699 29,997
other Securities, established communication protocols on periods when transactions are not permitted to be 259,892 35 231,847 34
effected on the Company’s Shares as well as disclosure requirements when effecting such transactions.

Insiders covered in this Policy have not notified the Company of any dealing in the Company’s Securities within Value retained
this period and the Company is not aware of any breach of this Policy within the period. Retained profit for the year 205,214 203,283
205,214 27 203,283 30
50. Free float information
Total value distributed 747,778 100 675,911 100
MTN Nigeria Communications Plc with a free float value of N420,788,848,780 as at 31 December 2020 (31
December 2019: N262,702,091,925) is compliant with The Exchange’s requirements for free float for companies
listed on the Premium Board.

51. Events after the reporting period

On 25 February 2021, a dividend of N5.90 kobo per share was proposed by the directors for approval at the
Annual General Meeting.
206 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 207

Value added statements

Five-year financial summaries

2020 2020 2019 2019 2020 2019 2018 2017 1 January

restated* restated* 2017
N’million % N’million % restated* restated* restated*
N ‘million N ‘million N ‘million N ‘million N ‘million
Company
Group
Value added
Revenue 1,346,288 1,167,515 Statement of financial position
Other income 104 -
- Local (576,861) (471,183) Assets
- Foreign (17,427) (21,184) Property, plant and equipment 686,157 625,095 607,024 582,439 494,670
Total value added 752,104 100 675,148 100 Intangible assets 111,080 120,946 119,368 128,602 141,488
Other non-current assets 643,488 493,354 19,493 17,150 22,764
Value distributed Net current liabilities (221,094) (131,694) (385,095) (300,236) (124,525)
Assets of disposal groups held for sale - - - - 7
To pay employees Non-current liabilities (1,041,245) (961,844) (141,439) (315,104) (452,794)
Salaries, wages and other benefits 44,598 30,707 Net assets 178,386 145,857 219,351 112,851 81,610
44,598 6 30,707 5
Equity
To pay providers of capital Share capital 407 407 646 646 646
Finance costs 143,687 122,080 Share premium 17,216 17,216 64,498 64,498 64,498
143,687 19 122,080 18 Other Reserves 239 521 6 497 326
Retained profit /(loss) 160,524 127,713 154,201 47,210 16,140
To pay government Total equity 178,386 145,857 219,351 112,851 81,610
Income tax 101,110 76,537
Deferred tax (4,347) 12,849 Statement of profit or loss
96,763 13 89,386 13 Revenue 1,346,390 1,169,831 1,039,118 887,180 793,673
Profit before taxation 298,874 291,277 221,343 107,890 126,651
To be retained in the business for expansion and Taxation (93,660) (87,994) (75,657) (26,819) (37,851)
future wealth creation: Profit for the year 205,214 203,283 145,686 81,071 88,800
Depreciation and impairment 223,193 201,850
Amortisation 31,381 24,643 Per share data
254,574 34 226,493 34 Earnings per share
- basic/diluted (N)** 10.08 9.99 7.16 3.98 4.36
Value retained Net assets/(liabilities) per share (N)** 8.76 7.17 10.78 5.54 4.01
Retained profit for the year 212,482 206,482
212,482 28 206,482 31 *The comparative prior year figures have been restated to reflect the changes in the number of shares.

Total value distributed 752,104 100 675,148 100 **Net assets per share and earnings per share have been restated to reflect the changes in number of shares.
208 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020
2019 209

Five-year financial summaries

2020 2019 2018 2017 1 January

2017
restated* restated* restated*
N ‘million N ‘million N ‘million N ‘million N ‘million

Company

Statement of financial position

Assets
Property, plant and equipment 686,157 625,095 606,963 582,378 494,610
Intangible assets 79,525 84,072 77,108 80,988 88,871
Other non-current assets 692,816 538,932 63,321 60,928 66,542
Net current liabilities (219,458) (131,367) (382,297) (296,489) (119,727)
Assets of disposal groups held for sale - - - - 7
Non-current liabilities (1,036,808) (954,297) (132,365) (304,520) (440,701)
Net assets 202,232 162,435 232,730 123,285 89,602

Equity
Share capital 407 407 646 646 646
Share premium 17,216 17,216 64,498 64,498 64,498
Other Reserves 239 521 6 497 326
Retained profit /(loss) 184,370 144,291 167,580 57,644 24,132
Total equity 202,232 162,435 232,730 123,285 89,602

Statement of profit or loss

Revenue 1,346,288 1,167,515 1,037,068 885,808 7,899,892
Profit before taxation 309,245 295,868 225,525 111,326 135,072
Taxation (96,763) (89,386) (76,894) (27,814) (39,184)
Profit for the year 212,482 206,482 148,631 83,512 95,888

Per share data

Earnings per share
- basic/diluted (N)** 10.44 10.14 7.30 4.10 4.71
Net assets/(liabilities) per share (N)** 9.94 7.98 11.43 6.06 4.40

*01 January 2018 was restated for the impact of IFRS 15 Revenue from contract with customers.

**Net assets per share and earnings per share have been restated to reflect the changes in number of shares.
210 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 211

Additional information
212 Share Capital History

215 Request for Change of Address

217 E-Mandate Activation Form

219 Proxy Form

223 List of Unclaimed Dividends

MTN Nigeria Communications Plc our intention is to be understood as a good business doing good.
212 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 213

Share capital history Share capital history

MTN Nigeria Communications PLC, (previously called MTN Nigeria Communications Limited) was incorporated as a The changes in the authorised ordinary share capital of the Company since incorporation are reflected in tabular form
private limited liability company on November 8, 2000. On April 18, 2019, MTN Nigeria Communications Limited re- as follows:
registered as a public limited liability company, MTN Nigeria Communications PLC.
Year Authorised Share Capital (N) Issued and Fully Paid Up (N) Consideration/
MTN Nigeria was incorporated with an authorised share capital of N10,000,000, divided into 10,000,000 Ordinary Shares Method of Issue
of N1 each. The Company subsequently increased its share capital as follows:
Increase Cumulative Par Value of Number of Increase Cumulative
(i) From N10,000,000 to N350,000,000 by the creation of 340,000,000 ordinary shares of N1.00 each pursuant to a each share shares
resolution of the Company dated March 9, 2001 and evidenced by a certificate of registration of increase in share
2000 - 10,000,000 N1.00 10,000,000 - 2,500,000 Subscribed at
capital dated May 9, 2001 issued by the CAC;
incorporation

(ii) From N350,000,000 to N500,000,000 by the creation of 150,000,000 ordinary shares of N1.00 each pursuant to a 2001 340,000,000 350,000,000 N1.00 350,000,000 298,000,000 300,500,000 Allotment
resolution of the Company dated September 21, 2001 and evidenced by a certificate of registration of increase in
share capital dated November 12, 2001 issued by the CAC; 2001 - - N1.00 350,000,000 (500,000) 300,000,000 Surrender

(iii) From N500,000,000 to N504,500,000 by the creation of 4,500,000 B ordinary shares of N1.00 each pursuant to 2001 150,000,000 500,000,000 N1.00 500,000,000 37,500,000 337,500,000 Allotment
a resolution of the Company dated November 9, 2006 and evidenced by a certificate of registration of increase in
2002 - 500,000,000 N1.00 500,000,000 25,210,528 362,710,528 Allotment
share capital dated November 22, 2006 issued by the CAC;
2002 - 500,000,000 N1.00 500,000,000 3,000,000 365,710,528 Allotment
(iv) From N504,500,000 to N504,500,000 and US$2,012,951.31 by the creation of 402,590,263 preference shares of
US$0.005 each pursuant to a resolution of the Company dated November 8, 2007 and evidenced by a certificate of 2003 - 500,000,000 N1.00 500,000,000 1,270,118 366,980,646 Allotment
registration of increase dated November 29, 2007 issued by the CAC;
2003 - 500,000,000 N1.00 500,000,000 34,867,459 401,848,105 Allotment
(v) From N504,500,000 to N557,000,000 by the creation of 52,500,000 ordinary shares of N1.00 each pursuant to a
2005 - 500,000,000 N1.00 500,000,000 603,196 402,451,301 Allotment
resolution of the Company dated February 8, 2018 and evidenced by a certificate of registration of increase in share
capital dated April 5, 2018 issued by the CAC; 2006 - 500,000,000 N1.00 500,000,000 138,960 402,590,261 Allotment

(vi) By an ordinary resolution dated 31 January 2019, the nominal value of the Company’s shares was sub-divided from
N1.00 to 2 Kobo; and 2006 4,500,000 (B 504,500,000 N1.00 504,500,000 4,500,000 402,590,261 Allotment
Shares) (B Shares) 4,500,000
(vii) By a notice of redemption dated April 25, 2019, the Company redeemed all the preference shares in its share capital”. (B Shares)

2018 52,500,000 557,000,000 N1.00 557,000,000 - 402,590,261 Sub-division of

As of the date of this annual report, the authorised share capital of MTN Nigeria is made up of N557,000,000 divided into
4,500,000 Ordinary Shares/
27,850,000,000 Ordinary Shares of N0.02 each. The issued share capital of the Company is made up of N407,090,261 (B Shares) reclassification
divided into 20,354,513,050 Ordinary Shares of N0.02 each. of 4,500,000 B
Shares
At its meeting held on April 24, 2019, the Board authorised the redemption of all the convertible redeemable cumulative
preference shares of the Company (the “Preference Shares”), subject to the Company obtaining all necessary regulatory 2019 - 557,000,000 N0.02 27,850,000,000 - 20,354,513,050 Sub-division of
approvals. Pursuant to the aforementioned resolution of the Board, the Company issued to holders of the Preference Ordinary Shares/
reclassification
Shares a redemption notice to redeem all of the Preference Shares on such date(s) and on such other terms and
of 4,500,000 B
conditions as the Board deems appropriate; in accordance with the Articles of Association of the Company, the terms of Shares
the redemption notice and applicable statutory and legal requirements.

Upon receiving relevant regulatory approvals, MTN Nigeria paid the redemption amount in respect of the relevant
Preference Shares on 30 December 2019. As a result, there are currently no Preference Shares in issue. However, the The historical changes in the Preference Shares of the Company since incorporation are as follows:
nominal value of the Preference Share capital continues to form part of the Company’s authorised share capital.
Year Authorised Share Capital (US$) Issued and Fully Paid Up (N)

Increase Cumulative Par Value of Number of Increase Cumulative

each share shares

2000 - 2006 - - - - - -

2007 US$2,012,951.31 US$2,012,951.31 US$0.005 402,590,263 US$2,012,951.31 US$2,012,951.31

2019 - US$2,012,951.31 US$0.005 402,590,261 - US$2,012,951.31

20191 - US$2,012,951.31 US$0.005 402,590,261 - -

December - - US$0.005 - - Redemption

2019 of preference
shares in issue

1
Prior to payment of Redemption Proceeds by the Company.
214 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 215

Request for Change of Address

REQUEST FOR CHANGE OF ADDRESS

INSTRUCTION INSTRUCTION AFFIX CURRENT
*This field is COMPULSORY, failureistoCOMPULSORY,
*This field comply with this instruction
failure means your form
to comply willthis
with not be processed.
instruction means your form will not be processed. AFFIX CURRENT
PASSPORT
The Registrar,
The Registrar, PASSPORT
PHOTOGRAPH
Coronation Registrars Limited RC 126257
Coronation Registrars Limited RC 126257
9 Amodu Ojikutu Street, Off Saka Tinubu,
9 Amodu Ojikutu Street, Off Saka Tinubu,
PHOTOGRAPH
(to be stamped by bankers)
Victoria Island, P.M.BVictoria Island,
12753 Lagos, P.M.B 12753 Lagos, Nigeria.
Nigeria.
Website: www.coronationregistrars.com (to be stamped by bankers)
Website: www.coronationregistrars.com Please write your name
E-mail: info@coronationregistrars.com.
E-mail: info@coronationregistrars.com
at the back of your
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to Registrars Limited hereby disclaims liability or
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at the back of your
customercare@coronationregistrars.com
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Re-Shareholding in
Kindly effect a change of my contact address in the above named company as stated below:

R E S I D E N C E /in
Re-Shareholding TOW N / C IT Y / S TAT E / CO U N T RY
From: Old Address
P.O. Box
Kindly effect a change of my contact address in the above named company as stated below:
(Please indicate P.O Box of PMB Number if applicable)

R E S I D E N C E / TOWRESIDENCE
N / C IT Y / S TAT E / CO U
/ TOWN /N T RY / STATE / COUNTRY
CITY
To: New Address
Re-Shareholding in P.O. Box
P.O. Box
Request made by: S U R N A M E / M I D D L E N A M E / FI R S T N A M E
(Please indicate P.O Box or PMB Number if applicable)
SHAREHOLDER’S SIGNATURE
Name S U R N A M E / M I D D L E N A MRESIDENCE / TOWN
E / FI R S T N A M E / CITY / STATE / COUNTRY
To: New Address
P.O. Box

Date D D M M 2 0 Y Y Signature*
Request made by: SURNAME / MIDDLE NAME / FIRST NAME
Kindly return the duly completed form to the Registrar, Coronation Registrars Limited at the address stated above.

SHAREHOLDER’S SIGNATURE

Name SURNAME / MIDDLE NAME / FIRST NAME

Date D D D D 2 0 D D Signature*

Kindly return the duly completed form to the Registrar, Coronation Registrars Limited at the address stated above.

Coronation Registrars Limited | 9 Amodu Ojikutu, VI | 012 272 570 | +234 816 288 1632 | info@coronationregistrars.com | www.coronationregistrars.com
216 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 217

E-Mandate Activation Form

INSTRUCTION
Please complete all sections of this form to make it eligible for processing and return to the address
below. The completed form can also be submitted through any Access Bank Plc nearest to you.
This service costs N150.00 per approved mandate per company.

The Registrar,
REQUESTCoronation
FOR CHANGE OF
Registrars Limited ADDRESS
RC 126257
9 Amodu Ojikutu Street, Off Saka Tinubu,
Victoria Island, P.M.B 12753 Lagos, Nigeria.
ONLY CLEARING BANKS AFFIX CURRENT
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*This field is COMPULSORY, failure to comply with this instruction means your form will not be processed.
E-mail: info@coronationregistrars.com.
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For enquiries, please call 012 272 570 or send e-mail to
9 Amodu Ojikutu Street, Off Saka Tinubu,
(to be stamped by bankers)
customercare@coronationregistrars.com
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Website: www.coronationregistrars.com
Please write your name
Please write your name
E-mail: info@coronationregistrars.com
Coronation Registrars Limited hereby disclaims liability or responsibility for at the back of your
at the back of your
errors/omissions/misstatements in any document transmitted electronically. passport photograph
passport photograph
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For enquiries, please call 012 272 570 or send e-mail to responsibility for errors/omissions/misstatements in any
customercare@coronationregistrars.com document transmitted electronically.

SHAREHOLDER ACCOUNT INFORMATION Kindly tick & quote your shareholder account no. in the box below:

I\We hereby request that henceforth, all my\our Dividend Payment(s) NAME OF COMPANY SHAREHOLDER No.
Re-Shareholding
due in
to me\us from my\our holdings in all the companies at the right
hand column be credited directly to my\our bank detailed below: Access Bank PLC
Kindly effect a change of my contact address in the above named company as stated below:
Access Bank Bond
R E S I D E No.
Bank Verification N C E / TOW N / C IT Y / S TAT E / CO U N T RY
From: Old Address Access Bank Green Bond
P.O. Box
Bank Name
Afrinvest WA Ltd – NIDF
(Please indicate P.O Box of PMB Number if applicable)
Bank Account No. AIICO Insurance PLC
R E S I D E N C E / TOW N / C IT Y / S TAT E / CO U N T RY
To: New Address
AIICO Money Market Fund P.O. Box
Account Opening Date D D M M Y Y Y Y
Airtel Africa PLC
Request made by: S U R N A M E /ACCOUNT
SHAREHOLDER M I D D L E N AINFORMATION
M E / FI R S T N A M E
Air Liquide Nigeria PLC
SHAREHOLDER’S
Surname/ SIGNATURE Caverton Offshore Support Group
Company
Name S U R N A M E / M I D D L E N A M E / FI R S T N A M E
Name ChapelHill Denham – NIDF, NREIT

First Name Coronation Asset Management Limited

Other Name(s) Coronation Insurance Plc

Date D D M M 2 0 Y Y Signature* (formerly Wapic Insurance)

Address
First Ally Asset Management
Kindly return the duly completed form to the Registrar, Coronation Registrars Limited at the address stated above.
Dangote Cement Bond
City State Country
Dangote Cement PLC

FirstTrust Mortgage Bank PLC

Previous
Address FSDH Asset Management Limited
(if any)
Food Emporium International Limited
CHN (if any)
Gombe State Government
Mobile Telephone 1 Mobile Telephone 2
IHS Nigeria PLC

Lagos State Government

E-mail
Lead Asset Management Limited

McNichols Consolidated PLC

Signature(s) Mixta Real Estate Bond

MTN Nigeria Communication PLC

NASD PLC
Joint/
Company NDEP PLC
Signatories
NIPCO PLC

Red Star Express PLC

SFS Capital Nigeria Limited

Company
Seal STACO Insurance PLC
(if applicable)
Three Points Industries Limited

Coronation Registrars Limited | 9 Amodu Ojikutu, VI | 012 272 570 | +234 816 288 1632 | info@coronationregistrars.com | www.coronationregistrars.com
218 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 219

Proxy Form
Proxy Form Shareholder
Shareholder's
Account
AccountNo
No
MTN Nigeria
Nigeria Communications
Shareholder
Shareholder's
MTN CommunicationsPLC
PLCRC:
RC:395010
395010 Name
Name
The Annual General Meeting (AGM) of MTN Nigeria Communications PLC will be held at 11.00 *Shareholders are required to
*Shareholders are required to appoint a proxy
The Annual General Meeting (AGM) of MTN Nigeria Communications PLC will be held at 11.00 a.m. on appoint a proxy of their choice from
a.m. on Monday, June 7, 2021 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos. of their choice from the list of proxies below:
Monday, June 7, 2021 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos. the list of proxies below:
Dr. Ernest Ndukwe OFR
I/We being a shareholder of MTN Nigeria Communications PLC hereby appoint
I/We being a shareholder of MTN Nigeria Communications PLC hereby appoint Dr. Ernest Ndukwe OFR
Mr. Karl Toriola
Mr. Karl Toriola
Mr. Mohammad K. Ahmad OON
* Mr. Mohammad
Mr. Oye K. Ahmad
Hassan-Odukale MFR OON
……………………………………………..........................................................................................................................................* Mr. OyeAwoh
Hassan-Odukale MFR
Mr. Nornah
orfailing
or failinghim,
him,
Dr.Dr. Ernest
Ernest Ndukwe
Ndukwe OFR;OFR; as my/our
as my/our Proxy to Proxyact and to act voteand for vote
me/usfor onme/us
my/ouron my/our
behalf at the Mr. Nornah Awoh
Col. Ayegbeni Peters (Rtd).
behalfGeneral
Annual at the Annual
MeetingGeneral Meeting
to be held to 7,
on June be2021
heldand on June
at any7,adjournment
2021 and atthereof. any adjournment thereof. Col. Ayegbeni Peters (Rtd).

Shareholder's
Dated the dd mm 2021
dd
Dated the mm 2021 Shareholder’s
signature
signature

Number of shares
No RESOLUTION FOR AGAINST ABSTAIN

A ORDINARY BUSINESS
1 To lay before the members of the Company, the Audited Financial Statements of the Company for the financial year ended 31 st of December 2020 and
the Reports of the Directors, Auditors, and the Audit Committee thereon.
2 To declare a dividend.

3 To elect Ms. Tsholofelo Molefe who was appointed as a Non-Executive Director by the Board of Directors since the last Annual General Meeting of the
Company.
4 To re-elect the following directors retiring by rotation:
4.1 Dr. Ernest Ndukwe OFR (72) - Independent Non-Executive Director
4.2 Mr. Rhidwaan Gasant - Independent Non-Executive Director
4.3 Mr. Ralph Mupita - Non-Executive Director
4.4 Mr. Jens Schulte-Bockum - Non-Executive Director
5 To authorize the Directors to fix the remuneration of the Auditors of the Company.
6 Disclosure of the remuneration of Managers of the Company.
7 To elect members of the Statutory Audit Committee.
B SPECIAL BUSINESS

8 To consider and if thought fit, to pass the following as ordinary resolutions of the Company:

8.1 “That the Fees of the Board Chairman be and is hereby fixed at N28,920,000 (Twenty-eight million nine hundred and twenty thousand Naira only)
commencing from the year ending 31st December 2021; the increase will be phased over two (2) years.”
8.2 “That the Directors’ Fees for the Non-Executive Directors of the Company be and is hereby fixed at N16,472,000 (Sixteen Million four hundred and
seventy-two thousand Naira only); the increase will be phased over two (2) years.”
8.3 “That the Company be and is hereby authorised to establish an Equity Shelf Programme (‘’the Programme’’) for purposes of facilitating Offer(s) for Sale
of shares in the Company by MTN International (Mauritius) Limited, which is being undertaken to, amongst others, expand the free float and
shareholder base of the Company."
8.4 “That the Board of Directors of the Company be and is hereby authorised to permit the use of Company’s information in all offer documents to be
issued in connection with the establishment of the Programme and the Offer(s) for Sale thereunder."
8.5 “That a general mandate be given to the Company to enter into recurrent transactions with related parties for the Company's day-to-day operations,
including the procurement of goods and services, on normal commercial terms, in compliance with the Nigerian Exchange Limited (“NGX”) Rules
Governing Transactions with Related Parties or Interested Persons".
9 To consider and if thought fit, to pass the following as a special resolution of the Company:
9.1 “That the Articles of Association of the Company be and are hereby altered to incorporate the provisions set out below as directed by the NGX and the
Articles be renumbered accordingly".

9.2 A new Article 8: “No fee shall be payable in respect of any transfer lodged for registration”.

9.3 A new Article 9: “The Company may refuse to register more than 3 (three) persons as joint holders of a share, provided that such right of refusal shall
not apply to executors or trustees of a deceased holder”.
9.4 A new Article 33: “A Director shall be capable of contracting or participating in the profits of any contract with the Company in the same manner as if
he were not a Director subject nevertheless to the following provisions:
(1) He shall declare the nature of his interests in any contract or proposed contract in which he is interested; and
(2) After he has become interested therein and a conflict has been established, he shall not vote as a Director in respect of the contract or proposed
contract or any matter arising therefrom and if he does so vote his vote shall not be counted. The prohibition against voting shall not, however, apply to:
a. any contract or arrangement for giving security to a Director for advances made or to be made by him to the Company or for liabilities or obligation
whether by way of guarantee or otherwise, incurred or assumed to the benefit of the company; or
b. any contract for or relating to the subscription by a Director (whether absolutely or conditionally) for any shares or debentures of the Company or of
any Company in which this Company is interested; or
c. any contract or arrangement with any other Company, in which he is interested only as a director, officer, employee or as holder of any of its shares
or other securities; provided that the Directors shall in establishing the existence of a conflict adhere to the Company’s Conflict of Interest Policy.
(3) A Director shall be counted for the purpose of forming a quorum notwithstanding that he may be disqualified from voting under this Article”.
9.5 Alter the current Article 41 (new Article 44) thus:
“The Directors may exercise all powers of the Company to borrow money, and to mortgage or charge its undertaking, property and uncalled capital or
any part thereof, and to issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of the
Company or of any third party provided that the aggregate amount at any time owing in respect of moneys borrowed by the Company and its
subsidiaries (exclusive of inter-company borrowings and temporary loans) shall not exceed a reasonable amount except with the consent of the
Company in general meeting”.
Please indicate with an “X” in the appropriate column, how you wish your votes to be cast on the resolutions set out above. Unless
Please indicate with an “X” in the appropriate column, how you wish your votes to be cast on the resolutions set out above. Unless
otherwise instructed, the Proxy will vote or abstain from voting at his/her discretion.
otherwise instructed, the Proxy will vote or abstain from voting at his/her discretion.
220 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 221

Proxy Form

MTN Nigeria Communications PLC RC: 395010

i. A member (shareholder) entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy in his stead. To be
valid, executed forms of proxy should be deposited with the Registrar, Coronation Registrars Limited, 9, Amodu Ojikutu Street, Off
Bishop Oluwole Street, Victoria Island, Lagos or sent via email to eforms@coronationregistrars.com; not later than 48 hours before
the time of holding the meeting.
ii. In the case of joint shareholders, any of them may complete the form, but the names of all joint shareholders must be stated.
iii. If the shareholder is a Corporation, this form must be executed under its Common Seal or under the hand of an officer or attorney
duly authorised.
iv. The proxy must produce the admission card to gain entrance to the meeting.
v. To ensure public health and safety in view of the COVID-19 pandemic and following the restrictions by the Federal and Lagos
State Governments on mass gatherings; shareholders should note that the Corporate Affairs Commission (CAC) has approved that
attendance to the meeting be by proxy.
vi. Shareholders are therefore requested to submit their completed proxy forms to the Registrar, Coronation Registrars Limited, 9,
Amodu Ojikutu Street, Off Bishop Oluwole Street, Victoria Island, Lagos or via email to eforms@coronationregistrars.com; not less
than 48 hours before the time fixed for the meeting.
vii. The Company has made arrangements, at its cost, for the stamping of duly completed and signed proxy forms submitted to the
Company’s Registrar within the stipulated time.

NAME AND ADDRESS NUMBER OF SHARES HELD:

Please admit to the Annual General Meeting of MTN Nigeria Communications PLC
to be held on June 7, 2021, at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos, at 11.00 a.m.

Signature of person attending:

This admission card should be produced in order to obtain entrance to the Annual General Meeting.
222 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 223

List of unclaimed dividends

Serial Number Registrar Account Number Beneficiary Name

1 3420 A.P.T. SECURITIES & FUNDS LTD.

2 2156 AAML NOMINEE 5
3 8916 AAML NOMINEE 4
4 3343 ABAGHA UCHE DIVINE
5 3434 ABAH BENJAMIN MONDAY
6 4263 ABANG LUCY E
7 4956 ABANGWU PRINCE
8 3760 ABANIMU OFURE
9 4128 ABARIKWU OGBONNA
10 6906 ABATAN TOLULOPE OLUWASEUN
11 3047 ABBA MARK TERLUMUN
12 1510 ABBAS MAHMUD ONORUOIZA
13 7062 ABBAS KHALID OLUFIKAYO
14 7675 ABBEY AGBOOLA
15 8380 ABBEY-KALIO JAMINAFA
16 6398 ABD MOJEED ONAKOYA
17 3664 ABDUL RASHEED SOBURA OLAMIDE
18 9625 ABDUL MOJEED GAZALI
19 7176 ABDULAZEZ USMAN
20 1553 ABDULAZIZ DAYYAB YUSHAU
21 8315 ABDULAZIZ HAUWAKULU JOY
22 5756 ABDULBASIT SHUAIB
23 894 ABDULHAFEEZ ABIOLA KEKERE-EKUN
24 7158 ABDULJABBAR SULEIMAN
25 4562 ABDULKAREEM SURAJU TUNDE
26 1550 ABDULLAHI IBRAHIM HABIB (ALH.)
27 3001 ABDULLAHI ABUBAKAR DUTSIN-MA
28 4045 ABDULLAHI UMAR IBRAHIM
29 4858 ABDULLAHI RILWAN
30 7178 ABDULLAHI AUWAL
31 7541 ABDULLAHI UNEKWU NOEL
32 6338 ABDULMOJEED MARIAM
33 6535 ABDULMUQADDIM IBRAHIM
34 6557 ABDULQUADRI ADETINWO
35 7500 ABDULRASAQ FOLUKE
36 3832 ABDULRAZAQ ABDULRASHEED
37 4566 ABDULSALAM ABDULLAHI
38 6193 ABDULSALAMI ABUBAKAR (ALHAJI)
39 4915 ABDULWAHAB USMAN UMARU
40 9055 ABEEB AMOO
41 3472 ABEGUNDE OMOWUMI MARY
42 6524 ABEL ANTHONY
43 7434 ABERE FEYISAYO OPEYEMI
44 892 ABHULIME USIFO OMOFUMA
45 2831 ABHULIMHEN JOSHUA ITUA
46 4983 ABIDAKUN OLUSHOLAPE MOROMOKE
47 2634 ABIDOYE OLUWAFEMI ISAAC
48 5388 ABIDOYE OLUBUNMI JIMOH
49 1216 ABIFARIN OMOKOLADE O.
50 4660 ABIJOH BALIKIS ADESOLA
51 2503 ABIKIAJE GIDEON OJOAROME
52 6548 ABIMBOLA OLUBUNMI EUNICE
53 8429 ABIMBOLA YISAU AYODELE
54 3555 ABIODUN OWOEYE
224 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
55 3717 ABIODUN OLADAPO ISREAL
56 5008 ABIODUN ADEDOYIN
57 8417 ABIOLA OWOLABI
58 8861 ABIOLA OLAYINKA STEPHEN
59 9537 ABIOLA ADEKEYE
60 6749 ABIRU IKEOLUWAPO MARIAM
61 6794 ABIRU FADEKEMI AMINAT
62 5305 ABISOLA OLUWADARE SOKABI
63 1581 ABODERIN OLAJUMOKE
64 8604 ABODERIN AKINKUNMI OLUSEUN
65 4138 ABODUNRIN REUBEN ADESOLA
66 9340 ABOKI UMAR NASIRU
67 1291 ABOLUDE OLANIKE OMOYIOLA
68 5083 ABORISADE BABATUNDE OLUROTIMI
69 7376 ABOSEDE OGUNDOWOLE
70 8612 ABOT NUHU
71 3362 ABRAHAM UMAH ISAAC
72 4890 ABRAHAM BENMORE OLANDU
73 8030 ABRAHAM AGNES LARABA
74 3671 ABU GODWIN UNDIYAUNDEYE (DR.)
75 8730 ABU HALIMA BLESSING
76 1542 ABUBAKAR MOHD SANI
77 2788 ABUBAKAR MUHAMMAD FATIMA
78 6054 ABUBAKAR FATI LAMI (HON JUSTICE)
79 6055 ABUBAKAR ISA DANASABE
80 6062 ABUBAKAR RAMATU
81 6450 ABUBAKAR SALEH
82 6572 ABUBAKAR A SULAIMAN
83 6736 ABUBAKAR MUHAMMAD BASHIR
84 8515 ABUBAKAR ABUBAKAR ABBA
85 3045 ABUGO ONOME ADEDAMOLA
86 4885 ABUKA CHIAMAKA CHRISTIANA
87 7330 ABUNKU ORDUEN
88 6511 ACEVAULT INVESTMENTS LIMITED 142 3508 ADEBO MARK IRIVEMI
89 2965 ACHI MARCEL ONYEKACHI
90 5401 ACHINGE GODWIN
91 4576 ACHINIKE JUSTIN CHIMA
92 5215 ACHUMBA EBUBECHUKWU B
93 5216 ACHUMBA CHUKWUKA G
94 9541 ACHUMBA IHEANACHO WILFRED
95 5901 ADAH EMMANUEL AGBO
96 4491 ADAIGBE JOHN MOKWUYE
97 7818 ADAIGBE FRANKLIN CHUKWUKA
98 3370 ADAJA FELIX OLADUNJOYE
99 1279 ADAJI NUHU
100 5389 ADAMA TSADO NMA
101 4876 ADAMEDE URIEL OGBOKEYIOWO
102 6878 ADAMEJI KOLADE EMMANUEL
103 6112 ADAMOLEKUN OLUSESAN BOLARINWA
104 1667 ADAMS IDUNG ADAM
105 3139 ADAMS BODE THOMAS
106 5866 ADAMS OLAMIDE ABIMBOLA
107 8318 ADAMS SEGUN
108 8663 ADAMS KOLAWOLE ADEWOLE
Annual Report and Financial Statements 2020 225
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
109 8913 ADAMS MAREN MAGOLONG
110 2379 ADAMU ISMAIL
111 5512 ADAMU HABIB AL-HASSAN
112 8809 ADANWIMO CATHERINE NWANDO EZEIFE
113 6916 ADARALEGBE ELEANOR ADA
114 8008 ADARAMOLA JACOB ADEBAYO
115 8124 ADARAMOLA IREOLUWA T. AND ADEOLA E.
116 8127 ADARAMOLA ARAOLUWA A. AND ADEOLA E.
117 2581 ADARE THOMAS OLASEHINDE
118 6518 ADAWA OLUWASEGUN JACOB
119 3042 ADEBAJO ADEKUNLE SUNDAY
120 2794 ADEBAMBO ADEMOLA OLUWAKEMI
121 3913 ADEBANJO ABIOLA FOLORUNSO
122 2360 ADEBAYO OLUWASEUN RACHEAL
123 2883 ADEBAYO ABAYOMI ADEOLU
124 6002 ADEBAYO OPEMIPO OPEYEMI
125 6119 ADEBAYO REMILEKUN RACHEAL
126 6406 ADEBAYO FOLAKE
127 6594 ADEBAYO ABAYOMI JOSEPH
128 6601 ADEBAYO OLUWAFEMI ABAYOMI
129 6931 ADEBAYO OLUGBENGA & FOLUKE
130 7356 ADEBAYO JOSHUA AJEWOLE
131 9589 ADEBAYO MONSURAT FOLASADE
132 9630 ADEBAYO YAACOUB
133 870 ADEBISI ADEOLA MARIAM
134 4023 ADEBISI ADEYIMIKA SOFIA
135 4024 ADEBISI ADEIFE
136 1832 ADEBIYI ADEBAYO HAMMED
137 3266 ADEBIYI OMOLARA ATINUKE
138 3625 ADEBIYI YETUNDE JOLAADE
139 4551 ADEBIYI BABAJIDE ADESOLA
140 5034 ADEBIYI OLUSEGUN ALADE
141 9446 ADEBIYI SAMUEL OLUFEMI
143 5859 ADEBO OREKAN PETER
144 9336 ADEBOLA-DADA DEBORAH OLUWATOYOSI
145 9338 ADEBOLA-DADA DANIEL OLUWATOFUNMI
146 4140 ADEBOLU ADEREMI OMOLOLU
147 9148 ADEBOLU OLUDAPO DADA
148 8793 ADEBONA OLUMUYIWA
149 3288 ADEBOWALE EBENEZER ADEBISI (PROF)
150 4233 ADEBOWALE ADEBAYO VICTOR
151 2174 ADEBOYE OLUWOLE MOSES
152 2651 ADEBOYE HAKEEM
153 9353 ADEBOYE KAREN OLUWATOROMO
154 3484 ADEBOYEJO FATAI ADEBAYO
155 990 ADEBUSOYE ADEDEJI MOROUNFOLUWA
156 3707 ADEDAYO OTUNSANYA
157 6422 ADEDAYO KOLEOWO
158 3027 ADEDEJI NOSIRU ADIGUN
159 5449 ADEDEJI BETH
160 6606 ADEDEJI DEBORAH OPEOLU
161 6902 ADEDEJI WASIU ADEYINKA
162 6998 ADEDEJI EMMANUEL ADEKOLA
226 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
163 7453 ADEDEJI OWONIBI
164 7691 ADEDEJI BABATUNDE JAMES
165 7692 ADEDEJI ADETOMIWA NOAH
166 9619 ADEDEJI RASHIDAT ABIOLA
167 9622 ADEDEJI OLALEKAN ISMAIL
168 7008 ADEDIGBA ANDE
169 1769 ADEDIPE PATRICIA OMOWUNMI
170 3339 ADEDIRAN GBOTEMI ABRAHAM
171 7445 ADEDIRAN ADEBAMBO TAYYIB
172 7446 ADEDIRAN ADEDOLAPO KHALIDAH
173 9231 ADEDIRAN ILERIAYOTISHE KEHINDE
174 9232 ADEDIRAN ILERIOLUWATISHE TAIWO
175 1576 ADEDO HAIRAT BOLA
176 9296 ADEDO AKANBI
177 5291 ADEDOYIN MATTHEW ADEREMI
178 8326 ADEDOYIN AREMU
179 5896 ADEEYO OLAOLUWA IMRAN
180 9531 ADEFAJO ADEMOLA SULAIMON
181 5269 ADEFESO OPEMIPO
182 5230 ADEFISAN-WILLIAMS ADEYEMI
183 6239 ADEFUSI OLANIYI SUNDAY
184 1114 ADEGBAMIYE JOHNSON ADEKUNLE
185 805 ADEGBAYI ADETOLA
186 4710 ADEGBAYIKE EMMANUEL OLUSEGUN
187 1351 ADEGBE OJOGBANE
188 1404 ADEGBE OLUBUKOLA
189 5940 ADEGBITE ISAAC ADEREMI
190 6851 ADEGBITE OLATUNJI
191 9205 ADEGBOLA VICTORIA OMORINSOLA
192 5109 ADEGBOYE ABIMBOLA OPEYEMI
193 5524 ADEGBOYE ITANIFE IFEDOYIN
194 8084 ADEGBOYEGA ADESOJI BABALOLA MICHAEL - ES
195 3706 ADEGOKE JESUTOMI DURODOLUWA
196 3720 ADEGOKE SAKA ADEGBOLA
197 8805 ADEGOKE RASHEED ADEREMI
198 5357 ADEGOROYE MONISADE OLUKEMI
199 7053 ADEGUNLE IBIDARE FRANCIS
200 5565 ADEJOKE ADENIRAN
201 3403 ADEJORO OLUSEGUN FOLORUNSO OLUFUNSO
202 7973 ADEJUMO ADEDAPO SINA
203 8655 ADEJUMO ABUBAKAR
204 7083 ADEJUMOBI ADENIYI ADEOLA
205 7738 ADEJUNMOBI ADENIKE ASABI
206 9191 ADEJUWON ADEMOLA TIMOTHY
207 9488 ADEJUYIGBE ADEDOTUN OLADELE
208 5536 ADEKAHUNSI BABATOPE MICHAEL
209 7377 ADEKANYE OLUWATOSIN SARAH
210 2274 ADEKOLA BABATUNDE SURAJUDEEN
211 7287 ADEKOLA ADEGBEMISOLA
212 8714 ADEKOYA ADELEKE ADIO
213 9580 ADEKOYA TAIWO JOSHUA
214 2127 ADEKUAJO CHARLES
215 3374 ADEKUNLE KAFARU OMONIYI
216 6145 ADEKUNLE ADEBIYI
Annual Report and Financial Statements 2020 227
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
217 6425 ADEKUNLE OWOOLA
218 3079 ADELAGUN OYEREYI ADETOUN
219 4873 ADELAJA ADENIYI TEMITOPE A.
220 3952 ADELAKUN LUKMON ADESOLA
221 6821 ADELAKUN OLANIKE SEKINAT
222 6382 ADELANWA ADEDEJI ABDUL-LATEEF
223 7422 ADELANWA ADEWUNMI BILIKIS
224 7387 ADELAYO BANJO
225 4014 ADELE-AKINTAYO ADEROJU WASILAT
226 8977 ADELEKAN DEBO(DR)
227 3584 ADELEKE ADEBISI SHOLA
228 4266 ADELEKE OLADIMEJI B
229 3218 ADELEKUN TEJUMADE TOLULOPE
230 6684 ADELERE ADEROJU
231 1109 ADELEYE JOSEPH OLUWABUNMI
232 2480 ADELEYE SOLOMON BAYO
233 4150 ADELEYE ALEXANDER AIKU
234 8448 ADELEYE KOLADE OLUWOLE
235 6798 ADELORE OLUWAFUNMILOLA
236 4722 ADELOWOKAN TOYIN ADEOLA
237 3460 ADEMOLA IDUNNU MERCY OLAMIJI
238 7714 ADEMULEGUN ONAOLAPO
239 6598 ADEMUYIWA MARY IFEOLUWA
240 3741 ADENEYE JAPHET ADEKAYODE (PROF)
241 1729 ADENIJI IFEYINWA NDIDIAMAKA OBIOMA
242 2198 ADENIJI AZEEZ ABIODUN
243 4699 ADENIJI FLORENCE BOSEDE
244 5417 ADENIJI MOJOYINOLUWA JONATHAN
245 5424 ADENIJI SIJU
246 5425 ADENIJI NINIOLUWA
247 5426 ADENIJI SEMILORE JOAN
248 2300 ADENIRAN MOJISHOLA MOSES OLUKAYODE
249 2953 ADENIRAN ADETUNJI ABRAHAM
250 4478 ADENIYI FATIMO ADEBUKOLA
251 5432 ADENIYI ADANRI
252 5751 ADENIYI IFEOMA PATIENCE
253 5894 ADENIYI OLAYINKA ESTHER
254 8271 ADENIYI OLUWASOADEMIDOLA EYITEMI
255 8984 ADENIYI OLUWADARE SAMUEL
256 5846 ADENMOSUN AHMMED ADEDEJI
257 5801 ADENOLA BAMIDELE ABAYOMI
258 6582 ADENRELE AL-CUDUZ ADEFOWOPE ABIODUN
259 1022 ADENUGA FATAI IDOWU
260 1077 ADENUGA OLATUNJI PETERS
261 2963 ADENUSI OMOWUNMI OLUSEYI
262 4217 ADEOLA ADEDOTUN ADERINOLA
263 5391 ADEOLA ADENIYI
264 7241 ADEOLA OGUNLEYE
265 8580 ADEOLA OLUGBENGA FESTUS
266 640 ADEOSUN FOLAKEMI
267 8570 ADEOSUN ADEBOLA OMOLOLA
268 1617 ADEOTI OLATUNDE OLUWAFEMI
269 1425 ADEOYE ADEREMI OLUFEMI
270 1982 ADEOYE WAHEED
228 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
271 2109 ADEOYE MORONFOLA IBIYIWKA
272 3564 ADEOYE DANIEL
273 5362 ADEOYE ADESAYO OYETUNDE
274 5571 ADEOYE OLUYEMI JAMES
275 5602 ADEOYE OLUYEMI JAMES
276 5653 ADEOYE ADEYINKA O. M.
277 5925 ADEOYE ABIMBOLA ADEPEJU
278 7339 ADEOYE OLUWATOYOSI MARY
279 8374 ADEOYE JOHN ADEMOLA
280 9190 ADEOYE SOLOMON ABIOLA
281 9200 ADEOYE COMFORT OYEYEMI
282 8798 ADEPOJU SAMUEL OLUSEGUN
283 8929 ADEPOJU CHARLES OLUFUNSHO
284 3058 ADERELE KOREDE TAIWO
285 3127 ADERELE AKINADE OLUWADEMILADE
286 3133 ADERELE KOLADE KEHINDE
287 1878 ADEREMI MAKINDE
288 4789 ADERETI BENJAMIN KAYODE
289 6466 ADERIBIGBE ZAINAB YETUNDE
290 8144 ADERIBIGBE KAMALDEEN OLADIPO
291 6639 ADERINOYE MOJIRADE RISIKAT
292 8718 ADESANYA TASLIM
293 6314 ADESEMOWO BADE
294 8510 ADESEUN BOSEDE IDOWU
295 1788 ADESHINA AKINJIDE ABDULLAH
296 6610 ADESHINA IMRAN TAJUDEEN
297 8009 ADESIDA OLADELE MCROLAND
298 1646 ADESIGBIN LIZ MODUOPE
299 2302 ADESIGBIN AGATHA ENOBONG
300 2335 ADESINA SERIFAT MORENIKE
301 6327 ADESINA ALABI BABATUNDE DR.
302 8999 ADESINA ADEGBOLA MICHAEL
303 9120 ADESINA OLALEKAN OLADEPO
304 9168 ADESINA MORENIKE ADETUTU
305 2445 ADESIYAN ADEDAYO OLUDARE
306 7043 ADESIYAN OLUFUNMILAYO CHRISTIANA
307 4931 ADESOGAN SAMUEL ADEDAYO
308 9391 ADESOJI ADEYI
309 5588 ADESOKUN OLUMUYIWA ISE-OLUWA
310 3808 ADESOLA SELIMOT NIYIOLA
311 8883 ADESOPE OLUSOLA ADEIFE
312 7786 ADESUYAN OLUWEHINMI JOHN
313 6623 ADETAYO MICHEAL AYODELE
314 7351 ADETAYO OGUNTIMEHIN
315 7701 ADETAYO AYODEJI ADEGBEMIGA
316 1679 ADETIMEHIN AYODELE JANE
317 8598 ADETOKUNBO ADEBOWALE OLUMIDE
318 3526 ADETOMI MUYIWA ZACCHEAUS
319 8720 ADETONA MOJISOLA ADEKEMI
320 3601 ADETUNJI ADEYEMI SHAMSIDEEN
321 4951 ADETUNJI AJANI BABAJIDE
322 4553 ADETUTU BABAJIDE OLUYINKA
323 6290 ADETUTU BABAJIDE OLUYINKA
324 5239 ADEUSI ILUYOMADE STEPHEN
Annual Report and Financial Statements 2020 229
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
325 2441 ADEWALE AYODELE
326 4163 ADEWALE ISAAC (PASTOR)
327 6236 ADEWALE ISRAEL KAYODE
328 7381 ADEWARA JEREMIAH ADESOLA
329 9586 ADEWOLE LUKMAN ISHOLA
330 9235 ADEWOYIN AHMED ADEOLU
331 1156 ADEWUMI OLUFEMI ABAYOMI
332 1953 ADEWUSI DAVID ADEWOLE
333 2180 ADEWUYI CLEMENT ADEDAYO
334 6686 ADEWUYI MICHAEL MOYOSORE
335 1805 ADEYEMI AKEEM ADEKUNLE
336 2612 ADEYEMI BENJAMIN OLAMIDE
337 3585 ADEYEMI OLUTOSIN JOSEPH
338 4545 ADEYEMI MICHAEL OLUMUYIWA
339 7050 ADEYEMI ABDULFATAI
340 8645 ADEYEMI-COLE JOSHUA POPOOLA ADEBAYO
341 801 ADEYEMI-WILSON AYODEJI
342 1169 ADEYEMO FEMI
343 3480 ADEYEMO OLUWATOSIN FUNSO
344 3665 ADEYEMO OYEJIDE IDOWU
345 3274 ADEYENI ADELEKE
346 1575 ADEYEYE PHILIP OLUWAPELUMI
347 6447 ADEYINKA ADESONA
348 4584 ADEYINKAONI MAYOWA
349 2664 ADIGUN OLUFEMI OLADEJO
350 3182 ADIGUN MOSES ADEGBOLA
351 9435 ADIGUN TOLULOPE MOTUNRAYO
352 9588 ADIGUN KAYODE SUNDAY
353 9643 ADIGUN BASHIRU MONYASHAU
354 1913 ADIGWE OLISAEMEKA OKECHUKWU
355 2420 ADIGWE ANTHONY IFEANYI
356 5276 ADIKAMKWU SAMUEL EZIAFA
357 2317 ADIO ADEBAYO
358 3790 ADIO OLAOLUWA SIMEON
359 4522 ADIO ADEMOLA ALEXANDER
360 7833 ADIUKU NWABUEZE ONYINYECHI
361 8756 ADIUKU NDIDIAMAKA PATIENCE
362 3512 ADOGU OLISAEMEKA KACHINETAM
363 3521 ADOGU IKEMDINACHI CHIKANSO
364 2165 ADOKPAYE OMASANJUWA
365 1524 ADOLE JONATHAN IKWUYATUM
366 1527 ADOLE KANENG DOKOTRI
367 1930 ADOMI UFUOMA
368 6882 ADU AYODELE
369 2906 ADUBI ADEKOLA ABIMBOLA
370 3522 ADUKU MIRACLE
371 3806 ADUNMO KEHINDE MOSES
372 9548 ADUWA OGIEGBAEN SAMUEL EREYIMWEN PRINCE
373 3505 AFAM UZOH EMMANUEL
374 5225 AFEKHUME DANIEL
375 5526 AFINJU BOLUWATIFE OLADIPUPO
376 5800 AFINJU TAIWO ANUOLUWA
377 915 AFINNI MONDIU BABATUNDE
378 5156 AFO JACOB AWAM
230 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
379 9132 AFOKE AKPOTAYOBO
380 829 AFOLABI TEMILOLA AYOTUNDE
381 2301 AFOLABI DANIEL AKINKUNMI
382 5719 AFOLABI LAWAL
383 6423 AFOLABI ADEBAYO EBENEZER
384 7234 AFOLABI ODUMADE
385 7052 AFOLAYAN SAMUEL OLAJIDE
386 9405 AFUWAPE FOLARIN KODJO OLADIPO
387 1248 AGADA ANTHONY OMALE
388 6634 AGADA MATHIAS USMAN
389 1944 AGAGU OLUWABUNMI FUNMILOLA
390 4913 AGAHIU SAMUEL AMINU
391 5274 AGAS FESTUS
392 1087 AGBABIAKA OLASHENI
393 9297 AGBAERU ANTHONY
394 7639 AGBASIMALO NZUBE BYRON
395 4336 AGBONHIN ADEDAYO
396 1589 AGBONILE OSARUMWENSE UWAIFIOKUN
397 1696 AGBOOLA FATIMAT BINTU
398 5220 AGBOOLA MICHAEL OLANIYI
399 8000 AGBOOLA JOHN AYODEJI
400 8343 AGBOOLA OLADAPO A
401 3766 AGBUKOR AUGUSTINA ONYINYECHUKWU
402 1172 AGBURUGA UCHE TOBY
403 1305 AGHENTA EMMANUEL AIGBOKHAIBHO
404 8248 AGHOLOR JOHNSON CHUWUEMEKA
405 2941 AGHORIGHOR AARON
406 2050 AGNES OLUWATOYIN OLADELE
407 9062 AGOYE ISAAC ADEYEMI REV
408 1224 AGU OLISA MAXWELL
409 4275 AGU NGOZI MARTHA
410 4778 AGU MADUKA OGBONNAYA
411 4671 AGUA-ONYEKWELU UGOCHI LINDA
412 1492 AGULANA EMEKA EDWARD
413 1697 AGULANNA UCHECHI
414 4941 AGUOCHA UGOCHI ANTHONIA
415 2703 AGUYE OLIVIA MAADE
416 2710 AGUYE NATHAN MAAFO
417 3883 AHIDJO AHMED
418 1239 AHMAD MUHAMMAD MURTALA
419 2579 AHMAD ALIYU ALHAJI
420 7455 AHMAD MUBARAK AHMAD
421 8435 AHMAD ZIKHRULLAH
422 1513 AHMED SALEH ZAHARADDEEN
423 1956 AHMED BASHIR TAL
424 4681 AHMED ISLAMITTAH OLUWATOPE
425 5102 AHMED MOHAMMED HOLMA
426 6351 AHMED MAHDI
427 8089 AHMEED MOSHOOD OLAKUNLE
428 3390 AHUA FANEN
429 3507 AHUA TERNA
430 6487 AHUCHAOGU OKECHUKWU FELIX
431 2298 AHUTU AMINA
432 4010 AIGBE HELEN OMOLEIGHO
Annual Report and Financial Statements 2020 231
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
433 6332 AIGBEKAEN BRIGHT OSEWENGIE
434 8228 AIKHOMU WILLIAMS EHIZOGIE
435 4118 AIKU ADEMIDE AXEL
436 8376 AIKU ADETUNJI ADELEYE
437 4886 AILEMOH WINSTON JACKSON
438 1341 AINA OLAMIDE DIEKOLA
439 6581 AINA JULIUS OLUKAYODE
440 6652 AINA ABIODUN MICHAEL
441 7067 AISHAT AKINTELU
442 879 AIWERIOGHENE ONAYIMI ADEBUKOLA
443 4410 AJAEFOBI ONYEKA CHRISTOPHER
444 762 AJAEGBU CHIDI
445 4708 AJAEREE MARCEL UCHENNA
446 6564 AJAERO LEWIS OTUOMASILICHI
447 7758 AJAGBE SEGUN
448 4434 AJAGUNNA ADEJISOLA OLAMIDE
449 1941 AJALA SAMUEL OLUSEGUN
450 7513 AJALA RASHEED ADEBAYO
451 3907 AJAMAGBISO ADEKUNLE LUQMAN
452 3908 AJAMAGBISO OLUWAFUNMILOLA
453 5114 AJANA ABDUL-KABIR OLAJIDE
454 2820 AJANI OLALEKAN E.S
455 1105 AJAO JOHNNY ADELAKUN
456 2607 AJAO LATEEF BABATUNDE
457 3925 AJAO ADEFUNSHO ADEYI
458 8339 AJAO TAOFIKI OLANREWAJU
459 1010 AJAYI OLUWASEUN SAMSON
460 1975 AJAYI HENRY AYODEJI
461 2258 AJAYI LOIS TEMILOLUWA
462 2262 AJAYI ALEXANDER OMONIYI
463 2598 AJAYI TOLULOPE JOHN
464 2845 AJAYI OLADIPO ADELEKE
465 3109 AJAYI OLUWATOSIN
466 3661 AJAYI OLUSEYE
467 3795 AJAYI RICHARD SUNDAY
468 3801 AJAYI ABAYOMI EMMANUEL
469 3839 AJAYI SAMSON KUNLE
470 3876 AJAYI OLUWAPELUMI TOBI
471 4165 AJAYI RAMOTA TOWOBOLA
472 4969 AJAYI ADEWALE KAYODE
473 5726 AJAYI FAITH OMOLARA
474 6235 AJAYI FELIX ADEBOWALE
475 6255 AJAYI BABAJIDE OLUSOLA
476 6361 AJAYI BABATUNDE OLUSEGUN
477 6738 AJAYI OLADIMEJI ABUBAKAR
478 6775 AJAYI EDWARD OLADELE
479 6903 AJAYI OLUWAFEMI MOSES
480 7482 AJAYI HENRIETTA
481 7894 AJAYI OLUBUNMI OLUTOYIN
482 8033 AJAYI OLUMIDE
483 8392 AJAYI OLUSEYI ADEDAYO
484 8564 AJAYI JOSHUA OLUSEGUN
485 9136 AJAYI BAMIDELE TEMITOPE
486 9343 AJAYI SAMSON AKINTUNDE
232 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
487 9524 AJAYI OLATUNDE ABIODUN
488 2212 AJENU STANLEY ABAH
489 1845 AJETOMOBI TEMITOPE OLUMUYIWA
490 6336 AJIBADE ADEDAPO OLUSEGUN
491 7677 AJIBOLA ODERINDE
492 2751 AJIBOYE FOLUKE MARY
493 7261 AJIBOYE AYOMIDE TOLULOPE
494 7421 AJIBOYE AYOBAMMY DAMILOLA
495 7842 AJIBOYE AYODEJI GAFAR
496 5358 AJIE OZURUOKE
497 6743 AJISAFE ADEGBOYEGA OLUGBENGA
498 6529 AJOSE IDRIS TUNDE
499 8635 AJOSE ESTHER YETUNDE
500 1031 AJOSE-ADEOGUN AYOTUNDE OLUWAKANYINSOLA
501 1032 AJOSE-ADEOGUN AYOYIMIKA OMORINSOLA
502 5610 AJOSE-ADEOGUN OLAYEMI O.
503 8099 AJOSE-ADEOGUN OLAOTAN O
504 3710 AJUMOBI FISAYO TIWALOLU
505 4264 AJUMOBI GRACE OMONIYI
506 4283 AJUMOBI OLUGBENGA EZEKIEL
507 4755 AJUMOBI THERESA
508 761 AJUMOGOBIA ODEIN
509 4769 AJUWAPE ADEBOWALE TITILAYO P. (DR.)
510 8164 AKACHUKWU IHUARU UZUEGBU
511 5554 AKAENYI CHUDI-PETER
512 2299 AKAGU OSITADIMMA
513 6297 AKANBI AYODELE EMMANUEL
514 2639 AKANDE MOBOLAJI YUSUF
515 2679 AKANDE ABDULSALAM BABATUNDE
516 3212 AKANDE OLUMIDE ADEMOLA
517 4942 AKANDE JOEL OLUSOLA
518 7318 AKANDE IBRAHIM BABATUNDE
519 9416 AKANDE OLUGBADE ELIAS
520 9486 AKANDE FUNMILAYO AJIBIKE
521 9525 AKANDE EMMANUEL OKIKIOLUWA
522 2382 AKANNI TEMITAYO EMMANUEL
523 8930 AKANNI VERONICA ABOLADE
524 2463 AKANYI PIUS
525 1139 AKEREDOLU BABAJIDE AYOTOLA
526 3811 AKEREDOLU FERANMI
527 3647 AKERELE DONAL OLUDARA
528 3654 AKERELE DOMINIC OLUFEMI
529 3656 AKERELE DAVID OLUTUMI
530 3657 AKERELE DUARDO OLUTOMI
531 3082 AKHAMIE LADI RHODA
532 7140 AKHIBI GREGORY OSAGIE
533 969 AKHIDENOR TITILAYO OLUWAKEMI
534 3613 AKHIGBE EDWARD OSIBEMHE
535 9360 AKHIGBE ITUA
536 5328 AKHIMIEN EHIAVBI FESTUS
537 4154 AKHIRE NATHANIEL C
538 2365 AKHIROME GODWIN
539 3153 AKIN AKEREDOLU-ALE
540 8477 AKIN AKINSUYI
Annual Report and Financial Statements 2020 233
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
541 2120 AKINBI AYODEJI AYOKUNLE
542 6863 AKINBI OLUSEYI AND TEMITAYO
543 4245 AKINBO OLADIMEJI AYINLA
544 2084 AKINBODE OTEGBEYE BAKARE
545 7733 AKINBODUNSE CHRISTOPHER AKINWALE
546 3375 AKINBOLA FUNMILOLA ABOSEDE
547 7809 AKINBOTE ARAMIDE JADESOLA
548 6231 AKINBUNMI AKINSOLA AKINDE
549 3633 AKINDAHUNSI-AKERELE ADENIKE
550 3217 AKINDE CHRISTOPHER OLADIPO
551 7084 AKINDEKO THOMAS OLUSINA
552 4870 AKINDELE AKINYEMI
553 5241 AKINDELE ADEKUNLE SIMEON
554 5433 AKINDELE SEMIU AKINYEMI
555 7430 AKINDELE OLUJOKE
556 9240 AKINDELE RASHIDAT KANYINSOLA
557 5153 AKINDUNJOYE OULWATOBI MAYOWA
558 3293 AKINDURO ERIC AKINNIFESI
559 3566 AKINFEMIWA AKINWUNMI AKINTAYO
560 5104 AKINFOLAJIMI ADEDAYO BABATUNDE
561 3750 AKINGBADE AKINDAMOLA OLUWATOSIN
562 9341 AKINGBADE OLUWAGBEMIGA OLAWALE
563 6597 AKINGBE OLULEYE OLUBUKUNOLA
564 8110 AKINJAIYEJU AKINTOLUWA & ADEBANKE
565 3431 AKINKUGBE OLUKAYODE AYODELE
566 4792 AKINKUGBE FOLUSO OLAOLU
567 2003 AKINLADE OLADIPO RASAK
568 4406 AKINLADE RASHEED OLASENI
569 6725 AKINLADE OMOLOLA OLUWAKEMI
570 1813 AKINLAJA OYEKEMI OLUBUKOLA
571 1814 AKINLAJA JOSE OLUWAPAMILERIN
572 1815 AKINLAJA JEDIDIAH OLUWABUKUNMI
573 2022 AKINLAJA EMMANUEL A
574 3483 AKINLESI OMONIYI ADEOLA
575 2673 AKINLEYE IFEOLUWA OPEYEMI
576 6847 AKINLEYE AKINYEMI
577 2732 AKINLOYE BABALOLA AKINDELE
578 9560 AKINLOYE AYORINDE BANKOLE
579 7324 AKINNIRANYE BANKOLE BOYENLE
580 2970 AKINOLA OLATUBOSUN AKINNOLA
581 8660 AKINOLA ADEWALE SAMSON
582 6044 AKINPELU ADEDAPO PETER
583 9591 AKINPELU MUDIRAT JUMOKE
584 1884 AKINPELUMI VICTOR. O
585 1934 AKINRELERE DAVIDSON AKINOLA
586 6911 AKINREMI TEMITOPE
587 7433 AKINRINADE OLUBUNMI AJOKE
588 2460 AKINSANYA ADEYEMI
589 4465 AKINSANYA IBUKUNOLUWA OLUWASEYI
590 6575 AKINSANYA SOLOMON SUNDAY
591 6576 AKINSANYA ADEOLU
592 2383 AKINSANYA,O.ADEYEMI & BALOGUN,O.OLUFUNMI
593 2870 AKINSINDE ATANDA SULAIMAN
594 8367 AKINSOLA AKIYODE
234 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
595 9142 AKINSOTO OLUWATAYO OLAWALE
596 8388 AKINSOWON NELSON AKINLABI
597 8538 AKINSOWON ABIOLA BLESSING
598 780 AKINSOWON & OLAYINKA DAWODU 652 3329 ALAGBE LOTACHI MORAYO
599 9108 AKINSULIRE ADETOLA
600 4893 AKINTADE OMOTOMELOLA IGBAYILOLA A.
601 8088 AKINTADE FOLAKE
602 4881 AKINTILO FRANKLIN ADEDEJI
603 2871 AKINTOLA AKINWALE
604 3627 AKINTOMIDE BOLANLE
605 5059 AKINTOYE GBOLAHAN ABDUL LATEEF
606 2886 AKINTUJOYE AYO BANKOLE
607 2684 AKINTUNDE AYOMIDE ZEPHANIAH
608 7407 AKINUNDE TEMITOPE
609 6359 AKINWADE IRETI JOSEPHINE
610 5306 AKINWALE OREOLUWA RICHARD
611 6759 AKINWALE CLEMENT ABIOLA
612 6489 AKINWALIRE OLUWATOBI
613 7705 AKINWUNMI KEHINDE
614 1157 AKINYANJU O.O (DR)
615 5167 AKINYELE AKIN - OLUSOJI
616 9111 AKINYELE AKEEM OPE
617 2638 AKINYEMI OLUTAYO ADEOLA
618 2687 AKINYEMI JOSEPH ADEJARE
619 6826 AKINYEMI LAWANI
620 6493 AKIODE OLUSOLA AKINYEMI
621 7719 AKIODE OLATUNJI
622 1339 AKISANYA DAVID
623 2329 AKOH FRIDAY NEHEMIAH
624 9092 AKOH DAVID OGACHEKO
625 8155 AKOMOLAFE OLUWAFUNMILOLA ADEPEJU
626 1257 AKONGWALE VICTOR
627 3572 AKONI OLADIPUPO OLUYOMBO WESLEY
628 4133 AKOREDE MOROUNMUBO
629 2766 AKOSA OBINNA
630 5760 AKPABIO NAMKERE EBONG
631 3919 AKPAN SAMUEL FELIX
632 4360 AKPAN IMAOBONG
633 5673 AKPAN IDARA SYLVESTER
634 7412 AKPAN EDUYOUNG CHRISTOPHER
635 7325 AKPANINYANG LADYMERCY EMMANUEL
636 1741 AKPATA MOJISOLA E. M
637 1300 AKPEDE OGHENETEGA OLUWATOYIN
638 8721 AKPEKONG UBONG ESHIET
639 1179 AKPORIAYE DOSEKE
640 2578 AKUMA IGWE NWANKWO
641 7515 AKWUKWUMA CHIJIOKE ONYEMAECHI
642 1111 ALABI ANDREA AYODEJI
643 3841 ALABI AYOTUNDE
644 4137 ALABI CHRISTOPHER ADEBAYO
645 4428 ALABI GABRIEL OLATUNJI
646 7774 ALABI OLUDUNNI OLANIKE(MRS)
647 9563 ALABI ADEKUNLE AKINOLA
648 1925 ALADE OLUWASEUN TEMITOPE
Annual Report and Financial Statements 2020 235
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
649 7665 ALADE ADEOLA OLUWAFEMI
650 5579 ALADEUSI IDOWU USMAN
651 3037 ALADEWOLU ADEKUNLE ADEBUNMOLA
653 3331 ALAGBE KOYEFOLU MBONU
654 4567 ALAGBE OYEBISI OLATUNDE
655 2492 ALAKE OLATUNBOSUN TOJUOLA
656 2642 ALAKIJA SECURITIES LTD
657 2737 ALALIBO KARIBO DABO-OJU
658 7796 ALAMU IBUKUN GBENGA
659 3629 ALANEME CHIKA CLEMENT
660 4739 ALAO AKINWALE OLUFEMI
661 7306 ALAO TAIWO ETO
662 8614 ALAO AYANKUNLE
663 8971 ALAO DAMILARE RAHAMAT
664 9095 ALARAPE IREOLUWA EMMNANUEL
665 9641 ALARAPE QAZEEM OLATUNJI
666 4199 ALASA ABU HUMPHERY AND MAGDALENE
667 7580 ALAWIYE ABAYOMI ADEMOLA
668 6554 ALAYAKI IDOWU MOSIDAT
669 2063 ALAYANDE JIMMY AJIBOLA
670 2095 ALAYANDE ELIZABETH AJOKE
671 2241 ALAYANDE OLU FOLARIN
672 1888 ALAYANDE MANAGEMENT SERVICES LIMITED
673 2088 ALAYO LUTIFAT AYOOLA
674 6649 ALBERT ADEYEMI DAVID
675 6555 ALETILE OLUWADUROTIMI FESTUS
676 7229 ALEX ADEREMI OJEKUNLE
677 8207 ALEXANDER ANABA
678 8517 ALEX-DUDUYEMI OYEKUNLE
679 6719 ALEX-EYITENE ANTHONY
680 2934 ALHAJI ADO DANIYA
681 7405 ALHASSAN USMAN
682 7912 ALI AMOBI MAURICE
683 8275 ALI IDI HALIDU
684 8440 ALI ABDULLAHI
685 1106 ALILE OSAYI ORUENE
686 2494 ALIM CHIMEREUCHEYA NKASIOBI
687 5498 ALIMI KAZEEM
688 1899 ALIU GABRIEL TOBA
689 2594 ALIU OLAYEMI SAMUEL
690 3419 ALIU OLATOMIDE MOTOLANI
691 3426 ALIU FELICIA RERELOLUWA
692 1382 ALIYU HALITA
693 1547 ALIYU UMAR
694 1572 ALIYU GADANGA MUHAMMADU
695 3878 ALIYU DANSUNAMA AHMED
696 5705 ALIYU U.O
697 7027 ALIYU FALALU
698 9223 ALIYU RAMATU GARBA
699 2787 ALIYU-MAITASAMU ABDULLAH
700 7417 ALLEN BLESSING
701 6773 ALLETOR CHRISTOPHER EROMOSEME
702 4484 ALLI MUFUTAU
236 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
703 8239 ALLI OLATOKUNBO KOLAPO
704 8632 ALLI IBRAHIM
705 9411 ALLI LILY EFIAWAN
706 2701 ALLISON IBIMINA BENONI
707 6901 ALLIYU ADEBOLA TAIWO
708 9042 ALLOH EMMANUEL OLUTOLA (MR & MRS)
709 5365 ALMAJIRI ABDULLAHI
710 4274 ALOFOKHAI LILIAN CHIDINMA
711 4240 ALONGE DAMILOLA EMMANUEL
712 7534 ALONGE SAMUEL ABIODUN
713 5017 ALPHONSE RICHARD NAIYON
714 78 ALUKO AKINYELE
715 1063 ALUKO PETER AJAYI
716 2665 ALUKO ABEL BAYODE
717 5857 ALUMA OSITA CORNELIUS
718 974 ALUSI ANAETO
719 8672 ALVAN NWAKIRE NDUKWE
720 7076 AMACHUKWU ONYEBUCHI NDIDI
721 7015 AMADI MESHACH CHIMA
722 8579 AMAECHI ANAYOCHUKWU STEPHEN
723 4912 AMEDE GOODLUCK
724 5709 AMEDU ARUNA RASHIDU
725 4256 AMEENAT ABISOLA DINA
726 4116 AMEH CHARLES UGBEDE
727 2167 AMINU ABDULLAHI
728 2688 AMINU HARUNA ABDULLAHI
729 4220 AMINU BELLO ALMUSTAPHA
730 6257 AMINU MOHAMMED SALISU
731 9432 AMINU UBANDOMA
732 2051 AMIOLEMEH OMODIALE ANGUS
733 2668 AMOLE VICTOR ABIMBOLA
734 2809 AMS INVESTMENT LTD 788 1207 ANUGBA CHIKWENDU HILLARY
735 4401 AMSHARE INVESTMENTS NIGERIA LIMITED 789 4638 ANUMBA ANNE CHINYELU
736 2536 AMU BANKOLE OLUSOLA
737 7955 AMUND PAUL AYODEJI
738 9015 AMUNE OLUSEGUN OZAVESHE
739 2200 AMUSA SURURAT ADEROJU
740 5226 AMUSAN ZAINAB
741 6799 AMUSAN BABATUNDE OLUSEYE
742 9616 AMUSAN RAPHAEL
743 4568 AMUSA-OSENI AARON ADEKUNLE
744 6167 AMUWO ODOFIN UNITY CLUB
745 2728 AMZAT ROTIMI
746 7638 ANAGUIH CALISTUS IKECHUKWU
747 5438 ANAKA IKECHUKWU PAUL
748 2082 ANAKUDO CHUKWUDI ELLISHENRY
749 5288 ANAKWUBA SUNDAY OBINNA
750 3645 ANCHORIA AM/FUNLOLA ABE
751 9384 ANDE BABABUSOLA ABAYOMI
752 5603 ANDEH CHINEDU SYLVANUS
753 6629 ANDREW BERNARD
754 4614 ANDZENGE KARMEL
755 1238 ANEKWE ERIC UGOCHUKWU
756 5202 ANERU SULEMAN ALI
Annual Report and Financial Statements 2020 237
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
757 4758 ANETEKHAI RICHARD SIMEON
758 9354 ANGO YOSI AYUBA
759 6600 ANGULU JOHN
760 1687 ANGWE ZION OYISEH
761 6854 ANI OLUCHUKWU NKIRU
762 7794 ANI PETER CHIBUIKE
763 9581 ANI OPEYEMI WALEOLA
764 4615 ANIELO EBENEZER IKECHUKWU
765 2949 ANIEROBI SUNDAY CHRISTIAN
766 6755 ANIGIORO AMOS OLADAPO
767 1325 ANIKWE OBINNA NNABUIFE
768 7519 ANIMASHAUN HOORIYA OLUWATOMISIN
769 7932 ANIMASHAUN KAZEEM GBENGA
770 7751 ANIMASHAUN AL-FUR?QAN FOLORUNSHO
771 7702 ANIMASHAUN NADIA OLAOLUWA
772 8286 ANITA BENSON
773 2227 ANJORIN JOSEPH ALADESANMI
774 2236 ANJORIN ADEBIMPE ADENIKE
775 1118 ANNE CHIBUZOR ORAGWU.
776 5081 ANOCHIE IGWEBUIKE BENEDICT
777 5078 ANOKWURU TOMACHI GEORGE
778 1026 ANONDE IGNATIUS UCHENNA EST. OF
779 1444 ANOSIKE HUMPHREY IKECHUKWU
780 2730 ANOSIKE ENYINNAYA UGOCHUKWU
781 6697 ANOSIKE NNAMDINMA GABRIEL
782 2774 ANOZIE EMENIKE ALEXANDER
783 1745 ANSA ITA ARCHIBONG
784 3314 ANSELEM UDEOGU ATUANYA
785 5012 ANTHONY JOHN
786 6451 ANTHONY OLATUNJI
787 3071 ANTHONY-OLOWONIHI KEHINDE FUNMILOLA
790 8487 ANUMBOR EMMANUEL
791 5140 ANUOLUWAPO OMOSILEOLA JOLAOSO
792 1140 ANUSI EBELE IFEYINWA
793 1392 ANYANWU KELECHI GODSON
794 2247 ANYANWU JOSEPH OKECHUKWU
795 4970 ANYANWU NNAMDI VICTOR
796 7218 ANYANWU UZOMA CHIBUIKEM
797 8829 ANYANWU CHINWE JACQUELINE
798 9634 ANYANWU LEO CHINEDU
799 8649 ANYAOGU SUNDAY ONYEKOZURU
800 5924 APAKAMA FRANCIS CHUKWUMA
801 6589 APAMPA OLATOUN YETUNDE
802 6876 APAMPA OLATOUN YETUNDE
803 3194 APATA OLUWASEUN TOLULOPE
804 2304 APOLOLA OLADAPO OLAGBAIYE
805 2201 APPAH SHIRLEY CHIKA
806 1772 ARABA ADEKUNLE O.
807 6426 ARABO USMAN ABUBAKAR
808 4668 ARE OLUWATOMI EFE PRISCILLA
809 8966 ARE ADEDAMOLA OLAYINKA
810 2178 AREGBESOLA AKEEM OLU
238 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 239

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

811 3928 AREGHAN AITEBEREME CECILIA 865 6092 ATE GIDEON ATIM
812 4156 AREKE SEYI ABAYOMI 866 2992 ATEGO OLUFEMI EMMANUEL
813 5943 AREMU JOSHUA O & JOSEPHINE REV & MRS 867 7400 ATERE AKINBAYO OLAWALE
814 2150 AREMU-OLUWOLE OLAKUSIBE ISHOLA 868 7731 ATERE ADEYOSOLA
815 8479 ARHEBAMHEN NELLY EKPEN 869 7145 ATIN IFIOKOBONG ETIM WISDOM
816 8641 ARHUNMWUNDE OSAMEDE 870 5285 ATOBATELE TAOREED ABIODUN
817 3495 ARIBISALA AYODEJI ADEWALE 871 6868 ATOLOYE OLAYIWOLA
818 1635 ARINOLA BABAJIDE OLALEYE 872 2056 ATOM HEMEN SAMSON
819 7550 ARINZE OKWUDILI IKEME 873 1842 ATSEMUDIARA EBISAN
820 1307 ARIYO TOLUWALOPE EMMANUEL 874 3157 ATTAH ENEYE DANIEL
821 2552 ARM NOM: ARM SECURITIES LIMITED 875 7259 ATTAH ENEYE DANIEL
822 3220 ARM NOMINEES/AMB G.A & MRS A.O FALASE 876 9627 ATTAH CHARLES AYODELE
823 3910 ARM NOMINEES: AFRICAN-RE 877 1043 ATTE AKUAMA JOHN
824 5853 ARM SECURITIES LTD/ TROVE TECHNOLOGIES 878 3504 ATUANYA ONYEKA STELLA
825 2192 ARM TRUSTEE LTD:YAHAYA IMAM EDUC TRUST 879 6096 ATUCHUKWU CHUKA IKENNA
826 2190 AROJO CAROLINE ADELEYE 880 4813 ATUMA EMEKA INNOCENT
827 6580 AROKODARE MICHAEL ABIODUN 881 5618 ATUNZU KEVIN OBI (DR)
828 8362 AROWOJOLU ADEDAYO ALABA 882 5259 ATUWO DAVID HYELHIRRA
829 4225 AROWOLO YETUNDE ENIOLA 883 7135 ATUYOTA UCHEFE
830 8697 AROWOLO SEGUN 884 4422 AUDU OLAITAN GIDEON
831 2633 ARUBASA ONOME 885 4987 AUDU OLAYINKA TEMITOPE
832 4001 ARUMEMI-JOHNSON ALEXANDER BABAJIDE 886 6579 AUGUSTINE ESTHER FUNKE
833 4032 ARUNA OLADEINDE WASIU 887 7216 AUSTIN AVURU HOLDINGS LIMITED
834 8162 ASABIA ADEOLA MOBOLAJI 888 7137 AUTRUS LIMITED
835 2948 ASAKPA JAMES OGHENEFEJIRO 889 7785 AUWALU HABU
836 8669 ASAKPA CHRISTOPHER 890 6689 AWAGU IJEOMA HELEN
837 862 ASALU JOSHUA AKINTUNDE(EST)AKINPELU/ORS- 891 3147 AWE TOYEEB ABIODUN
838 7204 ASEMAH OLAITAN PETER 892 2312 AWEDA KAYODE ADETUNJI
839 5635 ASERO HIGH SCHOOL (STAFF) CT&CS LTD 893 2318 AWEDA YETUNDE ADERONKE
840 2322 ASHAYE ABOSEDE ARIYIKE 894 2323 AWEDA OPEYEMI ADEBOLA
841 7063 ASHCROFT IBILOLA 895 6442 AWIMAX ENERGY LIMITED
842 8963 ASHEBHAI MIKE ADE 896 7597 AWODOYIN WAHAB OLUMAKINWA
843 4258 ASHOM MUSA 897 1666 AWOEYO OLAITAN OLADAPO
844 7408 ASHORE-ONISEMO FUNMILAYO 898 1452 AWOFESO OLANREWAJU ADEWALE
845 3378 ASHOROBI JAMALDEEN AYOMIKUN 899 7498 AWOH NORNAH
846 3392 ASHOROBI KEHARA 900 4017 AWOJOBI AFOLABI OTITOLOJU
847 1270 ASIBOR ROBERT ENAHOLO 901 1859 AWOKOYA OREOLUWA OMOWUNMI
848 4959 ASINWO JOSEPH OLUSEYI 902 3993 AWOLADE VICTORIA GBEMISOLA
849 3410 ASIODU GABRIEL NGOZI 903 6177 AWONAIKE RACHAEL MOSEBOLATAN
850 1436 ASIRU ABAYOMI LATEEF 904 4051 AWONIYI REBECCA OMOBOLAJOKO
851 3397 ASIRU-BALOGUN OLUWASEUN 905 3686 AWORENI ADEMOLA AKINTUNDE
852 6621 ASIWAJU AGBOLADE BABAFEMI 906 1837 AWOSIKA MOSOPEFOLUWA OLAMIDE OLUMOROTI
853 8536 ASIYANBOLA OYEDAMOLA ANDREW 907 2000 AWOSIKA OLUFOLABOMI TEMITOPE M
854 3558 ASOGWA CHIJIOKE 908 2202 AWOSIKA FOLAJOYE CHRISTOPHER
855 4445 ASSAN ORIYOMI TOMIWA 909 4550 AWOSIKA OLUBANKOLE
856 6874 ASSAN ORIYOMI TOMIWA 910 4554 AWOSIKA OLAMIDE OLUBUKUNOLA
857 2798 ASSURED INVESTMENT & SECURITIES LTD 911 5729 AWOSIKA OLUBANKOLE AYODEJI ABIODUN
858 5247 ASUNMO AKINWUMI AKINTOLA 912 6337 AWOSIKA OMONIKE DOLAPO
859 2761 ASUQUO UDOH RAPHAEL 913 8310 AWOTOLA ADEWALE
860 9281 ATAKENU ABIMBOLA ABOSEDE 914 2723 AWOTUNDE ADENLE NAJEEM
861 3944 ATARAIRE GIDEON OVIEMO 915 8058 AWOTUNDE AWOSIJI OLATUNDE
862 4857 ATAWODI SUNDAY ENE - OJO 916 6484 AYANBADEJO OLUFUNMILAYO.M (MRS)
863 4203 ATAYERO ADEREMI AARON 917 1737 AYANBOYE OLUWOLE
864 5947 ATE GIDEON ATIM 918 2685 AYANDELE SOLOMON OLUREMI AYANDIJI
240 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
919 7112 AYANGBEMI AKINTUNDE AYANBISI
920 2643 AYANLOLA JADESOLA
921 4012 AYANRUOH ELIZABETH DORA D.
922 4211 AYANWAMIDE YINKA GBADEGESIN
923 4733 AYANWAMIDE BOLA VICTORIA
924 4520 AYEGBA UGBEDEOJO VICTOR
925 1893 AYENI OPEYEMI FUNMILAYO
926 2163 AYENI CHINYERE
927 6120 AYENI ABRAHAM SUNDAY
928 2582 AYEOYENIKAN AUGUSTINE ITUNUOLUWA
929 5773 AYIDA OMATSEYIN AKENE
930 3477 AYILARA SINA YUSUF
931 8879 AYILOGE PHILLIPS TEMITAYO
932 934 AYINDE AHMED BOLAKALE
933 7464 AYININUOLA BLESSING CHINWENDU
934 5422 AYO FOPEFOLUWA
935 5423 AYO FIYINFOLUWA
936 7923 AYO BABATUNDE TEMITOPE
937 6981 AYOADE HAMMED ADEKOLA
938 9160 AYOADE ADESOLA EMMANUEL
939 782 AYOBAMBO & AYODUNNI KUNLE-SALAMI 993 3141 BADEJO ADEBOYE OLUGBOYEGA
940 2139 AYOBAMI OLOYEDE OYEDELE
941 3201 AYODEJI OLAKUNLE
942 5505 AYODEJI SOLOMON OSISAMI
943 6368 AYODEJI NURUDEEN OLANREWAJU
944 6802 AYODEJI DUROJAIYE
945 2055 AYODELE EREDOLA OLUBUNMI
946 3822 AYODELE OLAJIDE ABAYOMI
947 4574 AYODELE GABRIEL KEHINDE
948 5044 AYODELE OLUMIDE BABATUNDE
949 7782 AYODELE OLUMAYOWA KAYODE
950 8108 AYODELE APELOGUN
951 7248 AYOKUNLE ODUTAYO
952 7364 AYOKUNLE OKUSANYA
953 7819 AYOMA GEOFFREY OGHENEWORU
954 6771 AYOMIDE ROJAYE
955 964 AYOOLA MORENIKEJI FOLAYEMI & OLATUNDE
956 3482 AYOOLA GILBERT OLUFEMI
957 6357 AYOOLA OGUNYOMI
958 4261 AYORINDE OMONIYI ELIZABETH
959 1408 AYU DUAKPENMI ANDREW
960 4587 AYU YIMA ODION
961 4603 AZANOR AKINOLA OYEDELE .O.
962 2002 AZEEZ OBABIYI ADEWALE
963 2015 AZEEZ MORUFU OLASUNKADE
964 2126 AZEEZ WASIU OLAWALE
965 2800 AZEEZ AFOLABI N.
966 3943 AZEEZ ABOLANLE AYINKE
967 4345 AZEEZ SIKIRU OLAWALE
968 4516 AZEEZ MUHAMMED NASIR
969 6646 AZERE EWOMA REX
970 6483 AZIKE NOBERT UCHE
971 8498 AZUBOGU ADAEZE EBELE
972 4646 AZUBUIKE ADANMA MARTINA
Annual Report and Financial Statements 2020 241
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
973 8953 AZUBUIKE UCHENNA BRIGHT
974 8865 AZUKA OBI
975 1435 BABA SULEIMAN MOHAMMED
976 5647 BABALOLA EMMANUEL OLUWATOBI
977 6158 BABALOLA OLUWAFEMI
978 6183 BABALOLA ADEWALE
979 5721 BABARINDE SUNDAY ADEMOLA
980 7392 BABASOLA OLUWASEUN EYITAYO
981 8117 BABATOLA AKINKUNLE SAHEED
982 1988 BABATUNDE KAYODE
983 4334 BABATUNDE DANIEL
984 5578 BABATUNDE USMAN
985 8444 BABATUNDE SAKIRU ADENIYI
986 8691 BABATUNDE IDAYAT ABIODUN
987 9138 BABATUNDE MURITALA ADEDITAN
988 3946 BABATUNDE-DADA ISABELLA AYOMIKUN
989 4222 BADARU OLUSEGUN OLAJIDE
990 6962 BADARU AMINAT OLORUNTOSIN
991 7110 BADARU JOLADE ABIODUN
992 2389 BADEJO ADELEKE
994 6389 BADEJO-ADEGBENGA LAWRENCE GEORGE
995 4309 BADMUS ABDULRAHMON ABIODUN
996 1630 BADRU OLANIYI NURUDEEN
997 5166 BAGANA MURTALA MUHAMMAD
998 3216 BAILEY OLADIPUPO ABIODUN
999 5371 BAJOMO IYANU OREOLUWA
1000 5372 BAJOMO OLUMIDE AYOYIMIKA
1001 5418 BAJOMO MOROLAIFEOLUWA JASON
1002 5419 BAJOMO OLUWATAMILORE TIFFANY OLAMIDE
1003 3265 BAJU IDOWU ABISOLA
1004 1995 BAKARE SHERIFAT
1005 2125 BAKARE KAYODE
1006 3073 BAKARE ADEBISI OLUWAYEMISI
1007 3855 BAKARE ADEBAYO SAKA A.
1008 4234 BAKARE OLAYEMI KAFILU
1009 5170 BAKARE ABDUL LATEEF OLANREWAJU
1010 5998 BAKARE MUMINI OLATUNDE
1011 8497 BAKARI AMINU BUBA
1012 1915 BAKO GEORGE RT. REV.
1013 1381 BALAKEFFI LADI R.
1014 2265 BALOGUN SEKINAT MOPELOLA
1015 2605 BALOGUN LATEEF ADETOKUNBO MABAYOJE
1016 2899 BALOGUN OLUWASEGUN AKANDE
1017 3549 BALOGUN AHMID OKANLA
1018 3583 BALOGUN MOSHOOD ABODUNRIN
1019 3597 BALOGUN OLUWATOYIN OLUWABUNMI
1020 5180 BALOGUN ABOSEDE OLUBUNMI
1021 5339 BALOGUN YAKUBU ABIODUN
1022 6880 BALOGUN OLAYINKA
1023 8040 BALOGUN OLAJIDE OLUFEMI
1024 8446 BALOGUN OLAWOLE TIAMIYU
1025 8616 BALOGUN TAIBAT ADENIKE
1026 9280 BALOGUN SALIU ADEJUMOBI
242 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 243

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

1027 4174 BAMGBADE OLABANJI OLUMIDE 1081 1889 BANKOLE ADEYEMI OLUMIDE
1028 2321 BAMGBOPA ABDULAZEEZ KAYODE 1082 1113 BANYE OLUCHUKWU MICHAEL
1029 4823 BAMGBOSE FOLASADE ABOSEDE 1083 4997 BARANGO KENNEDY S.
1030 8425 BAMGBOSE SAMSON KAYODE 1084 1901 BARITI INVESTMENTS LIMITED
1031 6153 BAMIDELE ADEMOLA 1085 3543 BARNOMA MAHMUD SHEHU
1032 6953 BAMIGBOLA HABEEB OLAKUNLE 1086 2048 BARROW NONYELUM CHIKA
1033 4958 BAMIGBOYE ADEYEMI EBENEZER 1087 4166 BARUWA WASIU ADEKUNLE
1034 4700 BAMISILE ABIOLA O 1088 8784 BASHIR ABDULHAKIM
1035 5050 BANCORP NOMINEE VMO 1089 8694 BASHIRU OLAWALE ABDULLAHI
1036 5056 BANCORP NOMINEE A/C KOK 1090 1016 BASSEY CHARLES
1037 5073 BANCORP NOMINEE A/C ‘SOA’ 1091 2469 BASSEY SUNDAY EKPENYONG
1038 8882 BANCORP NOMINEE LIMITED JNY 1092 5143 BASSEY EFFIOM
1039 5061 BANCORP NOMINEE LTD ACCT. DOP 1093 6196 BASSEY OBOT UDUAK
1040 5047 BANCORP NOMINEE LTD MC LOO 1094 4578 BATUBO OWANARI
1041 5040 BANCORP NOMINEE LTD NCO 1095 8839 BATUBO PETER
1042 5039 BANCORP NOMINEE LTD TME 1096 4042 BATULA RISIKAT BOLANLE
1043 5029 BANCORP NOMINEE LTD. A/C-YDE 1097 4363 BAYODE OLUFEMI
1044 5045 BANCORP NOMINEEES A/C ‘FOK’ 1098 4374 BAYODE OLUFEMI
1045 5031 BANCORP NOMINEES A/C - SAS 1099 2179 BAYSIK NIGERIA ENTERPRISES
1046 5026 BANCORP NOMINEES LIMITED A/C ‘FKS’ 1100 2029 BECKLEY ORIYOMI ENITAN
1047 5027 BANCORP NOMINEES LIMITED A/C ‘JMC’ 1101 1724 BELLO MUIBAT AINA
1048 5058 BANCORP NOMINEES LIMITED ‘KOB’ 1102 2982 BELLO ABBA MOHAMMED
1049 5042 BANCORP NOMINEES LTD WPO 1103 3081 BELLO AZEEZ GBOLAHAN
1050 5072 BANCORP NOMINEES LTD A/C - ‘KSW’ 1104 4431 BELLO OLUFEMI EMMANUEL
1051 5068 BANCORP NOMINEES LTD A/C (BAW) 1105 5086 BELLO KASIMU KABIRU -EST OF-
1052 5048 BANCORP NOMINEES LTD A/C `KIT’ 1106 5625 BELLO AUGUSTINE OLUSANYA
1053 8885 BANCORP NOMINEES LTD A/C AAD 1107 6685 BELLO ISMAIL ADEWUNI
1054 5049 BANCORP NOMINEES LTD A/C ‘AWK’ 1108 7146 BELLO ALANI ISAU
1055 5067 BANCORP NOMINEES LTD A/C ‘BOD’ 1109 7972 BELLO OLATUNDE
1056 5065 BANCORP NOMINEES LTD A/C ‘BRJ’ 1110 7985 BELLO AISHA OLAYINKA
1057 5024 BANCORP NOMINEES LTD A/C ELO 1111 8010 BELLO KOKO MOHAMMED
1058 5053 BANCORP NOMINEES LTD A/C KUG 1112 8190 BELLO OLAYIWOLA MUDASHIR
1059 5032 BANCORP NOMINEES LTD A/C NSL 1113 8294 BELLO SULTAN UGOCHUKWU
1060 5035 BANCORP NOMINEES LTD A/C PAG 1114 8802 BELLO RILDWAN OLAYEMI
1061 5028 BANCORP NOMINEES LTD A/C SEP 1115 9259 BELLO HUSSAINI
1062 8871 BANCORP NOMINEES LTD A/C ‘SET’ 1116 9440 BELLO OLAIDE TEMITOPE
1063 5066 BANCORP NOMINEES LTD A/C ‘TVG’ 1117 7373 BENEDICT EMINA
1064 5025 BANCORP NOMINEES LTD A/C-LSE 1118 7026 BENEDICTA IHEME
1065 5037 BANCORP NOMINEES LTD ‘ACCOUNT HAT’ 1119 4877 BENJAMIN RACHEAL UGBEDEOJO
1066 5036 BANCORP NOMINEES LTD ACCT CUO 1120 9476 BENJAMIN GATES
1067 5023 BANCORP NOMINEES LTD ACCT. FMK 1121 6116 BENJAMIN-ADE ENIOLA JOSEPH
1068 5070 BANCORP NOMINEES LTD. A/C - ‘SAM’ 1122 2168 BEN-OGBEIDE EROMOSE JASON
1069 8881 BANCORP NOMINEES LTD. A/C FAA 1123 3525 BENTSI-ENCHILL KOBINA NUAMAH
1070 5051 BANCORP NOMINEES LTD. A/C KOJ 1124 1276 BIAKPARA ALLEN POWEDE
1071 5030 BANCORP NOMINEES LTD. A/C-LEO 1125 5121 BIALA ADEMOLA ABAYOMI
1072 5054 BANCORP NOMINEES LTD. ALC-TOS 1126 8183 BICKERSTETH CATHERINE
1073 5043 BANCORP NOMINEES LTD.A/C- EBT. 1127 3299 BIGGS SUNDAY GARBA
1074 8870 BANCORP NOMINESS LTD A/C’SNT’ 1128 7247 BINITIE EBOSENOBUWATALE ADEOLUWA
1075 5038 BANCORP NOMINESS LTD ‘ACCT. HJD’ 1129 3451 BINTAN OYINDAMOLA ASHOROBI(MRS.)
1076 5046 BANCORP NOMINNEES LTD A/C SHI 1130 8610 BIRIOK NUHU
1077 8760 BANIGO TOMINI ORITEME 1131 6409 BISHIR AMINU
1078 1464 BANJOKO OLAKUNLE ADETUNJI 1132 1024 BISIC 15 ENTERPRISES
1079 2019 BANJOKO OLADIPUPO ABIODUN 1133 8742 BISIRIYU TAOFEEQ ADISA
1080 7508 BANJOKO OMONIYI AYODELE 1134 7155 BISOLA ELELU
244 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 245

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

1135 2704 BLANKSON AMPIM GOGO 1189 5675 CHIBUIKE ERUCHALU

1136 8393 BLESSING OYEBODE 1190 7319 CHIBUNNAM AKARA
1137 8751 BLESSING EZEUDU 1191 6343 CHIBUZO STANLEY AMOBI
1138 4846 BLUENOTE LTD 1192 8681 CHIBUZO STANLEY AMOBI
1139 4561 BOB-MANUEL IBUNGE 1193 7128 CHIDEBE TOCHUKWU EMMANUEL
1140 7348 BOLA-AUDU OLUSHOLA YETUNDE 1194 3509 CHIDI MATTHEW ORJI
1141 5094 BOLADE JOHN GBOLADE 1195 7386 CHIDI UDEMBA
1142 7749 BOLADE OMOMOWO 1196 7940 CHIDUBEM ONYEAGHALA
1143 3195 BOLARINWA A. FAMUYIWA 1197 9462 CHIGBO KANAYO CHRISTIAN
1144 8406 BOLARINWA KEHINDE 1198 4692 CHIGBU CHINEDU
1145 2859 BOLU-OLAOLUWA TEMILOLA ABIODUN 1199 8668 CHIJIOKE CHINEDU
1146 6510 BOMA ADABA BEDDIE-MEMBERR 1200 1431 CHIKAMADU FORTUNE PRAISE
1147 3510 BOSEDE OLUWASEGUN ANTHONY 1201 8540 CHIKAMSO OKWUOKWU
1148 7124 BOSSGIDA MUSTAPHA 1202 9344 CHIKEKA NNEOMA CHINENYE
1149 3202 BOUKORU HAPPINESS IBINABO 1203 899 CHIKEZIE PROMISE SATURDAY
1150 1359 BRADFORD & BINGLEY 1204 1637 CHILO-OFFIAH ONYEKACHI
1151 7526 BRENDA UGWULASHI 1205 6073 CHIMA STANLEY NNAMDI
1152 4441 BRIDGE HOUSE COLLEGE 1206 6807 CHINDA VICTORIA NMENICI
1153 2736 BRIGGS SOBEREKON SUKI 1207 7177 CHINDAYA FRANKLIN AUDU ADAMU
1154 4767 BRIGHT OSAGIE JEREMIAH 1208 7653 CHINEDU JOSEPH UCHENNA OBI
1155 947 BRISTOL IJEOMA EUALALIE CHINYERE 1209 6182 CHINEDU-ANOCHIRIONYE NNEOMA V.
1156 2980 BRISTOL PIRINYE OGOCHI 1210 6399 CHINYERE OHUONU
1157 4546 BROWN IGNATIUS AKPAN 1211 2521 CHIOKE IKECHUKWU PRIMUS
1158 8834 BROWN ISAAC 1212 5955 CHISOM CHUKWUANI
1159 8835 BROWN DIVINE WISDOM MFON 1213 1673 CHIZOBA OKAFOR OGOCHUKWU DANIELLA
1160 8836 BROWN BERNICE ENOBONG 1214 1686 CHIZOBA OKAFOR CHIZOBA ALEXANDER
1161 2327 BUARI MOHAMMED ADEBAYO 1215 4458 CHRISTIANA KAYODE
1162 1509 BUBA MOHAMMED CHAKALA 1216 9012 CHRISTIANA SAMPSON
1163 2005 BUBA MUSA 1217 784 CHRISTOPHER FRANCIS
1164 1523 BUHARI MIKAILA 1218 2565 CHRISTOPHER ADAOCHE MARGARETH
1165 4662 BUHARI YUSUF OYEBANJI 1219 7338 CHUKU OLASUBOMI TEMITOPE
1166 9348 BUHARI ALIYU 1220 7354 CHUKUDI EGBUTA
1167 3687 BUKO ADESHOLA AKINLOLU 1221 4794 CHUKWU NCHEDO GINIKA
1168 7754 BUKOLA ONIPEDE 1222 4797 CHUKWU AMARA JUDITH
1169 1504 BULUS DRAMBI KWADA 1223 6556 CHUKWU CHIDOZIE ERIC
1170 1519 BULUS DRAMBI KWADA (ARC) 1224 6986 CHUKWUEBUKA OKORO
1171 4514 BUSARI BASIRU OKUNADE 1225 9626 CHUKWUEBUKA OKONKWO NKEMEN
1172 7151 BUSARI RABIU 1226 6984 CHUKWUJIOKE EZE
1173 5614 CALEB CHRISTINE LTD 1227 3062 CHUKWUMA EMMANUEL IFEANYI
1174 5539 CALYX NOMINEE 2 1228 6926 CHUKWUMA NWABUEZE
1175 6640 CALYX SECURITIES LTD. * TRADED-STOCK-A/C 1229 1030 CHUKWUMAH GEORGE A
1176 6641 CALYX/MENSAH CHARLES OLALEKAN 1230 9445 CHUKWURA AMECHI CHARLES
1177 5011 CAPITAL SHAREHOLODERS ASSOCIATION 1231 5413 CITI ASSET MANAGEMENT LTD A/C 3
1178 1429 CAPITAL MARKET RESOURCES LTD 1232 3250 CLARK MORADEUN
1179 5699 CARDINALSTONE PARTNERS LTD ACCT/IWML 1233 1782 CLARKSON ISMAIL ABIODUN
1180 7773 CARDOSO OLAYEMI MICHAEL 1234 2261 CLAUD-ENNIN IMRAN
1181 2669 CATHOLIC ARCHDIOCESE OF IBADAN 1235 8082 COINS AMES LTD
1182 8651 CDL CAPITAL MARKETS LIMITED - BRD 1236 1453 COKER BARNABAS
1183 1749 CHAPEL HILL DENHAM SECURITIES LTD -IPMA 1237 6147 COKER AFOLABI ALADE AINA
1184 6533 CHARLES ITUAH 1238 7629 COKER KEHINDE OJEWALE
1185 775 CHEVALIER INVESTMENT PARTNERS LIMITED 1239 7850 COKER OBAFEMI JERUSALEM
1186 1693 CHIBUEZE OSITA KENNETH 1240 9481 COKER STEVE OLUMIDE
1187 4381 CHIBUEZE PATRICK 1241 2252 COLE ADEKUNLE ADEBAYO
1188 8210 CHIBUEZE DANIEL AMATASORO 1242 9551 COLE AYOOLA OLUWAYEMISI
246 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 247

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

1243 5175 COLLINS IKECHUKWU ISAAC 1297 4424 DANPULLO ALKASSIM NASIB
1244 4425 COMMERZE 360 VENTURES 1298 1783 DANSOLEK NIGERIA LIMITED
1245 2483 COMPASS INV & SECURITIES LIMITED 1299 2146 DAPHEREDE HENRY OLUWASEYI
1246 6468 CONTINENTAL UNIT TRUST FUND 1300 4895 DAPO-THOMAS IBUKUNOLUWA
1247 3905 CRANE SECURITIES LIMITED 1301 6918 DAPPA MAPLE TAMUNOINAEMI
1248 8619 CROSSWORLD NOMINEE SCHUBBS STAFF FUND 1302 5207 DAPU JOE LIMITED
1249 8350 CROSSWORLD NOMINEE-Y EDUN’S A/C 1303 6367 DARA DOMINICA
1250 3608 CSL NOMINEE A/C - ‘BUS1’ 1304 6849 DARA OMOLOLA
1251 9374 CSL NOMINEE LTD A/C BL 1305 4162 DARAMOLA ADENRELE OLAJUMOKE
1252 2439 CSL NOMINEES A/C BR 1306 6312 DARAMOLA OLUWATOSIN AMOS
1253 2481 CSL NOMINEES LIMITED A/C `OAA’ 1307 9158 DARAMOLA MICHAEL AYODEJI
1254 2456 CSL NOMINEES LTD A/C ‘ABA’ 1308 3972 DARBELL VENTURES
1255 3609 CSL NOMINEES LTD A/C BZ 1309 836 DASA DAVID JOSEPH
1256 1955 CSL NOMINEES LTD. A/C DE 1310 6709 DATUBO-BROWN APIRIBO
1257 8335 CSL NOMINEES LTD. A/C EE 1311 5684 DAUDA ISAH
1258 2025 CTSL - HIGO T.G 1312 6675 DAUDU NANA FATIMA
1259 6072 CWSL NOMINEE PROPRIETARY FUND 2 1313 776 DAVID DANKARO
1260 9569 CYPRIAN YANDE 1314 785 DAVID DANKARO
1261 2806 CYRIACUS UKAMAKA ELIZABETH 1315 3582 DAVID ISAAC OLABANJI
1262 6379 DAB INVESTMENT CONSULTING LIMITED 1316 3595 DAVID MATHEW OLUWADAMILOLA
1263 4272 DABO MURTALA MOHAMMED 1317 5652 DAVID OBANI
1264 1406 DADA MICHAEL OLORUNDAMI 1318 9558 DAVID IKECHUKWU CHINEDU
1265 3568 DADA ADETAYO 1319 8068 DAVIDSON INNOCENT EWEAN
1266 8387 DADA LUCAS & DADA FUNMILOLA 1320 7722 DAYO OLAGUNJU OLUBUNMI
1267 8656 DADA ADEKOYA OLUSEGUN 1321 3238 DEBAYO-DOHERTY OLAOLUWA
1268 9273 DADA LUCAS ADEBOLA MR & MRS 1322 5533 DEBI UKUEMOLUWA
1269 9331 DADA LUCAS ADEBOLA 1323 1277 DEBRA EDWARD OKORO
1270 3295 DAFUR MATHIAS J. 1324 3500 DEEKAE EDWARD ERESU
1271 4250 DAGULENG ISHAKU LONGYIL 1325 4654 DELE SHAFA FARMS LIMITED
1272 5435 DAHIRU AMINU MOHAMMED 1326 9082 DELENYIELOBARI DUKORI
1273 7342 DAHIRU USMAN 1327 6886 DENIS LUNGU
1274 6157 DAKON RETJI JOSIAH 1328 7852 DENISON FRANK NSONGURUA
1275 4130 DALHAT LAWAL SHEHU 1329 4869 DENLOYE AFOLABI AYOTUNDE
1276 6635 DALHATU SAIFULLAHI 1330 8059 DENTON DOLAPO ALABI
1277 3491 DALUWA HABU MAINA 1331 8908 DESALU OMORINSOJO BABALOLA
1278 2135 DAMASUS JUDE ODINMA 1332 3574 DESCENDANTS FORTUNE INVESTMENT LTD
1279 6040 DAMILARE AKANMU 1333 4637 DESIGN UNION CONSULTING LTD
1280 1727 DAMOLA DAVID AFOLABI 1334 7087 DIBIA CHIANU HARMONY
1281 7091 DAN EMMANUEL MATTHEW 1335 3215 DIBKY INVESTMENTS LIMITED
1282 1503 DANBOYI NYAM YAKUBU 1336 3457 DIBOR ANTHONY IKENNA
1283 5964 DAN-EKEH UBANNA 1337 1388 DIDAM DANIEL ZICHAT
1284 3009 DANIEL SAMSON AKPOLILE 1338 1386 DIKE LAWRENCE ONYEMAECHI
1285 3011 DANIEL SAMSON AKPOLILE 1339 6305 DIKKO AISHA IBRAHIM
1286 4606 DANIEL AYODELE JOSHUA 1340 1828 DIMARO EBIKEGBA
1287 5532 DANIEL EKUNDARE 1341 4642 DIO ERNEST
1288 6744 DANIEL MADUEKWE 1342 5780 DIPAMO KALSUO
1289 6833 DANIEL ABEDNEGO 1343 9091 DIRIYAI ULOMA
1290 7323 DANIEL HARRISON 1344 5019 DISCOVERY CAPITAL INVESTMENT LTD
1291 9389 DANIEL OGBONNA 1345 5638 DISO KABIRU A.
1292 9595 DANIEL JINADU 1346 2141 DISU AJIBOLA OLUWASUMIBARE
1293 2946 DANIELS CHRIS ADIGWE 1347 6705 DISU OREOLUWA EFUNTIDE
1294 9019 DANIYAN FOLORUNSHO 1348 6866 DISU TOLUWALOPE KAYESANMI
1295 6069 DANLADI SAMUEL DAGWANG 1349 9434 DISU IFEOLUWA ITOHAN ISABELLA
1296 4176 DAN-OBELLE OGOCHUKWU 1350 6393 DIVINE UTOCHI ULUAKANWA
248 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1351 7130 DIWA DAVID TERWASE
1352 3357 DKML CONSULTANT
1353 8912 DODO ISA MUHAMMADU (JUSTICE)
1354 1911 DOGO KISHIMI JENNIFER
1355 9057 DOGO ZARA
1356 1309 DOHERTY CHARLES OLUSEGUN
1357 3619 DOHERTY FAWEHINMI WURAOLA ADENIGBORO
1358 2366 DOKPESI UGOCHI C.
1359 3034 DOKUN REBECCA OLAPETAN
1360 8482 DOLAMU ASIPA
1361 8533 DOLBIB NIGERIA LTD 1415 2913 EDUN OLAWALE
1362 4735 DOMINIC OLASUMBO MARTHA
1363 6855 DOSEKUN AKINTUNDE OLATOKUNBO
1364 8191 DOSUMU SUNDAY OLADIPUPO
1365 8687 DOTUN ADEDIRAN
1366 1474 DUBLIN-GREEN ARNOLD ADONYE
1367 3885 DUKE RICHARD
1368 5999 DUNG EMMANUEL MUSA
1369 8263 DUNG JAMES DAVOU
1370 4697 DUROJAIYE TEMILADE FUNMILAYO DAMILOLA
1371 5123 DUROJAYE OLUWADAMILARE ONASANYA
1372 6526 DUROJAYE FISAYO
1373 5848 DUROSARO TAIWO JOSEPH
1374 1723 DUROTIMI IRETI SEUN
1375 2079 DUROWAIYE IYABO YETUNDE
1376 3059 DUROWAIYE ADEWUNMI AFUSAT
1377 3845 DUROWAIYE TITILAYO ADEJUMOKE
1378 3636 DUROWOJU WURAOLA ADEPEJU
1379 5125 DURU FRANCIS CHIJIOKE NNADIEKWE
1380 6287 DURU EVARISTUS NWAKAMMA
1381 9125 DURUIKE DIVINE OSINACHI
1382 7321 EBEH CHIOMA
1383 3758 EBERECHI ADAKU VICTORIA
1384 1761 EBIEFIE OKUNG EFFIONG
1385 6109 EBIEKPI JOHN INI
1386 3924 EBO SIMEON AYODEJI
1387 3926 EBO AYOMIPOSI LILIAN
1388 3927 EBO OLAMIPOSI EMMANUEL
1389 8799 EBO CAROLINE OLUWAFUNKE
1390 9109 EBOFIN RICHARD OLUWOLE
1391 9561 EBOSELE IWELOMEN DAVID
1392 7752 EBUBE EZEOZUE CHISOM
1393 2203 EBUBECHUKWU G NWAFOR
1394 5802 EBURUOH LAWRENCE
1395 7171 ECHENDU DIKE LAWSON
1396 5700 E-CRAFT 1450 7044 EHINMOWO PATRICK
1397 6912 EDACHE INNOCENT ULOKO
1398 4656 EDAH VWEDE GABRIELLA
1399 6754 EDATIRE PATRICK OMAMIGUE
1400 1685 EDE CHARLES ELAIGWU
1401 4901 EDE EMMANUEL IDADUSINIME
1402 9520 EDE IFECHUKWU VICTOR CHIMEREMEZE
1403 3916 EDEVBIE DAVID
1404 6890 EDIDIONG UDO
Annual Report and Financial Statements 2020 249
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1405 5828 EDOKPOLO J.S. -EST OF
1406 5843 EDOZIE NWABUEZE
1407 3559 EDOZIEN EMMANUEL CHUKWUMA
1408 6402 EDOZIEN JOHN DIKENWIWE
1409 271 EDU TEMITOPE
1410 3264 EDU GBUBEMI
1411 4330 EDU ELIAS OKECHUKWU
1412 6184 EDU TEMITOPE
1413 2324 EDUN AYODIWURA OLUBUSAYO
1414 2467 EDUN AYOYIMIKA OLUWATOBI
1416 4799 EDUN OLUSEGUN ABIODUN
1417 5229 EDUN KASHAOPEFOLUWA ZANE
1418 8296 EDWARD NWOBI NWAJIAKU
1419 7558 EFE-OGHENE CHIOMA
1420 3761 EFFIONG UMOH JACKSON
1421 2568 EFUWAPE JOSHUA AFOLABI
1422 5284 EFUWAPE JUDITH TITILAYO
1423 6503 EFUWAPE JOSHUA & TITILAYO (MR & MRS)
1424 6679 EFUWAPE JOSHUA & TITILAYO J
1425 9417 EFUWAPE TITILAYO JUDITH
1426 9452 EFUWAPE EMMANUEL OLORUNLEKE
1427 3143 EGBE NOAH FRIDAY
1428 8147 EGBEDEYI EMMANUEL ADEDAYO
1429 1459 EGBETAYO ALANI JAMES
1430 6325 EGBETAYO ALANI JAMES
1431 8401 EGBO PAUL CHINEDUM
1432 2364 EGBULLE BARNABAS CHIDI
1433 4132 EGBUNA CHIJIOKE IKECHUKWU & EGBUNA ANN
1434 5124 EGBURHE GABRIEL OGHENEKEVBE
1435 4020 EGBUSON EBIKIKORO DENNIS
1436 1887 EGECHI OSCAR NNAMDI
1437 6021 EGEDE JOY
1438 6022 EGEDE SUNDAY
1439 2296 EGEDEGBE STEPHEN OGHENEKARO
1440 6732 EGEIN MUNAFA MOSES
1441 6752 EGHAREVBA OMOBOLA CECILIA
1442 5355 EGHIEYE GODWIN ALUMHE OSHIORENUAH
1443 7251 EGWU JOHN EGWU
1444 101 EGWUATU CHIKA
1445 3175 EGWUONWU ISREAL CHUKWU-NWENDU
1446 7224 EGWUONWU CHIBUIKE AUGUSTINE
1447 3863 EHICHEOYA JACOB KELLY
1448 2956 EHIGIAMUSOE GODWIN
1449 6212 EHIMARE ABURIME SUNDAY
1451 7022 EHIRIBE IKE
1452 8360 EHIRIM UGOCHUKWU ANDREW
1453 256 E-IKRAX VENTURES NIG LTD
1454 7327 EJEMBI ISAAC
1455 2436 EJEZIE IFEYINWA RITA
1456 1966 EJIKEME UZOR JONATHAN
1457 3321 EJIM OBIORA STEPHEN
1458 2968 EJINDU MICROFINANCE BANK LIMITED
250 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1459 2319 EJIOFOR ANTHONIA CHIZOBA
1460 2246 EKANEM EMA-EKOP SAMPSON
1461 4644 EKANEM SAMPSON EKANEM
1462 6946 EKANEM ITOROABASI JONATHAN
1463 6947 EKANEM ODIONG JEDEDIAH
1464 7812 EKANEM JOE & CAROLINE
1465 5323 EKE CHUKWUEMEKA
1466 7046 EKE OLA
1467 7397 EKE UGANZE
1468 6028 EKECHUKWU FERGUSON KELECHI
1469 3819 EKEIGBO OBINNA
1470 6259 EKEOPARA EMEKA ANTHONY
1471 1718 EKERE CHUKWUEMEKA IHEANACHO
1472 6834 EKHOIYAYI AGHAHOWA
1473 6429 EKHOMU EDOWAYE
1474 1218 EKONG PATRICK CALIXTUS
1475 6631 EKONG IMO
1476 6245 EKPE CYRIL EZIEFULE & KARIN CHINYERE
1477 7512 EKPEYONG EMMANUEL ADETOKUNBO
1478 2923 EKPO FELIX JACKSON
1479 3425 EKPO MFONISO JUDE
1480 7260 EKPO STEPHEN ELIZABETH
1481 8012 EKUVERO EDAFE
1482 7663 EKWEALOR BONIFACE NWAFE
1483 8850 EKWEGH UGOCHUKWU JOSEPH
1484 8337 EKWONWA OBINNA RICHMOND
1485 3576 EKWUEME JACQUELYN ATSUL
1486 9145 EL RUFAI ADEKUNLE EL MONSUR
1487 5460 ELAIGWU EMMANUEL
1488 7604 ELAIGWU OCHE
1489 2527 ELEGBEDE OLUWOLE AKIN
1490 8309 ELEGBEDE ABDULRAHMAN OLUWATOBI
1491 4180 ELEKWACHI STEPHEN CHINEDU
1492 5905 ELEOGU INNOCENT IROABUCHI
1493 5494 ELEORAMO EMMANUEL OLUTOYIN
1494 7828 ELETU OLORUNFEMI ADEWALE
1495 5767 ELIJAH JAMES
1496 9457 ELIJAH EBULE
1497 8542 ELIMIAN JEROME ONEHIREBA
1498 9181 ELISHA MONDAY
1499 7824 EL-KURIOS INVESTMENT LTD 1553 2173 ERINFOLAMI BOSERECALEB IJAODOLATIOLUWA
1500 2733 ELLAH OBIAZI OJAS
1501 1376 EL-RUFAI HADIZA
1502 1410 EL-RUFAI MOHAMMED BELLO
1503 3381 ELUBAH SOLOMON
1504 5574 ELUCHIE CHINEDU AMANZE
1505 9592 ELUDOYIN AKIN
1506 7589 ELUGBAJU OLUSEYE ADEKUNLE
1507 5974 EMEH DAVID KAMSINYOOCHUKWU
1508 8201 EMEJURU CHARLYNN UZOAMAKA
1509 2114 EMELIEZE IFEOMA JULIET
1510 6045 EMEM-NEWSONG OLUWAPELUMI ABIOLA
1511 4207 EMENUWA & IJEOMA JAJA-WACHUKU
1512 9342 EMENYI ABANG EDET
Annual Report and Financial Statements 2020 251
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1513 8623 EMEREOLE IKECHUKWU FREEMAN
1514 3667 EMERUEM LAWRENCE EMEKA
1515 5702 EMERUEM PRECIOUS UCHENNA
1516 5671 EMHIOBOH I MICHAEL
1517 1247 EMMANUEL OBOTU OBUTE
1518 3061 EMMANUEL OLUWATOBI DANIEL
1519 6102 EMMANUEL MICHAEL
1520 6531 EMMANUEL OGUNDELE-HARRIS
1521 7647 EMMANUEL ATAMAKO
1522 7728 EMMANUEL ELEKO
1523 8133 EMMANUEL IGWENAGU
1524 8324 EMMANUEL ABU
1525 1091 EMMANUEL-JACK LOLO EDNA
1526 3605 EMOEKPERE VICTORIA JOY
1527 1937 EMOKPAE OMOSERE MARTHA
1528 3178 EMORDI DAVIDS
1529 8013 EMOYON-IREDIA OTONJO IBIM
1530 2734 EMPHATY ENGINEERING LIMITED
1531 6263 EMUH CHRISTOPHER
1532 8832 ENAMU TIMI
1533 3112 ENA-UMWENI NOSAZENA
1534 3113 ENA-UMWENI OSASENAGA
1535 8042 ENDEAR CAPITAL LIMITED
1536 6042 ENEGELA OGBOCHE ANDREW
1537 8565 ENEH PEARL NKECHI
1538 6111 ENENE MICHAEL EKPENYONG
1539 8766 ENIOLORUNDA OLUWASEUN
1540 1402 ENITAN GRACE WALE-ODUNAIYA
1541 8020 ENYAMUKE UFUOMA
1542 3651 ENYIMBA IZUNDU
1543 979 ENYINNAYA CHUKWUKA KINGSLEY
1544 2660 EPHRAIM SOLA OLUWANUGA
1545 5262 ERE-IMANANAGHA VIVIEN
1546 3670 ERESU DEEKAE EDWARD DAVID
1547 5648 ERHABOR EFERETIN ANTHONY OLUKAYODE
1548 7133 ERHIRE EGUONOROGHENE ANTHONY
1549 1119 ERIAKHA PRISCILLA EBOSETALE
1550 1394 ERIBA GABRIELLA
1551 7078 ERIKITOLA OLABANJI SHAMSIDEEN
1552 2158 ERINFOLAMI BOSERECALEB IJAODOLATIOLUWA
1554 2829 ERIVO CHUKWUEMEKA RAYMOND
1555 5201 ERNEST UGOCHUKWU EZENNA
1556 3599 ERO-PHILLIPS AJIBOLA
1557 8235 ERONMOSELE DARLINGTON OSEMUDIAMEN
1558 9201 ERUGO SAMPSON IHESIENE
1559 4047 ESAN JOSHUA OLUWASEUN
1560 9448 ESAN PATRICIA TITILAYO
1561 5562 ESEIMOKUMO BIRIABEBE
1562 4802 ESEKHEIGBE O. SOLOMON
1563 2277 ESELE INNOCENT EDOSA
1564 7396 ESENE OMOZOKPIA ANDREW
1565 7562 ESHIET DENIS SAMUEL
1566 2909 ESI ENAJITE
252 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1567 1954 ESIET IMO ISAIAH
1568 5478 ESIKE HELEN NGOZI
1569 3726 ESOMOJUMI BENSON ADEOLA
1570 6014 ESSIEN MFON CHUKWUNOMSO
1571 6114 ESSIEN PETER SIMON
1572 7317 ESSIEN MIANNAYA AJA
1573 8449 ESSIEN PETER
1574 9175 ESSIEN CHARLES EYO
1575 8500 ESTATE OF JONES OBAFEMI OBADIAH
1576 5916 ESTHER ADEGUNLE MOYINOLUWA
1577 1446 ETIM ROLAND EFFIONG
1578 3740 ETOPIA NIGERIA LTD 1632 1041 FADAIRO FESTUS DEJO
1579 2770 ETTA NWACHUKWU DECLAN
1580 4715 EUNERIC EMERALD COMPANY LTD 1634 5210 FADEYI OLUWASEUN ADETUMBI
1581 4373 EWELIKE CHINEDU CHIMEZIE
1582 3055 EWUZIE KENECHUKWU NWACHUKWU
1583 8956 EXB DIGITAL LTD 1637 8735 FADIJI KEHINDE ADEWALE
1584 3110 EYANUKU PETER ONOBRHIE
1585 9332 EYESAN ALERO ROSALINE
1586 7822 EYISI CHUKWUDULUOM RAYMOND
1587 1336 EYONG GRACE NTONGHA
1588 2721 EZAGA DAVID OGHENOVO & ADEOLA O.
1589 1555 EZE CHUKWUDI
1590 1631 EZE CELESTINE CHUKWUDI
1591 3827 EZE IBIAM EZE
1592 8159 EZE JUDE OBINNA
1593 8170 EZE FIDELIS IBE
1594 8719 EZE LIVINUS OKECHUKWU
1595 5718 EZEAKUDO OSITA VICTOR
1596 2553 EZEALA IKECHUKWU KEVIN
1597 1818 EZEALIGO BLESSING CHINONYEREM (NONYE)
1598 8433 EZEANA TOBECHUKWU SUNNY
1599 1001 EZEANIEKWE FERDINAND CHIBUNNA
1600 3719 EZEAYOM JOHN IFEANYI
1601 1848 EZEBUIRO CHINONSO IKECHUKWU
1602 7942 EZECHUKWU CHUKWUEMEKA VINATIUS
1603 5651 EZEKIEL IYIEGBUNIWE
1604 4435 EZEKWEM CHINONSO MICHAEL
1605 4664 EZEKWEM CHRISTOPHER NNABUGWU
1606 1475 EZEM KAMHARIDA CHANELLE
1607 1482 EZEM KEMDIRIM CLAIRE
1608 8958 EZEM CHIZOMAM INORI
1609 1313 EZEMA BONA SYLVESTER CHIDI
1610 4932 EZENNA ANTHONY IFEANYICHUKWU
1611 1587 EZENWA NDUBISI JOHNBOSCO
1612 5113 EZENWAJIAKU THEOPHILUS
1613 4753 EZENWANNE CHIJIOKE DANIEL
1614 6371 EZEOBI EMMANUEL OLISAEMEKA
1615 1454 EZEOCHA CHISOMAGA IHEDIOHANMA
1616 4158 EZEOFOR SHEDRACK C. NNAMDI
1617 7641 EZEOFOR OLISAELOKA GOODNESS
1618 5302 EZEOGUINE ANTHONY EMEKA
1619 1703 EZEOKOYE CHUKWUEMEKA MICHEAL
1620 2505 EZEUDE SYLVESTER ARINZE
Annual Report and Financial Statements 2020 253
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1621 5502 EZINNE OBIORA
1622 4242 FABEKU KOLAWOLE OLALEKAN
1623 1568 FABIAN CHINEDU CHIDOKA
1624 4701 FABIYI SAMSON TEMITOPE
1625 8567 FABORO ADESOJI OLUSEGUN
1626 2917 FABUNMI MAYOWA OLATOMIDE
1627 4175 FABYAN FLORA
1628 3176 FADAHUNSI VICTORIA ADEOLA
1629 3354 FADAHUNSI OLAPOSI OYEWOLE
1630 5450 FADAHUNSI BABAJIDE ODELEYE
1631 8794 FADAHUNSI K. AYOOLA (ENGR)
1633 4087 FADEYI NURUDEEN TUNDE
1635 7511 FADEYI OLUFEMI OLUSEYI
1636 2507 FADEYIBI ADEOYE OLUWADARE
1638 1165 FADIPE ETHEL OLAMIDE
1639 5688 FADIPE FEMI SUCCESS
1640 5064 FADONUGBO MARY ABOSEDE
1641 1931 FAFAWA INVESTMENT & SERVICES CO. LTD
1642 7545 FAGBAMILA PATRICIA OKHEN
1643 7225 FAGBAMIYE OLUFEMI TOYOSI
1644 8704 FAGBOHUN ISMAIL
1645 4022 FAGBOHUNGBE AYOMIDE
1646 6088 FAGBOHUNGBE BISOYE
1647 9427 FAGBOLA ABOSEDE FOLASAYO
1648 7355 FAITH ADEPOJU
1649 5303 FAJEBE OLUSEUN AYODELE
1650 4533 FAJEMISIN ADEBOYE BAMIKALE
1651 5544 FAJOYE OGUNYEMI
1652 2856 FAJUSIGBE OLUWADABIRA RUTH O
1653 5184 FAKILE OLADELE ADESOLA
1654 2530 FAKIYESI AYOKANMI OLUWASEUN
1655 7414 FALADE GBOLAHAN ADELEYE
1656 7998 FALANO OLUFEMI & GRACE ADUNNI
1657 8642 FALASE GABRIEL & ANASTASIA
1658 2623 FALAYAJO ABIOLA
1659 8176 FALAYI IBUKUN MARCUS
1660 5622 FALORE OLUWASIKEMI AYONITEMI
1661 5623 FALORE OLUWASIJIBOMI AYOMIDOTUN
1662 3887 FALUYI BABATUNDE ADEGBOYEGA
1663 2194 FAMAKINWA OLADIRAN JULIUS
1664 9407 FAMORIYO OYELADUN
1665 4887 FAMOUS AKEEM
1666 3852 FAMOYEGUN ROTIMI SAMUEL
1667 8366 FAMUYIWA KOLAWOLE
1668 3170 FAO-MAT COMMERCIAL COMPANY
1669 2548 FAPOHUNDA GBOYEGA OLUMIDE
1670 3275 FAPOHUNDA OLUMIDE EMMANUEL
1671 6550 FARAMADE OYENIYI
1672 6696 FAROMBI OLUSHOLA ABIOLA
1673 2786 FAROUK ZUWERA
1674 7114 FASAKIN BENSON AKINTOLA
254 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 255

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

1675 2093 FASANMI OLUWATOSIN JOSEPH 1729 7881 FUNDAMENTAL & ARBITRAGE LIMITED
1676 6501 FASANYA TOLULOPE ABOSEDE 1730 6094 FUNTUA MUSTAPHA LAWAL
1677 8080 FASHINA AJIBADE TAOFEEK 1731 2226 FURUREVIEW NOM IFATUROTI OLUWAYOMI .T.
1678 3851 FASHORO OLUFUNKE ANTHONIA 1732 4358 FUSL NOMINEE A/C ONWUKA THADDEUS CHIDI
1679 7586 FASOYIN OLUBUKOLA ABRAHAM 1733 2242 FUTURE VIEW NOMINEE AMARA
1680 6566 FASUBA RACHEL OLUKEMI 1734 2237 FV NOMINEE OKHUOYA PROF.
1681 9319 FATAH OLUWASEUN KADIRI 1735 9363 GABRIEL OLOGBONJAIYE
1682 6713 FATAI YUSUF 1736 3932 GAJI OPEYEMI ENIOLA
1683 9078 FATIMATU SAEED 1737 5295 GALADIMA FATI BABA
1684 2506 FATODU OMOBOLANLE MORAYO 1738 3715 GALI MUTARI BATURE
1685 2472 FATOKUN OLAPOSI SAMUEL 1739 6354 GAMBO ABDULLAHI YUSUF
1686 6187 FAVOUR OLUWATOSIN CHARLES JOSEPH 1740 3324 GAMUKO YOHANNA
1687 3256 FAWEHINMI-ONI HAFUSAT ABOSEDE 1741 4384 GARBA ABUBAKAR
1688 2682 FAWOLE TAIWO GANIYU 1742 7776 GARBA MOHAMMED LAWAL
1689 5682 FAWOLE BOLAJI EZEKIEL 1743 9392 GARBA BENJAMIN
1690 7227 FAWUNMI ABIODUN BAMIDELE 1744 3542 GARKO MOHAMMAD ALI
1691 6208 FAYIGA ORIYOMI & SIYANADE 1745 3535 GBADAMOSI LASISI
1692 1844 FAYODEKA EMMANUEL AKINBODE 1746 4944 GBADAMOSI MOJISOLA MULIKAT ADEOLA
1693 7222 FAYOKEMI SHITTU 1747 6173 GBADEBO MICHAEL & TINUADE (REV)
1694 7272 FBNQAM/MR ROTIMI ASHLEY-DEJO & MRS 1748 7594 GBADEBO ADENIYI OLUSOLA
1695 951 FBNQUEST NOM/GRAHAM GRANT & COMPANY LT 1749 5004 GBADERO MICHAEL KAYODE
1696 6443 FBNQUEST TRUST/VANTAGE BALANCED FD - INV 1750 9003 GBENEBOR GODWIN FRIDAY
1697 8618 FEESE MEMBER HEMBADOON 1751 8115 GBENGA BABALOLA
1698 6174 FEESE AMBROSE ASULA 1752 9350 GBENJO AMOS OLUJIDE
1699 2251 FEJOKWU ANTHONY CHUKWUEMEKA 1753 942 GBENLEBU CHRIS OLUGBAMILA
1700 5403 FEJOKWU ANTHONY CHUKWUEMEKA 1754 7792 GBOLAGADE ADENIYI MUSIBAU
1701 6133 FELIX EMENIKE EJINWA 1755 9104 GEOFF OHEN LIMITED
1702 1652 FEZEK SUPERMARKETS LTD 1756 3312 GEOFFREY GARBA
1703 6456 FIDELIS DAVID 1757 5396 GEORGE LELEJI
1704 3164 FIDELITY FINANCE LTD 1758 8187 GEORGE JENNIFER ADAOBI
1705 9032 FINANCIAL CARE ADVISERS LIMITED 1759 8328 GEORGE-EPEBIFIE OMOBOLANLE FRANCISCA
1706 3445 FINANCIAL TRUST COY. - TRADED-STOCK-A/C 1760 3196 GEORGETOWN CAPITAL PARTNERS LIMITED
1707 7937 FIRST TRUSTEES NIG LTD A/C OTONG .A. 1761 3294 GEOTY GLOBAL VENTURES NIG LTD
1708 8486 FIRST TRUSTES A/C EKPO WISDOM 1762 6430 GERGETI LIMITED
1709 7854 FOLAKE ALUBANKUDI 1763 1123 GETELOMA LAWRENCE AKPO
1710 6435 FOLAKEMI DEBORAH AKOBI 1764 5407 GIDEON EZE
1711 9165 FOLARIN JACOB ALANI 1765 7203 GIDEON FALASE
1712 3962 FOLAYAN OMOTUNDE JOHNSON 1766 8942 GIDEON IDOKO
1713 259 FOLORUNSO ADEWOLE 1767 9094 GIDEON ATANRANSHE
1714 7887 FOLORUNSO BODUNRIN EMMANUEL 1768 3300 GIMBA SOLOMON MUSA
1715 9284 FOLOWOSELE MORENIKE TOLULOPE 1769 1143 GIWA ISMAILA OLALEKAN
1716 9326 FOLOWOSELE MICHAEL OLUDARE 1770 5506 GLORIA AJAH
1717 4248 FOLUKE ADEDOYIN T & AKINREMI 1771 9598 GLORIA ORUAROGHENE ERIVONA
1718 1086 FOUNTAIN HOLDINGS LIMITED 1772 7335 GODFREY ROLAND
1719 7592 FOWOWE NJIDEKA OLUWADEMILADE 1773 8050 GODWIN ILALOKHOIN
1720 6887 FRANCIS VERISSIMO 1774 8322 GODWIN NWANKWO ANYICHIE CHIEF
1721 4610 FREEMAN ADEYINKA KAYODE 1775 9376 GODWIN-ADUGEN EFE ELVIS
1722 4702 FREEMAN ADEYINKA & ABISOLA 1776 7510 GOFWEN NENGAK
1723 5400 FREEMAN OLUSEGUN AKINSOJI BABAJINMI 1777 7544 GOFWEN NENPINMWA
1724 7401 FREEMAN ADEYINKA KAYODE 1778 5793 GOJE DANIEL ALEXANDER KWAMBOWA
1725 8495 FREEMAN OLUSEGUN BABAJINMI AKINSOJI 1779 5794 GOJE HIRADI HANNAH
1726 6471 FRIDAY AHMADU 1780 5795 GOJE MARINA HYELADZIRA
1727 6458 FRIGATE GLOBAL RESOURCES INTL LTD 1781 5796 GOJE NATHAN EMMANUEL VAHYALA
1728 8408 FRONTPAGE INVESTMENT LTD 1782 8989 GOLD OLUWAPELUMI
256 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1783 5611 GOLDEN SCEPTER LTD 1837 4015 IBENDIOGWU UCHENNA OKEZIE
1784 4732 GOLDWYNS CHARTERED ACCOUNTANTS
1785 8869 GOMBAWAI JOSEPH AMEJIMA OBARI
1786 1471 GOMBE ABUBAKAR ALI
1787 7235 GOWON NENPAN WUNGAK
1788 9379 GOWON VICTORIA HANSATU
1789 973 GRACE WARRIE
1790 4579 GRAHAM-DOUGLAS IBIFURO JOANNE
1791 99 GRATITUDE CAPITAL LTD 1845 3438 IBILI JOSEPHINE OBIAJULU
1792 6298 GREEN DIMIEARI FESTUS
1793 7102 GREEN CLARI NGORWARI
1794 4315 GTL TRUSTEESZEQ FUND INV
1795 1494 GUMEL SANI ABDULLAHI
1796 4367 GUNKAT SIMON PHILIP MANGU
1797 9456 GUOBADIA OSATOHANMWEN
1798 5395 HABEEBULLAH SHOLALU
1799 1559 HABIB ABBA MAMMAN TOR
1800 4152 HABISKOL GLOBAL TRUST LIMITED 1854 1566 IBRAHIM ABUBAKAR B.K
1801 5076 HALLIDAY ALBERT TAMUNOIYEOWUNA
1802 7569 HALLOWOE EROMONSELE
1803 4573 HAMEED HALEEM AYODEJI
1804 9620 HAMMED ADESINA AKEEM
1805 8101 HAMMED-AYENI TITILAYO
1806 1407 HAMZA MOHAMMED SAMBO
1807 2752 HAMZA RIDHWAN BOLADALE
1808 4536 HANIDU-ONIGEMO TAJUDEEN OLUWAREMILEKUN
1809 5483 HARRISON GEORGE
1810 6875 HARRISON KORIBO BENEBO
1811 7345 HARRISON GODWIN FAYEOFORI
1812 8524 HARRY SOIBIFAA DAKORU
1813 1564 HARUNA GARBA HARUNA
1814 1577 HASSAN OLADIMEJI
1815 3554 HASSAN TITILAYO AZEEZAT
1816 4446 HASSAN FEYISAYO AISHAT
1817 8602 HASSAN UMAR
1818 9252 HASSAN FAROUK AYODELE
1819 7699 HAUWA SADIQ ADAMU
1820 6560 HENRY EKWUEME
1821 9593 HENRY MADUIKE
1822 3446 HERCULES CONSULT
1823 3463 HONEY & CROWN PRODUCT LIMITED 1877 5514 IDJIGHERE JUDE
1824 9084 HUNTER-AKINTAJU PATIENCE AYOOLA
1825 1511 HUSAINI (ALHAJI) ADAMU ISA
1826 5875 HUSSAIN SULIMAN SHERIFF ENEBI
1827 3902 HUSSAINI DUTSINMA ALI
1828 6188 HUSSAINI IBRAHIM
1829 6048 HYBRID CAPITAL & ASSET MANAGEMENT LTD 1883 2577 IDRIS IBRAHIM
1830 6363 IBAS IBOK-ETE EKWE
1831 1881 IBE GIFT
1832 3964 IBE CHINEDU OGUEJIOFOR
1833 6877 IBE AFORKA CHRISTIAN
1834 2784 IBEBUCHI ETHELBERT ALEX CHIJIOKE
1835 6219 IBEH GOODNESS CHINEMEREM
1836 3311 IBEMERE JOHN DIM
Annual Report and Financial Statements 2020 257
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1838 2928 IBENEME EMMANUEL CHUKUMA
1839 6765 IBEZIAKO TONY
1840 4296 IBIKUNLE PETER
1841 5363 IBIKUNLE PETER
1842 6038 IBIKUNLE OYINKANSOLA ADEOLA
1843 6608 IBIKUNLE DAMILOLA
1844 3436 IBILI EYVONNE NKECHI
1846 9193 IBIYEMI ESTHER OMOYENI
1847 9196 IBIYEMI SAMUEL OLUWOLE KOLAWOLE
1848 6284 IBRAHEEM ENIOLA DAMILOLA
1849 9189 IBRAHEEM ABDUL WAHAAB ADEBAYO
1850 9202 IBRAHEEM RASAQ KAYODE
1851 1472 IBRAHIM SULAIMAN
1852 1495 IBRAHIM SANI
1853 1529 IBRAHIM COLONEL MOHAMMED TASIU
1855 1945 IBRAHIM SARAFA AYOBAMI
1856 2292 IBRAHIM OPEYEMI QUADRI
1857 3013 IBRAHIM ATIKA-IKRAM
1858 3018 IBRAHIM ABDALLAH IBRAHIM
1859 3350 IBRAHIM AUWAL SHESHE
1860 3544 IBRAHIM KABIRU MUHAMMAD
1861 3545 IBRAHIM MUHAMMAD
1862 4661 IBRAHIM ABDULRAHMAN
1863 5856 IBRAHIM ABUBAKAR
1864 7316 IBRAHIM TIMOTHY
1865 9085 IBRAHIM BABAJO (ALHAJI)
1866 9140 IBRAHIM TOYIN (LT. COL)
1867 9310 IBRAHIM AMEER ISMAIL
1868 9610 IBRAHIM IDRIS
1869 4926 IBUKUNOLUWA MARVEL SANNI-ADENIJI
1870 2810 ICEIGHTY LIMITED
1871 7293 IDAEWOR PATRICIA FATIMA RENVA
1872 7016 IDEMUDIA OSAZEE SAMUEL
1873 3541 IDENYI UGBEDE
1874 1762 IDIAKA AJIBOYE CHRIS
1875 1354 IDIGA FELIX
1876 1361 IDIGA CHINYERE
1878 2047 IDLOWU OLUFEMI OMOLOLU
1879 5836 IDODE OHIWEREI
1880 7646 IDORO WILLIAMS OGHENEOVO
1881 6229 IDOWU CRISPIN OLADIPO
1882 6909 IDOWU TOYIN TAJUDEEN
1884 2850 IDRIS OLANREWAJU ISIKA
1885 4035 IDRISU IBRAHIM DAUDA
1886 3184 IFEAGWU CYNTHIA NWAMAKA ADA
1887 2910 IFEANYI CYRIL ONWUKA
1888 2929 IFEANYI OKEY FESTUS
1889 6968 IFEANYI JULIANA NKIRUKA
1890 2239 IFEBAJO ADETAYO BOLANLE OLUKAYODE
258 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1891 4628 IFELERE MOSES ADEREMI
1892 8390 IFEOLUWAPO ODEDERE
1893 7753 IFUNANYA IGWE
1894 2493 IGBARUMAH JOHN IMONJE
1895 3489 IGBERAESE CECILIA OSHIOZEMHE
1896 1192 IGBOEKWU ALOYSIUS OBINNA
1897 2841 IGBOKO OCHIABUTO
1898 3169 IGBOKWE LAMBERT EJIKE
1899 5712 IGBOKWE LAMBERT EJIKE
1900 8022 IGBRUDE EWOMAZINO ONORIODE
1901 7266 IGE OLUWAKAYODE OLUWASEGUN
1902 3135 IGHEKPE INNOCENT IMOAPE
1903 937 IGHOSEWE OKIRORO IKECHUKWUKA
1904 1185 IGWE ISAAC UGOCHUKWU
1905 5033 IGWE COLLINS OGBONNAYA
1906 6329 IGWEGBE CHUKWUKA
1907 7844 IGWEGBE OKECHUKWU MICHAEL
1908 8833 IGWENAGHA PAUL IFEANYI
1909 1854 IHEAGWARA NNENNA CHIDINMA
1910 1206 IHEANACHO STEPHEN CHINONSO
1911 3776 IHEDURU PRISCA ONYEBUZO
1912 8186 IHEKWERE CHIKEZIE JUSTIN
1913 3046 IHEMELANDU IKECHUKWU CHIGOZIE
1914 7389 IHEUKWU JOSEPHINE NKEMEJINA
1915 1027 IHONOR ANNE
1916 6905 IHONOR ANNE AZONIM
1917 3685 IJADUNOLA KAMORU RAHEEM
1918 9197 IJAYEKUNLE MOSES IDOWU
1919 6083 IJEWERE BENJAMIN
1920 7066 IJEZIE CHUKWUEBUKA
1921 5408 IJIYEMI MATTHEW OLUWARENI
1922 2067 IJOMA FIDELIS.OPIA.ODILI
1923 3880 IJOMAH-OLABIYI LINDA
1924 4754 IKE SAMUEL C.
1925 8083 IKE VINCENT NNAMDI
1926 8952 IKE VITALIS SUNDAY
1927 5245 IKEDIASHI AFUMATA(ATA) JOHN
1928 2783 IKEH MMADUABUCHI
1929 4902 IKEH UCHECHUKWU CHARITY
1930 1073 IKEJI ADRIAN OKECHUKWU
1931 4929 IKEJI PRISCILLA CHINYERE
1932 7746 IKENNA EZEOKA
1933 9359 IKENNA EMEKA ONYINYE
1934 7878 IKESINACHI HUBERT IZUNOBI
1935 7725 IKHENEBOME AIMIEDE EBAHAMA
1936 2230 IKHUMHI KENNEDY EGBANAMHE
1937 7655 IKOKOH ABRAHAM ILESANMI
1938 6057 IKONTA IKENNA KENECHI
1939 7148 IKPA CHIJIOKE JOSEPH
1940 7244 IKPEME VALENTINA TOLULOPE
1941 1042 IKPO WILSON EMELE
1942 1976 IKUTEGBE KIMONI
1943 3050 IKWUETO NNAMDI
1944 5352 ILAVBARE AMINAT RHODA
Annual Report and Financial Statements 2020 259
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1945 9320 ILENREH ORIABURE GABRIEL
1946 3412 ILESANMI OPEYEMI MORONKE
1947 6859 ILESANMI TAIWO
1948 7038 ILESANMI OPEMIPO MOTUNRAYO
1949 9230 ILESANMI FRANCIS A.O
1950 9018 ILEVBARE MERCY EFEARUE
1951 8842 ILONZO OKEZIE NWABUNIKE
1952 1399 ILORI IDOWU ADEPEJU
1953 2438 ILUKWE GERALD CHUKWUKA
1954 2021 IMADE EHIOZOGIE BRIGHT
1955 3658 IMADIYI FELIX
1956 9334 IMAGELINKS INVESTMENT NIGERIA LIMITED
1957 6764 IMHOITSIKE ANOSIME
1958 3026 IMOKA EJIKE RAPHAEL
1959 7071 IMOLEAYO OLOYEDE
1960 5179 IMOLEOLU ADESOLA FLORENCE
1961 3296 IMONIENA THEOCRACY
1962 9372 IMORAME CHRISTOPHER EHIMEN
1963 7337 IMORIAFE EMMANUEL ENAHORO
1964 4409 INDI THOMAS
1965 1871 INIMFON BERNARDINA EKANEM
1966 5345 INKO-TARIAH INEMA
1967 6740 INNIH OSILAMA STEVEN
1968 3240 INSURANCE INVESTMENT FUND
1969 2344 INTEGRATED SYSTEMS & DEVICES LTD
1970 8526 INTERGRATED HOMES SAVINGS AND LOANS LTD
1971 1462 INWANG SAMUEL SUNDAY
1972 2916 INWOROGU OKPARA EMMANUEL
1973 4796 INYANG ENOABASI
1974 9040 INYANG EDOHO
1975 8026 INYANOBOR JOHN ISIMEME
1976 8950 I-ONE E-PORTFOLIO AC - 169
1977 9523 I-ONE E-PORTFOLIO A/C - 038
1978 9449 I-ONE E-PORTFOLIO A/C - 050
1979 873 IPAYE OLUWATOMI OLORUNFUNMI
1980 9090 IRECHUKWU CHUKWUDI
1981 7160 IREDE AJALA
1982 9265 IRENE OKEREKE
1983 4737 IRETOLU FEMI
1984 2942 IRHIEMI GOODLUCK USIMEAHON
1985 8987 IRIELE INNOCENT EMEJURU
1986 3270 IROKO OLUSESAN MARTINS
1987 3496 IROULO DAISY ULOMA
1988 6027 IRWAN GLOBAL SERVICES LIMITED
1989 789 ISA ABDULLAHI
1990 8252 ISA HAJIYA HABIBA
1991 8957 ISA YUNUSA
1992 9129 ISAAC IHEUKWUMERE UKA
1993 8876 ISAH INUSA MAGAJI
1994 6810 ISAIAH ROSELINE NGOZI
1995 6811 ISAIAH PRINCE JOSHUA
1996 2018 ISEBOR MAUREEN DOROTHY
1997 2314 ISEMEDE SAMUEL IGEIN (REV)
1998 2659 ISEMEDE OLUWATOYIN OMOBOLA
260 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
1999 8043 ISESELE JOHN UMOBUARIE
2000 6446 IS-HAQ LAWAL
2001 1636 ISIADE OLUWASEUN ADEOLUWA
2002 790 ISICHEI YVONNE
2003 2393 ISICHEI CHRISTOPHER CHINEDU
2004 7332 ISICHEI ONYEMA
2005 2717 ISIJOLA YOMI BISHOP
2006 4254 ISIKA UGOCHUKWU VINCENT
2007 6914 ISIMEMEN OMOIFO
2008 7802 ISIOMA OKOLO
2009 2268 ISIRAMEN AIGBOKHAI EBHOTA
2010 8465 ISLAM SYED SAIFUL
2011 7230 ISMAIL ADEJONWO
2012 7974 ISMAIL AKEEB
2013 5260 ISMAILA OLALEKAN SAKA
2014 8693 ISOK JUSTINA OFFIONG - EST OF
2015 2143 ISOKPAN OSARO JNR
2016 4786 ISOLA THEODORA ONOSHOAGBE
2017 7789 ISREAL OGUNNIRAN
2018 7516 ISUNUOYA ROSEMARY OTIBHOR
2019 4385 ITA INIOBONG EKAETTE
2020 7048 ITALUME JOHN IKHIANOSIMEH
2021 3151 ITANYI JULIUS OCHOLI
2022 6622 ITSISOR JULIUS OGHIADOMHE
2023 7748 ITUA OSAZUA JOSHUA
2024 1364 ITUMO VICTOR NWAOBA
2025 3573 IWAYEMI JESSICA EHINOMEN
2026 6611 IWU GABRIEL CHINEYE
2027 9105 IWUEZE UCHECHUKWU AHAMEFULA
2028 4608 IYAJI MONDAY AUDU
2029 4629 IYAJI PAUL EMMANUEL
2030 4633 IYAJI ABIGAIL RAMATU
2031 4639 IYAJI VICTOR SAMUEL OJONUGA
2032 4640 IYAJI EYIKOJONWA JULIANA
2033 1629 IYAMADIKEN EHIDUMBI BLESSING
2034 3160 IYAMU NOSA EXCEL
2035 3161 IYAMU OSATO JOY
2036 3708 IYAMU BLESSING EXCEL
2037 6563 IYAMU PATRICK OSA & IJEOMA CHINYERE
2038 6922 IYANDA OMOLARA AYOTUNDE
2039 8165 IYANDA OLUKUNLE
2040 9482 IYANDA LAYI KAYODE
2041 9366 IYANUOLUWA GBENLE
2042 9233 IYIOLA ISAAC AKINYODE
2043 9305 IYIOLA OLUMIDE AYOBAMI
2044 9455 IYIOLA OLUWATOYIN OLUFUNMIKE
2045 9519 IYIOLA OLUSHOLA ELIZABETH
2046 3591 IYOGUN FRED LUCKY
2047 6541 IYOHA IFEOLUWA ITOHAN ISABELLA
2048 8481 IZA EMMANUEL AYUBA
2049 1035 IZE-IYAMU OSAZE
2050 7856 IZEVBIGIE OSAMAGBE
2051 8824 IZUELUMBA JOHNPAUL CHIDOZIE
2052 4667 JAAFAR MOHAMMED MUSTAPHA
Annual Report and Financial Statements 2020 261
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2053 3262 JACK NJIDEKA
2054 4003 JACOB CHIAMAKA REZENA
2055 4524 JACOB JOHN BARASUNO
2056 8531 JACOB NKEMAKOLAM NNAMDI
2057 9080 JACOB ECHE OGOH
2058 7207 JACOBS OLUSOJI
2059 850 JAGA OLUBUKOLA BOSEDE
2060 7237 JAIYE-GBENLE AKOREDE NASIR
2061 1612 JAIYEOLA NASIRU ABIMBOLA
2062 2367 JAIYEOLA WASIU ADEDEJI
2063 2510 JAIYEOLA OLADAPO OLUSEYI
2064 3893 JAJA WACHUKU UZOMA ANUCHA
2065 3704 JAJA-WACHUKU NNEOMA NKIRU
2066 4268 JAJA-WACHUKU CHUKWUEMEKA
2067 5657 JAJI BABATUNDE RAHMAN
2068 1177 JAMES OLUFUNMILAYO MOTOLANI
2069 2216 JAMES IRUOFAGHA SOLOMON
2070 6374 JAMES MOORE
2071 6793 JAMES ADEYEMI
2072 7198 JAMES FASAE
2073 7670 JAMES KADIRI GODSTIME
2074 8202 JAMES KOKOETTE- SAMUEL PETER
2075 8599 JAMES EMMANUEL
2076 8659 JAMES KOKOETTE- SAMUEL PETER
2077 9471 JAMES UKAH
2078 7118 JANE AGOMUOH
2079 1150 JAYEOBA MICHAEL ADEMOLA
2080 6951 JEGEDE OLORUNFEMI MOBAYODE
2081 6366 JELPE SALOME TAPDIYEL
2082 7757 JEMERIGBE OLARONKE OLUFUNMILAYO
2083 7195 JEMI-ALADE TOLANI
2084 2823 JENNIFER IYABO OLOMINA
2085 6559 JENNIFER NYESOM-EFFIONG
2086 7086 JEREMIAH OBINALI AGWU
2087 7174 JIBRIN OGBAJI
2088 8792 JIDE OGUNLEYE
2089 6770 JIM OSAMASE
2090 2672 JIMOH AZEEZ AMOO
2091 3837 JIMOH RASHEEDAT ADUNNI
2092 3987 JIMOH OLUDARE TAJUDEEN
2093 9134 JIMOH J. BANKOLE
2094 3978 JIMOH-KUKU ISMAIL OLANIRAN
2095 6504 JIMOH-KUKU ISMAIL OLANIRAN
2096 4831 JINADU RASAK ADISA (ALHAJI)
2097 8917 JIYA SABA SAMAILA
2098 7871 JOAQUIM FOLARIN ANTHONY
2099 1356 JOEL AYEBAPREYE
2100 6519 JOEL OLISE
2101 7267 JOEL DENNIS JOHNSON
2102 2671 JOHN JOSEPH MAGYANG
2103 4371 JOHN OLADIPO FOLORUNSO
2104 4564 JOHN DOE - DEMO ACCOUNT
2105 4773 JOHN AKINYEMI & ARAMIDE
2106 3068 JOHNSON EMMANUEL OLADIPO
262 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2107 3086 JOHNSON TEMITAYO
2108 3322 JOHNSON ADEBOWALE
2109 3556 JOHNSON FRANCIS IKWUE
2110 5511 JOHNSON TEMITOPE M
2111 7609 JOHNSON OSAHENI
2112 3260 JOISJON DYNAMIC INVESTMENT LIMITED 2166 9382 KAZEEM CARLOS
2113 6512 JOLAOSO HABEEB IBIKUNLE
2114 6815 JONES ADEYINKA
2115 1781 JOSEPH EMMANUEL OLABODE
2116 2183 JOSEPH FAUSAT OMOWUNMI
2117 2849 JOSEPH IFEOLUWA SAMUEL
2118 4597 JOSEPH OLADIMEJI SANWO
2119 4768 JOSEPH EME UDEME
2120 6960 JOSEPH BRAIDE
2121 8545 JOSEPH IFEJUBE
2122 8678 JOSEPH OPUFOU
2123 6356 JOSHUA EZE
2124 7610 JOY EMMANSON
2125 9533 JOYE TOKUNBOH JOHN
2126 8112 JUDE ANUMUDU
2127 9048 JUDESTHER VENTURES
2128 4141 JUMA JONATHAN MELA
2129 6293 KA’ANA IBRAHIM BUNU
2130 2363 KABIAWU INNOCENT OLAIYA
2131 6835 KABIRU ZUBAIRU
2132 6485 KADARA RASHEEDAT ABIOLA
2133 1579 KADIR DOTUN MUSILIU
2134 4793 KADIRI ABAYOMI SHEWU
2135 6653 KADRI FAUSAT TITILOPE
2136 4301 KAH MUHAMMADOU M. O
2137 7380 KAIGBONEME MALACHI COLLINS
2138 6976 KAKPO-TOGAN FEYI MAWUYON
2139 8411 KALE OYEYEMI .O
2140 5181 KALU IKECHUKWU INNOCENT
2141 6068 KALU CHINYERE IDIKA
2142 8450 KALU CHINYERE IDIKA
2143 7180 KAMALU BELLO
2144 4287 KAMORUDEEN DAUDA AKANDE
2145 8229 KANAYO-UKWUNNA CHIMAMANDA JOAN
2146 4320 KANGIWA INTERNATIONAL CO LTD 2200 3809 KUJENYA OLAYIWOLA YUSSUF
2147 2074 KAPITAL CARE TRUST & SEC.LTD-GROUP A/C 2201 4632 KUJU ADEDAYO
2148 7588 KARAMARAN LTD 2202 4821 KUKOYI MUSIBAU OLATUNDE
2149 6907 KAREEM TAWAKALIT OLAWUMI
2150 4198 KARIM TENIOLA
2151 4993 KARUNWI ADELUOLA
2152 7402 KARUNWI OLAITE OYEWEMI
2153 1927 KASIM GANIYU ADEDOYIN
2154 3100 KASIM JOSHUA TIWATAYO
2155 3125 KASIM JOTHAM TIWATOPE
2156 5420 KASIM AISHA
2157 5421 KASIM ZARA
2158 5427 KASIM OLUWATOBILOBA
2159 6716 KASIM KABIR OLASENI
2160 2257 KAYODE AYODELE SAMUEL
Annual Report and Financial Statements 2020 263
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2161 2338 KAYODE FOLUSHO REBECCA
2162 3467 KAYODE EUNICE OLUWAKEMI
2163 4519 KAYODE STEPHEN DAWODU
2164 3737 KAZEEM OLAJUMOKE WALIAT
2165 3745 KAZEEM RUKAYAT OYINKANSOLA
2167 6927 KEHINDE ADELAKIN
2168 7200 KEHINDE AKINJOLE
2169 5330 KEKERE-EKUN KARIMAT OLUWATOYIN
2170 8978 KEKERE-EKUN TOYOSI
2171 4062 KELANI YUSUF OLUGBEMI
2172 1499 KELE AS
2173 7570 KELVIN UVEKI
2174 9176 KENECHUKWU CHUKWUKA
2175 5208 KENNETH ARUBARE ORUADE
2176 6271 KIGBU NAMO
2177 5406 KINGSLEY NNAMDI NWAGBO
2178 6478 KINGSLEY OKOYE
2179 8218 KINGSLEY EKPE-IDANG
2180 6067 KITUA-OKOCHU EVI ENAKENO
2181 5118 KOFI-SENAYA MISAN
2182 2541 KOKU FOLUSO OLANREWAJU
2183 8372 KOLADE JOSEPH OLUFEMI
2184 5194 KOLA-EKE FOLASHADE
2185 1506 KOLAWOLE SHOLA KOLADE
2186 3021 KOLAWOLE JACOB TOYIN
2187 3897 KOLAWOLE AKINTOLA ABODERIN
2188 8466 KOLAWOLE OYENEYIN
2189 9147 KOLAWOLE OMOWUMI MARY
2190 4612 KOLEOSHO JAMES OLABODE EST.OLUWOLE-ADMRS
2191 8225 KOMOLAFE ADEBOLA OLUWATOYIN
2192 1116 KONE SEYDOU
2193 8982 KORIE UJUNWA VERA
2194 4716 KOSOKO MOFIYINFOLUWA DANIEL
2195 3565 KOUGBLENOU BASILE ABODUNRIN
2196 6412 KPAAFA DOH
2197 684 KREMKOL INVESTMENTS LIMITED
2198 6353 KRKT RENOVATIONS LTD
2199 5250 KRUGER HOTEL & SUITES LTD
2203 6411 KUMUYI OLUSEGUN GEORGE
2204 2825 KUPOLUYI OLUFEMI KOLAWOLE
2205 7478 KURAPE JOSEPH
2206 2234 KURUBO BOMA A.
2207 8453 KURUNMI AYODEJI OKIKIOLU
2208 8600 KUYAHAR ANDREW YAMTU
2209 5507 KUYE ANGELA CYNTHIA NOSAME
2210 6872 KWAGHNGU ABRAHAMS
2211 8684 KWEM KELECHI NZENNA
2212 3764 KYENTU ALVIN PLEMS
2213 6630 LABISI OLATOKUNBO
2214 3538 LABO HUSSEIN SAIDU
264 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2215 5922 LADELE ADENIKE A.
2216 8513 LADI AJOSE ADEOGUN
2217 4896 LADOKUN DAMOLA SAMUEL
2218 939 LAIYENBI KARIMO MOPELOLA O
2219 1144 LAIYENBI KASSIM ADEWALE
2220 978 LAMINA SIKIRU TAIWO
2221 7404 LANDE OLUSEYI AYOOLA
2222 8695 LANLE GLOBAL CONCEPT INT’L LTD 2276 6657 MADISON CAPITAL & ASSETS LIMITED
2223 6722 LAOKE ELIZABETH OYEBOLA
2224 3292 LAOYE ALIMI TITILOYE
2225 3861 LAPITE VICTORIA OLUDOLAPO
2226 2128 LASISI RAMONI OLAOLUWA
2227 2808 LASOJU FOLASADE OLUSOLA
2228 3981 LASOJU AGNES MODUPE
2229 2619 LATEEF ABIODUN AYOTUNDE
2230 5430 LATEEF JIMOH
2231 7999 LATEEF ABIODUN AYOTUNDE
2232 7745 LATO AILELE SIMEON
2233 1773 LAWAL DAMILOLA MAYOWA
2234 2260 LAWAL GANIYAT OMOTOLANI
2235 2487 LAWAL MORUF OLAREWAJU
2236 2702 LAWAL OLADAPO
2237 3614 LAWAL BOSE ADENIKE
2238 3723 LAWAL SAKA ADEYINKA
2239 3853 LAWAL MOBOLANLE O.
2240 4439 LAWAL OLUWATOBI
2241 4525 LAWAL OLAWALE OLUTADE
2242 5154 LAWAL AHMED JIBRIN
2243 6178 LAWAL KOLAWOLE
2244 6215 LAWAL MUNIRUDEEN TEMITAYO
2245 6523 LAWAL AFOLABI MUFUTAU
2246 7284 LAWAL OMOWUNMI O.
2247 9430 LAWAL OLUGBENGA OLUWASEUN
2248 948 LAWAL-OLUWA HAKEEM LANRE
2249 6502 LAWANSON KEHINDE ADEBO
2250 8954 LAWRENCE AYOBAMI MOSES
2251 4122 LAWSON BERNARD OLATUNJI
2252 5969 LAWSON OLAMIDE
2253 2057 LAYADE ADEDEJI ODUNITAN
2254 6034 LAYENI ABIMBOLA OLUFEMI
2255 8178 LEADWAY (STAFF) COOPERATIVE SOCIETY
2256 5954 LECTARNER INVEST NIG LTD 2310 1879 MARCUS ADEFOLAHAN
2257 6001 LENCHI CHINWENDU
2258 7886 LEPE OLUWATOYIN
2259 7115 LESLIE ASARE
2260 7383 LEVERAGE OPPORTUNITIES LTD. 2314 5589 MARTINS OKONKWO
2261 5132 LEXX & SOPHY
2262 8995 LIVINUS DURU
2263 1744 LONGE TEMITAYO IYABO
2264 5935 LONGE OLAYINKA COMFORT
2265 8006 LORAJE NIG ENTERPRISES
2266 2413 LORI-OGBEBOR TESIMI EDOWAYE J. RITA
2267 7028 LOT KADUMA
2268 6077 LOTUS CAPITAL LIMITED PC 1 2322 3825 MAYUKU EYITEMI
Annual Report and Financial Statements 2020 265
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2269 7123 LULU-BRIGGS RACHAEL
2270 8260 LUQMAN BALOGUN
2271 8340 MABORUKOJE OLUKAYODE OLUFEMI
2272 5354 MABUN OYEBOLA ATINUKE
2273 1120 MACAULAY OLUWADAMILOLA OLUBUSAYO
2274 4302 MACGREGOR OLUTIMILEHIN EBUN
2275 4598 MADIKE ADAORA
2277 3532 MADU GREG OBINNA
2278 7290 MADU IKECHUKWU JUDE
2279 3336 MADUAGWUNA IKECHUKWU
2280 8272 MADUAKOR HELEN AMARACHI
2281 2111 MADUBUIKE IMELDA NGOZI
2282 2094 MADUEKE CHILDREN FUND
2283 2373 MADUEKE CECILIA EKANEM
2284 3315 MADUEKE WILSON E
2285 5289 MADUEKE CECILIA EKANEM
2286 9229 MADUEKE CECILIA EKANEM
2287 2542 MADUKA MICHAEL KENEYAHWEH
2288 6172 MADUKA JOANNA
2289 3688 MADUKO FIDELIS OGBOGU
2290 4801 MAFIKUYOMI IFEANYICHUKWU A.
2291 1526 MAGAJI KABIR
2292 7214 MAGBAGBEOLA OLUWAGBENGA
2293 1176 MAGNUM & HUNTER LIMITED
2294 2867 MAGREEN CAPITAL LIMITED
2295 9050 MAINSTREET TRUST./UNITED CAP. WFW FUND-T
2296 4182 MAIYAKI IBRAHIM
2297 7949 MAJARO KEHINDE OMOWUNMI
2298 3099 MAKANJUOLA OLADAYO ABDULYEKINI
2299 5915 MAKANJUOLA ABIODUN
2300 6192 MAKINDE WAHAB ADEGBENRO
2301 8648 MAKINDE ADEMOLA STEPHEN KAYODE
2302 8945 MAKINWA AKINOLA
2303 3074 MAKOJU CHARLES ADOIZA
2304 4835 MALAM JIRGI IBRAHIM MOHAMMED
2305 1353 MALGWI SARATU ANJILI
2306 5642 MALOMO IDOWU OLADUNJOYE
2307 6751 MALOMO ISSA OLADIMEJI
2308 3751 MALU TORNGEE
2309 3514 MAMZA REBECCA VASIRA
2311 6156 MARK DAVID ALECHENU JNR
2312 3579 MARTINS ATINUKE ADETOKUNBO
2313 4783 MARTINS TOYIN TOLULOPE
2315 1442 MARVICK GLOBAL INVESTMENT LTD
2316 6375 MARY AYODEJI
2317 7070 MATULUKO MUYIWA ANTHONY
2318 3493 MATYEK CHRISTIANA GARBA
2319 2117 MAWAZO INVESTMENTS LIMITED
2320 7288 MAXINES ENTERPRISES
2321 3824 MAYUKU KINGSLEY AYOMIDE
266 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2323 8532 MBA MARGARET NNENNE
2324 6194 MBA FOREX & CAPITAL INVESTMENT LTD 2378 3130 MOHAMMED DAVIES
2325 2878 MBACHU DULUE
2326 6714 MBAERU CHINEDU SAMUEL
2327 1706 MBAH DAMIAN IKECHUKWU
2328 2289 MBAH LAWRENCE KWENDE
2329 8283 MBAH ABRAHAM CHIMA
2330 1226 MBAKA UCHE
2331 4382 MBAMALU SOCRATES OBALOLUWA E.
2332 4212 MBAMBA PATRICK CHUKWUDI
2333 3326 MBANAJA NDUBUISI CHARLES
2334 1775 MBANALI RUTH AMARACHI
2335 5341 MBAOMA KELECHI
2336 9487 MBAUKWU SMART UCHENNA
2337 7585 MBEGBU JOSHUA ONYEWUCHI
2338 9632 MBODI FELIX ENSON
2339 4534 MBONU CATHERINE CHIDINMA
2340 1421 MBURSA PINDAR KWAJAFFA
2341 3284 MEAJES NIG ENTERPRISES
2342 3755 MEAJES NIG. NTERPRISES
2343 2990 MEDUGU YERIMA JAMES
2344 2985 MEDUPIN BARTHOLOMEW BABATUNDE
2345 1225 MEGAFU CHUKA CHARLES
2346 3807 MEGAVAULT LIMITED 2400 6252 MORDI JOSEPH CHUKWUMAH
2347 6279 MEGGISON TITILOLA
2348 6441 MEINANE GBELEBOR LOUIS
2349 2455 MEJOLAGBE VICTOR OSEYEMI
2350 3189 MEKWUNYE THERESA NGALA
2351 6276 MERCY EMMANUEL
2352 2782 MERENU NATHANIEL CHIJINDU
2353 5252 MERISTEM TRUSTEES LTD OMOTOROLA 2407 897 MOSURO OLUWASUBOMI BODUNDE
2354 1448 METTEDEN ABDALLAH
2355 8276 MFON UKOT JOHN
2356 4440 MGBEAHURIKE ONYEBUCHI IGBOKWE
2357 1695 MICHAEL EYITAYO SUNDAY
2358 4922 MICHAEL OLANREWAJU KOMOLAFE EST OF LATE
2359 6954 MICHAEL OPEYEMI OYEDOTUN
2360 8806 MICHAEL OSAKEDE
2361 4512 MICHEAL EDEH CHIMAOBI JAMES
2362 7157 MICHEAL AYOMIDE
2363 3679 MIMIKO BABATUNDE OLUKAYODE
2364 6190 MINKA CORNELIA NDIFON DR
2365 8198 MNENA KPAREVZUA
2366 1213 MODIBBO ISMAILA MOHAMMED
2367 2976 MODIBBO AMINA YUSUF
2368 6082 MODIBBO UMAR HAFSAT
2369 7873 MODUPE EBUNOLUWA ADUBI
2370 1661 MOFUNANYA CHUKWUEBUKA KASIS
2371 4966 MOFUNANYA PETER NNANYELU
2372 118 MOHAMMED IBRAHIM
2373 903 MOHAMMED BELLO BASHIR
2374 1375 MOHAMMED HARUNA RASHEED
2375 1517 MOHAMMED HADIZA LAMI
2376 1545 MOHAMMED BELLO MOHAMMED
Annual Report and Financial Statements 2020 267
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2377 2070 MOHAMMED ALI ADAMS
2379 3791 MOHAMMED SALISU DAN’AZUMI
2380 6801 MOHAMMED ABUBAKAR SADIQ
2381 7686 MOHAMMED ABDULKADIR
2382 8603 MOHAMMED SAIDU ALIYU
2383 7051 MOJISOLA JAIYE-GBENLE
2384 1643 MOKEBE IFUNAYA JULIET
2385 5472 MOKOBIA SUSAN KAMENECHUKWU
2386 8269 MOKUYE KELVIN SUNDAY
2387 2697 MOLOKWU AZUBUIKE AZIKIWE
2388 2973 MOMODU MARK IKHUORIA
2389 5908 MOMODU ALASA IGBAFE
2390 4744 MOMOH MUHAMMAD MUNIR
2391 7132 MOMOH MUSA OMONE
2392 2431 MOMOTATO NIGERIA LIMITED
2393 5126 MONEME CHIBUZO OGE MRS
2394 1648 MONEY AGHOGHO ONOME
2395 7791 MONINUOLA BABATUNDE
2396 6121 MONYE NKEONYE SAMUEL
2397 3433 MORAH ONYEKWELU VICTOR
2398 6809 MORAH BRIDGET EBERECHUKWU
2399 3858 MORDI CHIKA
2401 9267 MORENIKE AJIBORISHA
2402 4044 MOROUNFOLU OLUSEYI AGBOLA.
2403 3193 MOROUNFOLUWA ADEDIRAN
2404 7187 MOSES DAVID
2405 4609 MOSHOOD ISIAKA TUNDE
2406 7953 MOSHOOD ADEREMI ABDULWASIU
2408 4021 MOT OLAYIWOLA TOBUN
2409 7918 MOUNT ZION HOLY TOURS LTD
2410 898 MR & MRS COLLINS AND GLORY AZIKEN
2411 3770 MR & MRS MGBAKOR RAYMOND & ONYI
2412 1252 MSHELIA CHRISTOPHER KWAJAFFA
2413 4992 MSHELIA ASURA MUAZU
2414 3386 MUDASHIRU USMAN AKANBI
2415 6052 MUDASIRU OLAOLU OLUFEMI
2416 4816 MUGHAL AHASSAN
2417 791 MUHAMMAD M.SAIDU
2418 3352 MUHAMMAD FAKHRADDEEN YAHAYA
2419 4423 MUHAMMAD ASMAU ABDULWAHAB
2420 4968 MUHAMMAD AUWAL HUSSANI
2421 8574 MUHAMMED MURTALA RISQUA
2422 9304 MUHAMMED-AMIN OYAWOYE
2423 3699 MUKAILA KAFILAT AJOKE
2424 4065 MUKORO ADEFUNKE IKEOLA
2425 8120 MUKORO EJETAVWO
2426 3345 MUKTAR AMINU
2427 6543 MUNAFA EGEIN
2428 3355 MUO NNAMDI HILARY
2429 2333 MUSA MARYAM MIYABE
2430 9264 MUSA IBRAHIM
268 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2431 6865 MUSAH MARTIN
2432 3233 MUSE RASAQ IDOWU
2433 3476 MUSTAPHA ADETOUN BASIRAT BEATRICE
2434 3892 MUSTAPHA SEFIAT BOLA
2435 3894 MUSTAPHA TAOFIK BABATUNDE
2436 3983 MUSTAPHA HAUWA ALIYU
2437 8899 MUSTAPHA SHITTU
2438 4223 MUYIWA KAZEEM MOGAJI
2439 1599 MWML NOMINEE LTD - TAO 2493 924 NOIKI OLAWALE ADEBOWALE
2440 5327 NA ALLAH AISHA U
2441 9301 NA-ABBA JAMEEL USMAN
2442 123 NAISA INVESTMENTS LIMITED 2496 8812 NOZAKI MASAHARU
2443 8864 NARP50 CMSL
2444 3561 NASIR SAHEED BABATUNDE
2445 6746 NASIR BABA
2446 4495 NAZEGBULAM CHRISTOPHER OLUMIDE
2447 6105 NAZEGBULAM CHRISTOPHER OLUMIDE
2448 6925 NAZIRU IBRAHIM
2449 9638 NDAFIAH ROSE ASUQUO
2450 7661 NDUKA RALUCHUKWU CHIDUME
2451 1588 NDUKAUBA VICTOR IKEMDINACHI
2452 2153 NDUKWE ERNEST CHUKWUKA ANENE
2453 2407 NDUKWE ERNEST CHUKWUKA ANENE
2454 5108 NDUKWE NGOZI NELLY.C
2455 8770 NENGIMOTE FENTE
2456 3900 NETALA HUSSAINI YAHAYA
2457 6200 NEWDEVCO INVESTMENT & SEC.LTD. 2511 7540 NWACHUKWU ODOEKPEN BLESSING
2458 4376 NGADI JOY CHIDINMA
2459 8724 NGEMEGWAI OGECHI UGOCHI
2460 2716 NGOCHINDO FESTUS GOTEH
2461 6480 NGUTOR UJINGE
2462 7826 NGUYAN SHAKU FEESE
2463 1326 NGWU REGINALD ECHEZONA
2464 4611 NIGERIAN SHIPPERS’ COUNCIL STF HOU.FUND
2465 7 NIGERIAN SOVEREIGN INVESTMENT AUTHORITY 2519 8496 NWAGBARA CHINEDUM ABINYE
2466 8472 NISHANT ABBI
2467 2997 NJOKU BERNARD NDUBUISI
2468 4741 NJOKU CHRISTIAN CHINONYEREM
2469 7144 NJOKU OBINNA KELVIN & YETUNDE C.
2470 8682 NJOKU IKENNA OBINNA
2471 9532 NKANGA EDOABASI BASSEY
2472 6095 NKEMEH HENRY IKECHUKWU
2473 5097 NKENKE CHUKWUNONSO OBIORA
2474 5448 NKWOCHA CHUKWUEMEKA BASIL
2475 1488 NLEMUWA ROWLAND
2476 1554 NNADI KELECHI
2477 1875 NNADI OLGA
2478 5309 NNADI EMMANUEL NNAEMEKA
2479 5593 NNAJI DANIEL
2480 6103 NNAJI SYLVESTER OCHIABUTO
2481 2812 NNAMANI ANGELA CHILOTAM
2482 9463 NNAMDI ONYEKWERE
2483 8584 NNAMKA FRANK ARINZECHUKWU
2484 9272 NNATE ISRAEL OGBONNAYA
Annual Report and Financial Statements 2020 269
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2485 6896 NNEBUE JERRY ARINZE
2486 2264 NNEJI OGONNA
2487 3056 NNITE CHINWE OGOCHUKWU
2488 7320 NNOAHAM IKECHUKWU UZOMA
2489 2454 NNOCHIRI MICHAEL ODUMUKO
2490 4910 NNODIM GODFREY ONYEOZIRILANWEMBA
2491 2914 NNOROM CHIBUZOR CHRIS
2492 7813 NNOROM HARISON U
2494 4227 NONJU IBIANGA EKAETE
2495 3518 NONSO CHUMA NDEOKWELU
2497 6452 NSIKAK UDOH
2498 346 NSIKAN TOM
2499 345 NSIKAN-TOM MARGARET
2500 6678 NSOFOR OBIANUJU LILIAN
2501 9617 NURAIN WAHAB AJAO
2502 8048 NURU ADAM
2503 5676 NURUDEEN BADRU
2504 9571 NURUDEEN SOWUNMI
2505 6965 NUVIE ESISO
2506 4408 NWABUGHOGU BRIGHT
2507 4482 NWABUNIKE HARRISON CHIAGOZIE
2508 4262 NWABUOKU ANGELA NKIRUKA CLAIRE
2509 1204 NWACHUKWU NDUBUISI DANIEL
2510 6937 NWACHUKWU LAMB INNOCENT
2512 9567 NWACHUKWU ABRAHAM
2513 6420 NWADIALO CHUKWUNONSO EMMANUEL
2514 2781 NWADILIBE EMEKA GORDAN
2515 8254 NWAEFUNA ISIOMA PATRICK
2516 4447 NWAFOR FLORENCE NNEKA
2517 5872 NWAGBARA PATRICK NDURUO
2518 7289 NWAGBARA THEOPHILUS CHUKWUKA
2520 1596 NWAGBO IKECHUKWU ONUOHA
2521 6117 NWAGBO IFUNANYA LILIAN ALEXANDRA
2522 8657 NWAGBOSO GOODLUCK
2523 3632 NWAGHODOH BRIAN CHUKWUEMEKE
2524 3653 NWAGHODOH NOEL UGOCHUKWU
2525 5520 NWAGHODOH ALEX UGOCHUKWU
2526 7006 NWAGHODOH JOSEPHINE NWAKAEGO
2527 8279 NWAGU PATRICK CHUKWUMA
2528 4188 NWAIGWE BETHEL ONYEMACHI
2529 7435 NWAIWU CHIOMA FRANCES
2530 5198 NWAJEI UCHE JUDE
2531 6857 NWAKALOR MICHAEL CHINEDU
2532 975 NWAKANMA BRANDON & MARGARET
2533 8771 NWALA UGONNA RICHARD
2534 2881 NWALOR IJEOMA VICTORIA
2535 6241 NWANGWU OBIORA VINCENT
2536 9257 NWANI RAPHAEL OYOMITOLE
2537 3447 NWANKWO STELLA ADAEZE
2538 3528 NWANKWO UCHENNA ESTHER
270 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2539 6988 NWANKWO AMANDI
2540 8149 NWANKWO AMARACHI ANGELA
2541 4531 NWANNA EMMANUEL CHILAKA
2542 2210 NWAOKO GEOFFREY CHIBUZO
2543 4013 NWAUWA CHUKA AMA
2544 6858 NWEJE EMEKA UBAKA
2545 1019 NWEKE CHINEZE IRUOMA
2546 1400 NWEKE OBINNA MICHAEL
2547 2718 NWEKE KENNETH AMAECHI
2548 3828 NWENE CHUKA SOKEI
2549 3103 NWIGWE RUTH
2550 7693 NWOBI CHUKWUEBUKA JOSEPHAT
2551 1134 NWOBOSHI ABISOLA ASANI
2552 2561 NWOGAZI OKEZIE OBINNAYA
2553 5626 NWOKAFOR UCHENNA ERNEST
2554 3053 NWOKEDI CHISOBEM CARMELA
2555 1186 NWOKEJI JOY CHIGOZIE
2556 1201 NWOKEJI CHIDOZIE KINGSLEY
2557 7126 NWOLE INVESTMENTS LTD 2611 5458 OBIANYOR INNOCENT CHUKWUDI
2558 6700 NWOLISA CHIKWUGOZIE
2559 7882 NWOMEH EDWARD NDUBUISI
2560 3450 NWOSU FESTUS EYIUCHE
2561 4186 NWOSU KENNETH NNABIKE
2562 4351 NWOSU IKECHUKWU EUGENE
2563 7254 NWOSU CHINEDU BENJAMIN
2564 8005 NWOSU NKECHI CHINELO
2565 8511 NWOSU CHINEDU OBIOMA
2566 7535 NWOZO JAMES CHINYELU
2567 1286 NWUTU CHUKWUEKWU SYLVESTER
2568 8262 NYAKO AMINU MURTALA
2569 6449 NYEROVWO OMOGHWIGHO
2570 3413 NZEKWE AMARACHI PROMISE
2571 5018 NZEMEKE SIMON NWEKE
2572 2142 NZEWI IGNATIUS OLISAEMEKA EMMANUEL
2573 6848 OAK HERITAGE
2574 6439 OAK & EBONY BUREAU DE CHANGE LIMITED 2628 5314 OBIORA MARYTHERESE CHINEZE
2575 6544 OAK AND EBONY INVESTMENTS LIMITED 2629 3536 OBIORAH EMMANUEL T
2576 4063 OBA KAFILAT MOJISOLA
2577 3586 OBADINA HALLED OLADELE
2578 5091 OBAKIN OLUSEYI
2579 4907 OBALIM FRANCIS UCHENNA
2580 5660 OBANEWA AKINJIDE GABRIEL
2581 7703 OBANYE NWACHUKWU A.
2582 3846 OBARO ONERO FRANK
2583 1710 OBASA OMOLABAKE OMOLOLA
2584 9530 OBASA MOHAMMED BASHIR
2585 8100 OBASEKI PETER OSABUOHIEN
2586 8196 OBASEKI OLUWATOSIN SAMUEL
2587 2091 OBASI CHRISTIAN ANELECHI
2588 4575 OBASI CHIOMA ELIZABETH
2589 8135 OBASOHAN AUSTINE OSEMWEGIE
2590 3427 OBASUYI LILIAN BLESSING
2591 7313 OBASUYI CHARLES
2592 2374 OBAYOMI ADEOLUWA ONAARA
Annual Report and Financial Statements 2020 271
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2593 2375 OBAYOMI OLUWOLE OMOLOLU (JNR)
2594 1306 OBAZEE TOYIN OSAZEE
2595 7209 OBAZEE EFOSA
2596 8594 OBAZEE DEMITA
2597 9380 OBE KEHINDE OLUWASEUN
2598 9381 OBE OLUWASEUN OLUWAMADEMILEKAN
2599 3494 OBED EBIYE STANLEY
2600 5674 OBED ADOYI
2601 8451 OBELE - OSHOKO ONENE OSILA
2602 4871 OBI CHUKWUJIOKE DAMIAN
2603 4990 OBI JOSEPH IZUMMA
2604 5678 OBI FRANKLINE NGOZI
2605 6539 OBI OKEZIE PRINCE
2606 7085 OBI NNAMDI ONOCHIE
2607 7584 OBI JOSEPH CHUCKS
2608 8968 OBI NWAORAH CHUKWUDI
2609 2630 OBIAJUNWA PERPETUA OKWUCHI
2610 2801 OBIAKOR CHUKWUMA MATTHEW
2612 2197 OBIDEYI EFUNYEMI OLATUNDE
2613 2199 OBIDEYI ASEPENISEOLUWA VINCENT
2614 2225 OBIDEYI ITEOLUWAKIISHI JOAN MORENIKE
2615 5206 OBIDEYI OLUSOJI ABRAHAM
2616 2278 OBIETOH CHIBUIKE HONEST
2617 4847 OBIEZE CHARLES OBIORA
2618 2996 OBIHARA CHIDINMA PATIENCE
2619 2772 OBIJIOFOR CHUKWUEBUKA
2620 8962 OBIKILI YVES NONSO
2621 3953 OBILANADE JOSEPH FOLORUNSO
2622 7037 OBILEYE OLUWADAMILOLA OLUSOLAPE
2623 1606 OBILOR ANYAEHECHUKWU MICHAEL
2624 895 OBINNA JOSIAH ANI
2625 3626 OBIOHA OBIDA
2626 5084 OBIOHA CHARLES NDUBUISI
2627 2725 OBIORA FRANK CHIJIOKE
2630 1219 OBIOSIO OKON ETIM
2631 3959 OBIWULU ANTHONY UMUNNAKWE
2632 4791 OBOMANU GEORGE IDAWARISO
2633 8708 OBONG USANGA
2634 5375 OBUNADIKE NWANNEKA MARY-ROSE
2635 1115 OCHEI DENNIS OSADEBAY
2636 1835 OCHEJA AJODO
2637 3912 OCHEJE SULEIMAN ALIYU
2638 3054 OCHIE OLUWAKEMI ADEWUMI
2639 4916 OCHIEZE OLIVER
2640 4549 OCHOGU EMMANUEL CHIBUEZE
2641 8896 OCHUKUDI PHILLIP
2642 3069 ODAGWE SUNDAY AKPE
2643 5680 ODARANILE MOHAMMED
2644 4822 ODEBIYI DAVID OLUTUNDE
2645 1390 ODEBODE OLUSEGUN PAUL
2646 3607 ODEDEJI JAMES OLUSOLA
272 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2647 5333 ODEDERE ISAAC FOLORUNSO
2648 1458 ODEDEYI AKINDAYOMI
2649 7484 ODE-ICHAKPA INALEGWU
2650 5090 ODEJAYI DAMILOLA LYDIA
2651 3488 ODEKUNLE OLUFEMI OMOLOLA
2652 4513 ODENIYI TIMOTHY OLUGBENRO
2653 7556 ODENIYI OMOLARA OLUBISI
2654 7920 ODERANTI ADESOLA ADEDOYIN
2655 1028 ODERINDE ADEOYE JUBRIL
2656 4588 ODERINDE TUNDE IZKIL
2657 1594 ODEYEMI GRACE IYABO
2658 7281 ODEYEMI BENJAMIN TOLULOPE
2659 7499 ODEYEMI BENJAMIN TOLUTOPE
2660 8081 ODEYEMI TOLUTOPE BENJAMIN
2661 9424 ODEYEMI EZEKIEL OLUFEMI
2662 9454 ODEYEMI RUTH ABIMBOLA
2663 9163 ODIARI UZOAMAKA OMULUZUA
2664 3698 ODIGILI SUNDAY UGBEH
2665 5410 ODIH JUDE SUNDAY
2666 6496 ODIMAYO OLAOUWA TEMILOLA
2667 7652 ODIOH MUSTAPHA IMOUDU
2668 4718 ODIOMONAFE WILLAM-SEAR OSHONAME
2669 1318 ODO CHIKAODILI PETER
2670 8240 ODOCHA EZE CHINWOKE
2671 1092 ODOH IFEOMA
2672 8928 ODOH UCHENNA SUNDAY
2673 1733 ODOLE OLUGBENGA OLUBUNMI
2674 7302 ODOLE-ADEYEMI RACHAEL OLUWATOSIN
2675 5473 ODOM NKAHEREONYE MATTHEW
2676 7035 ODUBAWO OLUBUSOLA TANIMOWO
2677 7863 ODUBAYO OLANREWAJU PAUL
2678 7054 ODUBOLA ABIODUN TAJUDEEN
2679 1585 ODUDU WILLIAM ORUKA
2680 2283 ODUDUWA SEVENTY NINE NIG. ENTER.
2681 8562 ODUFISAN WILLIAMS FUNMILADE
2682 7885 ODUFUWA OMOLARA
2683 8981 ODUFUWA OMOTAYO ABAYOMI
2684 6205 ODUGBEMI ADEDAYO OLADELE
2685 5186 ODUKOYA OMOTAYO AYOTUNDE
2686 9043 ODUKOYA SAMUEL
2687 6525 ODUME FESTUS AZUBUIKE
2688 1117 ODUNAIYA OMOYOSOLA IYIOLA
2689 4665 ODUNEWU KUDIRAT MORENIKE
2690 9283 ODUNIYI TEMITOPE KAMORU
2691 7304 ODUNLAMI AYOBAMI SIKUOLA
2692 6033 ODUNOWO KAZEEM GBENGA
2693 2526 ODUNSI TITILOLA ABOSEDE
2694 3590 ODUNSI AKINTUNDE OWOLABI
2695 8150 ODUNUKAN SUNDAY ADETAYO
2696 4764 ODUNUKWE IGNATIUS NWABUEZE
2697 8175 ODUNZE IFEANYI FORSTER
2698 5100 ODUSANWO SHEFIULAI BABAJIDE
2699 5911 ODUSANWO LATEEFAT ABIOLA
2700 5927 ODUSANWO SOLIAT MOTUNRAYO
Annual Report and Financial Statements 2020 273
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2701 5937 ODUSANWO ABDULSAMAD
2702 5938 ODUSANWO HANIFAT ABENI
2703 3430 ODUSANYA OPE ANIKE
2704 5629 ODUSANYA ADETOUN GLADYS
2705 2512 ODUTAYO ADEMAYOWA OMOTOLA
2706 9218 ODUTOLA SAMSON BANKOLE
2707 3606 ODUYEYE OLUWASEUN JOSHUA
2708 5706 OFFEH HENRY
2709 8017 OFODILE KENCHUKWU CHUKWUMA
2710 5711 OFODUM CHUKWUMA POLYCARP
2711 3222 OFOEGBU KENECHI CHIDOZIE
2712 3241 OFOEGBU ADOLPHUS CHUKWUMA
2713 2086 OFOGBOR OKIEMUTE PAUL
2714 2753 OFOMA CHRISTIAN IFEANYI
2715 6805 OFOMATA EMMA C. S.
2716 8347 OFOR HYGINUS CHIGOZIE
2717 4960 OFORJI KINGSLEY OBINNA
2718 1265 OFOYELA OGHENEVWAGBA JOHNBULL
2719 2763 OFOYELA JOHNBULL OGHENEVWEGBA
2720 5057 OFUYA OLUSEGUN TONE
2721 9611 OFUYA ESIGBEMI ALEXANDER
2722 1278 OGAGA EREZIOGHENE MAXWELL
2723 1417 OGAH ADAH SIMON
2724 7777 OGAN CHRISTOPHER KALAIYO
2725 3334 OGAR MARIA OMARI
2726 6944 OGBA JUDITH UZOMA
2727 6977 OGBA CHIKA EMMANUEL
2728 7922 OGBAN TERRY OMAMUYOVWI
2729 7333 OGBE DAN
2730 9409 OGBE EMMANUEL
2731 3474 OGBEBOR OLUGBENGA
2732 5945 OGBECHE VICTORIA OGWIHI
2733 4471 OGBECHI MICHELLE CHUKWULOTAM
2734 4473 OGBECHI GABRIELLE CHUKWUZAMEKPELE
2735 3635 OGBECHIE CHRIS IKE
2736 9443 OGBECHIE CHRIS IKE
2737 6800 OGBEIDE CHUKWUKA
2738 3415 OGBOBINE ORITSEJIMI OSAGBEMI
2739 8747 OGBODO IFEANYICHUKWU MBA
2740 8501 OGBOGU FUNMILAYO CHINONYE
2741 5879 OGBOLU ANTHONY NNAMDI
2742 8797 OGBOMO EMIKE ONAPINA
2743 3306 OGBONDEMINU PETER OLUKAYODE
2744 1050 OGBONGBEMIGA RAPHAEL ADEWALE
2745 3530 OGBONNA GERALD
2746 4763 OGBONNA UGOCHUKWU HOPE
2747 5883 OGBONNA CHINEDU UWHEGBU
2748 6037 OGBONNA JOY
2749 9260 OGBONNA OBIAKU FLORENCE
2750 2570 OGBONNAYA EZINNE HELEN
2751 2709 OGBONNAYA CHIJIOKE UCHE -EST OF-
2752 5300 OGBONNAYA EKE UDENSI OKORIE
2753 2358 OGBU UCHENNA
2754 7799 OGBU TIMOTHY OSDUMME
274 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2755 8675 OGBU CHIGOZIE NKWOR
2756 8394 OGBUAGU CHINASA JOY
2757 5304 OGBUMMAH WOGWUGWU THEOPHILUS U.
2758 6365 OGBUNEKE CHIEBERE ONYEBUCHI
2759 5921 OGEDENGBE AWOYEMI ADEYEMI
2760 7353 OGHEDEGBE OGBOLE
2761 7651 OGHEDEGBE OGBOLE ENAHOLO
2762 6285 OGHENERUKEVWE AKPORE
2763 5878 OGHOMWEN IYOBOSA JUDE
2764 7707 OGHOSA OSULA
2765 1998 OGHUVWU OCHUKO UFUOMA
2766 6390 OGIDI ANTHONIA OMOLOLA
2767 8332 OGIEMUDIA AUGUSTINE
2768 8961 OGIEMUDIA OSAHON
2769 3075 OGISI OMASAN S.
2770 1056 OGORDI ODIAKA FRANK
2771 1273 OGORURE UYOYOU OVIE
2772 4059 OGU LAWRENCE CHUKWUNWIKE
2773 2416 OGUAH OSIKHENA GABRIEL
2774 4577 OGUH GEORGE O. CHINWEIKE
2775 4043 OGUN OLUSOJI TENIOLA OLUREMILEKUN
2776 3812 OGUNBIYI YUSUF GBENGA
2777 9198 OGUNBIYI ESTHER
2778 1829 OGUNBODEDE ARAOLUWA JASMINE
2779 1830 OGUNBODEDE EWAOLUWA JEMINA
2780 4894 OGUNBODEDE MARY OLUWABUKOLA
2781 8893 OGUNDAHUNSI OLUMIDE & OMOBOLA
2782 2235 OGUNDEJI MOSES A
2783 2627 OGUNDEJI BABATUNDE AYODEJI
2784 8311 OGUNDELE OLUWASEUN ABRAHAM
2785 8637 OGUNDIJO VICTOR OLUWAFERANMI
2786 1754 OGUNDIMU DOLAPO
2787 2288 OGUNDIPE MICHAEL KOLAWOLE
2788 3965 OGUNDIPE ESTER OLUFUNMILAYO
2789 5959 OGUNDIPE OLUSOLA AYODELE
2790 5346 OGUNDIYAN JULIUS KAYODE
2791 9504 OGUNEDO AUGUSTINE ONUKWUJE
2792 4370 OGUNFOLU ADEMOLA O
2793 7857 OGUNFOWORA OLUKAYODE OWOLABI
2794 5356 OGUNJIMI OLUFEMI BABALOLA
2795 2442 OGUNJOBI KAYODE JOHN
2796 1855 OGUNKANMBI SAMUEL OLANREWAJU
2797 2641 OGUNLADE AYOSIJI AFOLABI
2798 5002 OGUNLADE ISAAC AYODEJI
2799 3553 OGUNLANA OLUWASEUN DAMILOLA
2800 6620 OGUNLANA OLANREWAJU
2801 7217 OGUNLERE OLAYINKA ESTHER
2802 2129 OGUNLEYE GBADEBO SAMUEL
2803 4645 OGUNLEYE SAMUEL ESAN
2804 8428 OGUNLEYE OLADAPO JOEL
2805 8745 OGUNLEYE OLUWAGBEMINIYI ABAYOMI
2806 9415 OGUNLOLA AGBOOLA DAVID
2807 5665 OGUNLUSI TOMILOLA SAMUEL
2808 4864 OGUNMEFUN OLUWAFERANMI OLUWAKANYINSOLA
Annual Report and Financial Statements 2020 275
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2809 8739 OGUNMODEDE GABRIEL
2810 3739 OGUNMOLA MUDASIRU ALABI
2811 7427 OGUNMOLA CHARLES BABATUNDE
2812 1891 OGUNNAIKE ADEBAYO SUNDAY
2813 362 OGUNNIRAN HAKEEM
2814 2624 OGUNNIYI KOLAPO OLATUNBOSUN
2815 2414 OGUNRIN SULAMON YEMI
2816 9298 OGUNRINDE RUTH FOLASADE
2817 9413 OGUNRINDE OLUWASEYI
2818 6064 OGUNRO ANUOLUWA IBIYEMI
2819 6996 OGUNSAKIN AKINSOLA BASIRU
2820 4985 OGUNSANWO ADEJOKE ADENIKE
2821 1739 OGUNSANYA ABORODE
2822 3030 OGUNSANYA OLUWAGBEMIGA BAMIDELE
2823 7951 OGUNSEMI ADEOLA& CLARA
2824 5541 OGUNSEYINDE OLUWASEUN ADEBAYO
2825 2888 OGUNSOLA OLUWATOSIN SAMUEL
2826 8652 OGUNSOLA BANJO RUFUS
2827 5664 OGUNTIMEHIN ADEGBENRO BRUCE
2828 8334 OGUNTIMEHIN JOHN OLAWALE
2829 4751 OGUNTOLA GBEMISOLA FUNMILAYO
2830 3870 OGUNTOYE ANTHONY OLATUNDE O.
2831 7393 OGUNTUGA OLUWOLE OGUNYEMI
2832 4757 OGUNTUNWASE BAMIDELE ABIODUN
2833 1015 OGUNTUYI OLUWATOYIN OLUGBEMINIYI
2834 2270 OGUNWALE OLUWAFIFEHANMI SETH
2835 2271 OGUNWALE OLUWANIFEMI BENAIAH
2836 2273 OGUNWALE MAGOGOBA GRACE
2837 3805 OGUNWOLU RILWAN ADEDOTUN
2838 3396 OGUNYANKIN OLUFUNSHO KOFOWOROLA
2839 3732 OGUNYEMI OLUSEGUN
2840 338 OGUNYINKA OLATUNBOSUN
2841 1450 OGUNYOMI SAIDAT TITILAYO
2842 3251 OGWU AUSTINE O.
2843 4179 OGWUCHE FATU
2844 5137 OHAI ALEX NNEKA
2845 5491 OHEN GEOFFREY CHUKUNWIKEN
2846 7379 OHIRI-ANYANWU UGONNA THELMA
2847 1058 OHONME BENITA OLUFUNMILAYO
2848 7127 OHUABUNWA MMESOMA EMMANUEL
2849 8443 OHWERHOYE TEGA
2850 5592 OHWOVORIOLE AKPIFO ONOME
2851 4366 OISAMOJE VICTOR
2852 2586 OJAJUNI OLUFUNMILAYO CHRISTY
2853 8181 OJEABULU PRINCE IJIE
2854 8596 OJEANOR JUSTIN
2855 3380 OJEDIRAN OLUSOLA
2856 9170 OJEDIRAN DEBORAH ASABI
2857 2357 OJEIFO OBEBE
2858 3279 OJELABI ADEDOKUN OLUWAFEMI
2859 3185 OJERINDE OLUWASEUN ADENIYI
2860 2328 OJIAKA IKENNA JUSTICE
2861 2334 OJIAKA CHARITY CHIKA
2862 7081 OJIKUTU AJOKE
276 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2863 3899 OJILE DAVID INYANDA
2864 858 OJO OLUWAFEMI MOYOSORE
2865 2217 OJO OLUWASOLA
2866 3411 OJO ADEMOLA ABIODUN
2867 3662 OJO BIMPE BERNICE
2868 4982 OJO OLAWALE OLUFEMI
2869 5499 OJO AYO ABIYE
2870 6240 OJO BOSEDE ABIODUN
2871 6758 OJO IMOISILI EROMOSELE
2872 7270 OJO SAMUEL AYOTUNDE
2873 9194 OJO STEPHEN OLAJIDE
2874 1196 OJOGBE OLUCHI JOY
2875 1735 OJOMAIKRE ADAIGHOFUA
2876 7711 OJOMO FEMI BOSSA
2877 1778 OJOMU OPEYEMI
2878 8915 OJORA OLABISI OLUWATOYIN
2879 9584 OJORA FUNMILAYO AJOKE
2880 7778 OJUKOTOLA RAHAMON OLUWOLE
2881 9420 OJUKOTOLA RAHMON OLUWOLE
2882 2513 OJUKWU JOSEPH CHIKA WISDOM
2883 6065 OJUMU LOVE YINKA OLUGBENGA
2884 5228 OJUTALAYO OMOTAYO MODUPE
2885 2757 OKAA CHUKWUDI CHARLES
2886 1731 OKAFOR CHUKWUDERA SAMUEL
2887 2145 OKAFOR EMMANUEL NKWACHUKWU MR & MRS
2888 2231 OKAFOR STEPHEN
2889 2308 OKAFOR CHUKWUEMEKA ADRIAN
2890 2514 OKAFOR CHIZOBA ALEXANDER
2891 2600 OKAFOR VICTORIA ISIOMA
2892 3052 OKAFOR LINUS CHUKWUNYEAKA
2893 3353 OKAFOR SIMON IFEANYI
2894 3361 OKAFOR ALEX HAPULUCHUKWU
2895 3513 OKAFOR MADUKA SAMSON
2896 3999 OKAFOR GINIKA SONIA
2897 4125 OKAFOR OGONNA CHIDINMA
2898 4280 OKAFOR BLESSING NKEONYERE
2899 4285 OKAFOR EMMANUEL NKWACHUKWU
2900 4937 OKAFOR CHUKWUDUMEBI
2901 5178 OKAFOR ANTHONY OBIORA
2902 7909 OKAFOR CHINWE GERALDINE
2903 8696 OKAFOR GREG NNEBEM
2904 8993 OKAFOR MBAH UBOMA OLIAKU
2905 9044 OKAFOR ROSEANN NKECHI
2906 8331 OKAFOR IFEYINWA AMANDA
2907 8944 OKANLAWON ADESOLA AND ADEDOYIN
2908 1978 OKE SIJI EMMANUEL
2909 3268 OKE MODUPEOLA OLATOKE
2910 3631 OKE OLUWOLE
2911 5992 OKE TOPE
2912 6295 OKE PETER TOBI
2913 3049 OKEAHIALAM IGNATIUS NJIDEKA
2914 4529 OKEBIORUN OLAOLUWA EZEKIEL
2915 3956 OKECHUKWU NNAMDI MICHAEL
2916 6448 OKECHUKWU CHIMA
Annual Report and Financial Statements 2020 277
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2917 5177 OKEDELE RASHEED ISHOLA
2918 3437 OKEDOKUN SUNDAY OLUSOLA
2919 1317 OKEKE BENEDICT OSITA
2920 1644 OKEKE AUGUSTINA CHINECHEREM
2921 3669 OKEKE CHUKWUGOZIE BARNABAS
2922 4586 OKEKE ULOAKU
2923 5325 OKEKE NGOZI ANITA
2924 7058 OKEKE SOMTOCHUKWU ANTHONY
2925 7668 OKEKE CHIGBO IFEAKANDU
2926 7815 OKEKE FRANCIS OGOCHUKWU
2927 8028 OKEKE MICHAEL EZECHUKWU
2928 2138 OKELANFA MUTIAT OLAJUMOKE
2929 4297 OKELEYE ADENIKE ELIZABETH
2930 5242 OKENWA JAMES CHUKWUZUBELU
2931 2406 OKENYI JOY CHUKWUDI
2932 5237 OKEOLA SALIU BAYO
2933 1921 OKEREKE SONNY UCHENDU
2934 3070 OKEREKE AUGUSTA.N
2935 8508 OKEREKE EMEKA
2936 9557 OKEREKE EMMANUEL
2937 3898 OKERENGWOR JAMES UGOCHUKWU
2938 6624 OKESHINA DEBORAH ADEJOKE
2939 5580 OKESOLA ADEKUNLE
2940 3132 OKESOOTO IPADEOLA JONATHAN
2941 9539 OKEZIE CHIMELE AND ONYINYE
2942 7517 OKHADE PETER ONUWABHAGBE
2943 5085 OKHUAROBO JOHN EFOSA
2944 2952 OKIKE JOHN UZOR
2945 9453 OKIKIOLU-IGHILE MOBOLANLE ABIDEMI
2946 3759 OKKAS GLOBAL LINK
2947 8389 OKO ADARIKU GODWIN
2948 988 OKODUGHA DEBORAH EGHONGHON
2949 1371 OKOH EMMANUEL ODE
2950 3570 OKOLI CHIOMA STELLA
2951 4479 OKOLI OKENWA OBINNA IZEJI
2952 6636 OKOLI OKEZIE
2953 9178 OKOLI CHIZARAM ALEXANDRA
2954 9179 OKOLI KAMARACHIDI AVA
2955 3888 OKOLIE HUMPHREY EZE
2956 6146 OKOLIE HUMPHREY EZE
2957 2049 OKOLO PAUL
2958 5837 OKOLO STELLA NKECHI
2959 8071 OKOLO VICTOR ECHEZONA
2960 8840 OKOLO NOGEYA ANGEL AFOMACHUKWU
2961 6498 OKOME MOSES OGHORITSEWARAMI
2962 7497 OKON UBONG JEFFREY EFFIONG
2963 8996 OKONJI ODIGWE
2964 2762 OKONJO FREDERICK IKECHUKWU
2965 1342 OKONKWO ODUENYI ORJIUGO
2966 1593 OKONKWO DARLINGTON
2967 2534 OKONKWO GEORGE NNAEMEKA
2968 3308 OKONKWO NNEKA / COOP EAST
2969 3462 OKONKWO NGOZIKA FRANCES ADA
2970 6387 OKONKWO JULIANA NWEGO (MRS)
278 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
2971 7928 OKONKWO PAULINUS PETER
2972 8894 OKONKWO VICTORIA OKWUCHUKWU
2973 9047 OKONKWO COLLINS CHUKWUDINMA
2974 9478 OKONKWO IHEDIMBO CLETUS
2975 6256 OKONTA DIANA OKWUY
2976 2994 OKORIE CHRISTIANA NDUBUISI
2977 3464 OKORIE UCHECHUKWU O & OLUWATAYO A
2978 5990 OKORIE CHUKWUEMEKA
2979 7840 OKORIE IKENNA EMMANUEL
2980 2172 OKORO MONDAY RAYMOND
2981 3515 OKORO OSCAR CHUKWUMAH
2982 6380 OKORO PRECIOUS UCHECHI
2983 6421 OKORO ONYEKACHUKWU HENRY
2984 8152 OKORODUDU EBILADE WILLIAMS
2985 3038 OKOROTE CHUKWUDI DONALDSON
2986 3818 OKOSE ALPHONSUS IBHAROKHONRE
2987 1619 OKOUGBO MICHEAL
2988 4139 OKOYE AUGUSTINE CHIKA
2989 5246 OKOYE AUGUSTINE AZUKA
2990 6000 OKOYE STELLA IFEYINWA
2991 8484 OKOYE NENE JUSTINA
2992 8830 OKOYE IGWE SANTOS
2993 3165 OKPALA CHUKWUEMEKA REFLEX
2994 4981 OKPALA ARINZECHUKWU EMMANUEL
2995 6023 OKPALANWOKIKE LOICY CHINYERE
2996 3342 OKPARA CHUKWUMA GIDEON
2997 3503 OKPARA PETER IFEANYI
2998 4036 OKPARA OBINNA & NENE (MR & MRS)
2999 8985 OKPORUA ANTHONY ESEOGHENE
3000 5663 OKUBADEJO OLADAPO OLUFUNKE
3001 3637 OKUGBWA LUMUMBA IGHOTEMU
3002 7122 OKUKU ANIETIE JAMES
3003 8897 OKUNADE HAMMED ADEROJU
3004 6757 OKUNIYI ADEDAPO
3005 9447 OKUNLOLA TOYIBAT FUNMILOLA
3006 2263 OKUNNU ALFRED ABAYOMI
3007 3934 OKUNOLA AYOWOLE OREOLUWA
3008 4281 OKUNOLA EMMANUEL OLANREWAJU
3009 4518 OKUNOLA DANIEL OLUWATOBI SEUN
3010 5717 OKUNOLA BAMANOSI PRAISE
3011 6651 OKUNOLA OLAMIDE OLAWALE
3012 7521 OKUNOWO OLUJUWON EKUNDAYO
3013 9121 OKUNROMADE NOAH OLUMADE
3014 1923 OKUSANYA ADETAYO
3015 7242 OKUWOBI KAYODE AZEEZ
3016 1168 OKWOR JUDE CHIEDOZIE
3017 4986 OKWU SEBASTIAN NDUBUISI
3018 1675 OKWUOFU BLESSING FUNMI
3019 3399 OKWUSA CHUKWUEBUKA CHIDIEBERE
3020 6043 OLABISI ODULAJA
3021 4994 OLABIWONNU OLUWATOSIN JOSEPH
3022 6401 OLABODE FELICIA OLURANTI
3023 8948 OLABODE OLUSOLA SAMUEL
3024 8041 OLABODUNDE OLATUNJI
Annual Report and Financial Statements 2020 279
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3025 9209 OLADAPO ASOLUKA
3026 9299 OLADAPO MONI ABIODUN
3027 9414 OLADAPO AKINOLA OLADOTUN
3028 294 OLADEINDE EMMANUEL AND TEMITOPE EMMANUEL
3029 912 OLADEJI OLUWADAMILARE
3030 4372 OLADEJI OLANIYI OYELAKIN
3031 9644 OLADEJI OLASUMBO SAIDI
3032 6726 OLADEJO JUMOKE MOJISOLA
3033 7690 OLADELE OLAJIDE AYINDE
3034 1605 OLADIMEJI OLAJIDE SAMUEL
3035 5214 OLADIMEJI RASAAC AYOADE
3036 2446 OLADIPO OLATUNDE AREO
3037 2501 OLADIPO HELEN ADEDOTUN
3038 2606 OLADIPO AKINTUNDE
3039 7101 OLADIPO OPEOLUWA JOSEPH
3040 7196 OLADIPO ANDREW LEYE
3041 9245 OLADIPO HELEN OLUWAKEMI
3042 3612 OLADIPUPO SEYI PETER
3043 7621 OLADIRAN TOBI EZEKIE
3044 7793 OLADOJA HAMMED ADEYEMI
3045 4282 OLADOKE ISAAC SUNDAY
3046 2686 OLADOSU EMMANUEL OLANIYI BOLARINWA
3047 7152 OLADOTUN PRINCE ADEYANJU
3048 9322 OLADOYE BAMIDELE AHMED
3049 1590 OLADOYIN OLUMIDE
3050 9347 OLADOYIN OLUMIDE OLAMILEKAN
3051 2540 OLADUNJOYE OLUWAFEMI O.
3052 7219 OLADUNJOYE OLUWAFEMI OPEYEMI
3053 9226 OLAFADEHAN OLULEKE MOFOLAJU
3054 6444 OLAFISOYE OLUWATOBI OPEYEMI
3055 7781 OLAGBAJU OPEOLUWA SEUN
3056 928 OLAGHERE OJINIKA NKECHINYELU
3057 1127 OLAGOKE SAMSON OLUSEGUN
3058 2499 OLAGOKE OLAKUNLE ANTHONY
3059 8613 OLAGUNDOYE FOLAKE FLORENCE (MRS)
3060 3087 OLAGUNJU KAMIL
3061 3285 OLAGUNJU OLUWASEUN GABRIEL
3062 3756 OLAITAN MODASHIRU
3063 3857 OLAITAN ARTHUR OLAJIDE
3064 6551 OLAITAN FAPOHUNDA
3065 4925 OLAIYA OLUBUKOLA
3066 3323 OLAJIDE MOJISOLA ABOSEDE
3067 6378 OLAJOSAGBE JOHN OLUBUNMI
3068 4825 OLAKANMI OLAITAN OLAYORI
3069 3365 OLAKOLU AYODEJI PETER
3070 5819 OLAKOYENIKAN OLUWASEGUN ANDREW
3071 7712 OLAKUNLE BABAJIDE BUSAYO
3072 8205 OLAKUNLE MODUPE ROSELINE
3073 9423 OLAKUNLE GIDEON
3074 2545 OLALEKAN PEDRO
3075 5392 OLALEKAN AKANDE
3076 3245 OLALEYE ADEYEMI ELIJAH
3077 6852 OLALEYE KOLAPO
3078 7858 OLALEYE OLOLADE ESTHER
280 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3079 9623 OLALEYE ABDULLAHI AKANBI
3080 6928 OLALUSI ABAYOMI EMMANUEL
3081 5485 OLAMIDE FRANCIS
3082 8167 OLAMIDE REBECCA ADEYEMI
3083 7739 OLAMILEKAN OGUNMADE
3084 6813 OLANEYE ADELAJA
3085 2166 OLANIYAN EMIOLA
3086 2663 OLANIYAN MOSES OLUDELE
3087 3187 OLANIYAN RAMOTA OLUWABUNMI
3088 5570 OLANIYAN PETER AKINOLA
3089 8844 OLANIYAN LUKMAN ATANDA
3090 9166 OLANIYAN OLANREWAJU ADEMOLA
3091 5172 OLANIYI RASAQ KOLAWOLE
3092 8931 OLANIYI TAYO TOLULOPE
3093 3648 OLANREWAJU OMOSHALEWA ABIMBOLA
3094 4213 OLANREWAJU USMAN
3095 7599 OLANREWAJU KABIRU AYODEJI
3096 8890 OLANREWAJU OLAPEJU OLAJUMOKE
3097 9276 OLANREWAJU ASIMI OLALEKAN
3098 4787 OLAOFE ELIZABETH ADEBOLA
3099 8499 OLAOGUN BAISI OMOLAJA
3100 3814 OLAOLU ODUGBEMI
3101 4682 OLAOLUWA RASHEED
3102 6958 OLAOLUWA RASHEED
3103 7183 OLAOLUWA ZAIDAT QUADRI
3104 7764 OLAOLUWA SILVA
3105 9419 OLAOPA ADEOLA ABIGAEL
3106 8938 OLAOSEBIKAN AMINA ABUBAKAR
3107 2133 OLAOYE RAPHAEL OLUKAYODE
3108 3731 OLAOYE BOLANLE OMOTAYO
3109 9587 OLAPADE KEHINDE ABDULAHI
3110 9618 OLAPADE TAIWO NURUDEEN
3111 6682 OLAPEJU SONUSI
3112 8512 OLAPOJU OLATUNJI OMOBOLARINWA
3113 3259 OLARINDE ADEMOLA
3114 1498 OLASINDE TAJUDEEN AYODEJI
3115 8342 OLASOJI ABIOLA LILIAN
3116 4037 OLASUNKANMI FOLORUNSO OLADEJI
3117 8488 OLATERU OLAGBEGI OLUWASEGUN
3118 7361 OLATIDOYE OLUSEUN OLABIYI
3119 7185 OLATOREGUN OLASIMBO ODUNAYO
3120 3388 OLATUJA EDWARD AKINTOBA
3121 783 OLATUNBOSUN AKANNI
3122 7075 OLATUNDUN OLAITAN AJAO
3123 2601 OLATUNJI ENIOLA AFEEZ
3124 5185 OLATUNJI TITILAYO OLUWASEUN
3125 5272 OLATUNJI AZEEZ SAKZ
3126 8136 OLATUNJI-DAVID FOLAKE OLUBANKE
3127 5953 OLAWALE FASEHUN
3128 7669 OLAWALE OLAWEPO
3129 5656 OLAWUMI JOSEPH OLALEKAN
3130 9640 OLAWUYI ISHAQA
3131 3044 OLAYEMI DAVID OLAMIJUWONLO
3132 4354 OLAYEMI OLUKAYODE TEMITOPE
Annual Report and Financial Statements 2020 281
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3133 6734 OLAYEMI OLUWATODIMU
3134 6735 OLAYEMI OLUWATAMILORE
3135 6790 OLAYEMI OLABIYI
3136 4810 OLAYEYE RAOLAT TOLANI
3137 7632 OLAYIDE ADENOLA ADETOKUNBO
3138 9143 OLAYIWOLA PAUL GBEMIGA
3139 7874 OLAYIWOLE MICHAEL OLABODE
3140 6339 OLEYE PROSPER OGUBOEBEDEOWEI
3141 1971 OLOJO OYEYIMIKA OLADUNI
3142 3803 OLOKO OLATUNDE ADEYEMI (DR)
3143 3986 OLOKO OLATUNDE ADEYEMI (DR)
3144 2981 OLOMU JOSEPHINE
3145 4460 OLONADE TUNBOSUN OLUSOJI
3146 3198 OLORUNFEMI ADEDAYO ABAYOMI
3147 8314 OLORUNFEMI ABIDEMI EGUAIKHIDE
3148 4049 OLORUNNIBE FAITH INIOLUWA
3149 4235 OLORUNSOLA SAMUEL SEHINDE
3150 8558 OLORUNSOLA PIPELOLUWA OLUWADARASIMI
3151 8559 OLORUNSOLA OLUWATIDEMILADE ADEWALE AREMU
3152 8560 OLORUNSOLA ABOLORE RASHIDA
3153 1992 OLORUNTEGBE OLUWASEGUN
3154 7111 OLORUNTOBA AND YEWANDE OLATUNDE
3155 5644 OLORUNTOFUNMI OGUNJEMILUSI
3156 2350 OLOWOFELA BANKOLE OLUGBENGA
3157 8709 OLOWOJEUNJEJE OKUBANJO FOUNDATION
3158 4765 OLOWOJOLU ADEBOLA OLAJIDE
3159 9199 OLOWONIYI ADE-DAVID
3160 4625 OLOWOSALE AYOMIDE BASIT
3161 1910 OLOWU ADESOLA OLASEGE
3162 7554 OLOYE TEMITOPE OLADAPO
3163 4124 OLOYEDE KAYODE LATEEF
3164 9071 OLOYEDE OLAWALE DANIEL
3165 3481 OLUBIYI IBIDAPO OLUDARE
3166 6089 OLUBIYI ROTIMI ALFRED
3167 4725 OLUBODE TEMITAYO
3168 8889 OLUDAKPO JOHNSON SOLA
3169 7117 OLUEBUBE AMAONWU MIRACLE
3170 4308 OLUFEMI-BELLO MARGARET EDOGHOGHO
3171 7033 OLUFUNKE OSIBODU
3172 7388 OLUFUNTO HAASTRUP-LANIYI
3173 1785 OLUGBEJE ANUOLUWAPO TEMITOPE
3174 4984 OLUGBENGA OGUNYEMI AMOS
3175 3257 OLUGBOSUN ARIYO AYO
3176 4892 OLUIKPE AMARACHI JOSEPHINE
3177 5122 OLUKAYODE TIMEHIN ADESINA
3178 2614 OLUKOJU ABAYOMI AYODEJI
3179 4543 OLUKOKUN ADESOLA IDERA
3180 2065 OLUKOLU ALICE,OLUFUNMILAYO
3181 7720 OLUKOYA OLUWASEUN BABAJIDE
3182 8569 OLUMAYOWA OLUWOLE
3183 8566 OLUMEYAN KAYODE
3184 4874 OLUMIDE OLAJIDE TEMITOPE
3185 9144 OLUMUYIWA BUKOLA ABOSEDE
3186 6711 OLUREMI FATOKUN
282 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3187 7532 OLURO OLUKAYODE OLADIMEJI
3188 2176 OLUSA VICTOR AYODEJI
3189 2023 OLUSANYA OLUFUNSHO
3190 3210 OLUSANYA ABIODUN BABATUNDE
3191 3589 OLUSANYA ADERONKE ABIMBOLA
3192 5369 OLUSANYA TAIWO OLUWASEUN
3193 6797 OLUSANYA OLUREMI OLUKUNLE
3194 8490 OLUSANYA ADEKUNBI MRS
3195 8491 OLUSANYA OLUFEMI(EST) ADEKUNBI & ORS-ADM
3196 9369 OLUSEGUN AMUSA
3197 793 OLUSEUN KAYODE
3198 7539 OLUSEUN OLUBUNMI DELANO
3199 4730 OLUSEYI VAUGHAN
3200 4618 OLUSHOLA PAUL AFOLABI ESTATE OF
3201 7005 OLUSHOLA UGOH
3202 4436 OLUSOGA JOHN AYENI
3203 6638 OLUSOGA OMOTAYO
3204 9049 OLUSOGA OMOTOLA
3205 5745 OLUSOJI EMMANUEL SHITTA
3206 7077 OLU-TIMEHIN OLUWOLE OLUGBEMI
3207 5696 OLUTOSIN OSIBODU
3208 9597 OLUTOYE OLATUNBOSUN
3209 8365 OLUWA BOLANLE SAHEED
3210 8158 OLUWABIYI ADEOLA OLUFOLAKE (MRS)
3211 6745 OLUWABUKUNMI AKOMOLAFE
3212 6913 OLUWAFEMI ADEOLA ALADE
3213 8717 OLUWAKEMI TITILAYO KUTI
3214 1747 OLUWALANA OLUSEGUN OLAKULEHIN
3215 3192 OLUWAMUYIWA OLUWAYALE ANTHONY
3216 9192 OLUWANISOLA EMOSHIOKE ROSEMARY
3217 7411 OLUWANIYI AJAYI
3218 7369 OLUWAROTIMI AKINTOMIDE
3219 6342 OLUWASEUN LADEINDE
3220 7678 OLUWASEUN ENOCH OLADIMEJI
3221 7945 OLUWASEUN OLUWABIYI
3222 9596 OLUWASEUN OSENI
3223 9601 OLUWASEUN OMIKUNLE
3224 6558 OLUWASEYI ADEBOLA
3225 9355 OLUWATAYO SHONEYE
3226 6648 OLUWATOBI ADENIYI
3227 7406 OLUWATOBILOBA AKINLONU
3228 3168 OLUWATOMISIN TEMITOPE ODUGBEMI
3229 9208 OLUWATOMIWO ILORI
3230 3291 OLUWATOYE GRACE ADEMIDUN
3231 6467 OLUWATOYIN BABS-ENOCH
3232 7341 OLUWATOYIN OMOTAYO & EJIRO MARY FASINA
3233 6465 OLUWAYAMILENU AYOMIPO AKOREDE B.
3234 3660 OLUWAYOMI OLUSEGUN JOSHUA
3235 1626 OLUWEHINMI FOLA & MOBOLA
3236 2473 OLUWO FUNMILAYO BOLADE
3237 5429 OLUWOLE ADEKUNLE
3238 8418 OLUWOLE TEMITOPE OLUSEYI
3239 9364 OLUWOLE BABATUNDE SAMSON
3240 6486 OLUYEMI SUNDAY ADE
Annual Report and Financial Statements 2020 283
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3241 9421 OLUYIDE BUKOLA ELIZABETH
3242 9498 OLUYOMI ISRAEL SODIPE
3243 5014 OMAFUME AUGUSTINA ERHIEVUYERE
3244 6879 OMAMEGBE MARTHA USOMINE
3245 4669 OMAR KEHINDE SHERIFFDEEN
3246 6470 OMAS-CROFFIE ANTHONY OMARE
3247 8590 OMATSONE WILLIAMS AMIRE
3248 9028 OMEILI JUDE OBIKEZIE
3249 8530 OMENE GODWIN BOYITETE OTOBO
3250 3772 OMIKUNLE ADEBOWALE OLADIMEJI
3251 4706 OMIPITAN OMOTAYO JONAH
3252 3179 OMIRIN UWAILA FOLAKE
3253 2101 OMISAKIN ENIOLA RAHEEM (MR)
3254 3163 OMO NNAMDI
3255 3604 OMOAMILOR ANIEBELI - TRADING ACCOUNT
3256 3248 OMODAYO OLUWATOMI ADEOLU
3257 9575 OMODENI ADEGBOYEGA PHILLIP OLADAPO
3258 8593 OMOGBEME ANGELA OLERE
3259 3804 OMOH ONOWHOSEMEME ANTHONY
3260 3775 OMOJARO OLUWASEGUN YINKA
3261 6934 OMOJOLA ANTHONY OMONIYI
3262 8320 OMOJUFEHINSI IBUKUN
3263 2767 OMOKARO AUGUSTINE IDOWU
3264 1839 OMOKHODION EROMOSELE
3265 3971 OMOKUNGBE TITILOPE ADEYOSOLA
3266 3118 OMOLAJA MAJEOLAGBE OMOLOLU
3267 2170 OMOLAYOLE MICHAEL OLAWOLE
3268 2255 OMOLE OLUSEUN
3269 3111 OMOLE OLUTOYIN BANDELE
3270 4375 OMOLE ISAAC ADEWALE
3271 6015 OMOLE AGBOADE
3272 4829 OMOLEKE SEMEEH AKINWALE
3273 1715 OMOLOJU ABDULMUMIN ADEOLA
3274 7049 OMOLOKUN OLUWAGBENGA
3275 9275 OMOLOYE FOLORUNSO ABIODUN
3276 2644 OMOLOYIN SUSANA OLATUNDUN
3277 2658 OMOLOYIN SUNDAY ADEYEMI
3278 3286 OMOLOYIN AYODELE ADEKUNLE
3279 3465 OMOLU STEPHANIE TEGA
3280 2706 OMOLUABI OZAVESHE PATRICK
3281 2759 OMOLUYI BENJAMIN A.
3282 5880 OMONIYI TEMITOPE
3283 7628 OMORDION AMBROSE
3284 1297 OMOREGIE VANESSA ADAEZE
3285 4595 OMOREGIE ETINOSA GODSPOWER
3286 8344 OMORUYI-ODIN FRANCIS AIYEOBALO
3287 1890 OMOSA OLUWATOBI AYODELE
3288 8557 OMOSEBI OLUWAFIJIMI SAM ADETOLA
3289 6783 OMOSEHIN MARY GBEMISOLA
3290 7394 OMOSIVIE PAULINE EGBE
3291 1632 OMOTAYO SAMUEL
3292 4502 OMOTAYO SUNDAY
3293 4335 OMOTAYO-OJO DAMILOLA OLUWAFISAYO
3294 3961 OMOTESO ADEBAYO OPEYEMI
284 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3295 2815 OMOTOLANI ADETOUN LAIYENBI MUTIAT
3296 7150 OMOTOMI OLUWAKEMI
3297 4861 OMOTOSO ADEDAYO MICHAEL
3298 8698 OMOTOSO OLANREWAJU OLAYIDE
3299 7564 OMOTOWA BABS JOLAYEMI
3300 6983 OMOTUNDE ADEDAYO TOLULOPE
3301 2305 OMOWANILE OLADAPO
3302 6313 OMOWO FOLABOMI & TOYOSI DR.
3303 6917 OMOWO SOMI-ROMOKE
3304 6150 OMOYA OLANREWAJU AYOBAMI
3305 3874 OMOYOSOYE PAUL BABATUNDE
3306 7820 OMU AKPOR MEZINO
3307 4649 OMUOJINE EMMANUEL NDUDI
3308 3076 ONABOLU AKINBULEJO OLADIPO
3309 3440 ONABOLU WURAOLA OLAJUMOKE
3310 8203 ONAFOWOKAN DAMILARE MICHAEL
3311 1296 ONAGHISE PAUL O
3312 5311 ONAH ODO FABULOUS SAMUEL
3313 8222 ONALU EMMANUEL CHIJIOKE
3314 7581 ONANUGA ADEFEMI MOHAMMED
3315 1831 ONASANYA OLASEGEGE
3316 2616 ONASANYA IBIKUNLE ABOABA
3317 6602 ONASANYA OLASEGEGE MOSHOOD
3318 5650 ONAYEMI OLUWASEYE OLUMIDE
3319 8658 ONAZI AGBENU
3320 1396 ONEKUTU SIMON M
3321 9243 ONEKUTU EMMANUEL AKAGU
3322 933 ONI MODUPE ADEOLA
3323 4594 ONI OMOTAYO
3324 6428 ONI ABIDEMI OLANREWAJU
3325 6724 ONI OLUMIDE OLAOLUWA
3326 8407 ONI AKOLADE
3327 8463 ONIBOKUN ADETUNJI VICTOR
3328 1124 ONIFADE OLANIYI STEPHEN
3329 3487 ONIFADE SOLOMON ADEMOLA
3330 6791 ONIFADE KHADIJAT BUSOLA
3331 9172 ONIFADE KEHINDE BOLANLE
3332 9173 ONIFADE TAIWO OLUFEMI
3333 9087 ONIGBANJO TAJUDEEN OLAYIWOLA
3334 9339 ONIGBANJO ADEBAYO
3335 2547 ONIKOYI BABATUNDE YEKEEN
3336 5052 ONIKUYIDE EMMANUEL O
3337 7573 ONILENLA JADE
3338 1455 ONIME MILDRED OLUBUNMI
3339 4742 ONIMOLE LYDIA
3340 4674 ONOCHIE HENRY CHUKWUMA
3341 7680 ONOCHIE DAVID NZUBECHUKWU
3342 8131 ONODJAYEKE EGUONO
3343 1211 ONOJA WABLA
3344 2477 ONOJA JAMES PAUL
3345 5923 ONOJA CHIDOZIE EUSTACE
3346 5934 ONOJA TERRENCE IFEANYICHUKWU
3347 5936 ONOJA ANASTASIA KOSISOCHUKWU
3348 9293 ONOME ELSIE AKPOMUDIARE
Annual Report and Financial Statements 2020 285
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3349 7013 ONONUGBO EVANGELISTER
3350 1531 ONORUOYIZA INVT LTD
3351 4253 ONOYIVWE EFE COLLINS
3352 4800 ONUBOGU OBINNA GODWIN
3353 7095 ONUBOGU CHINELO UZOAMAKA
3354 4390 ONUCHUKWU JOHNSON OKWUNNA
3355 8329 ONUH SHADRACK HANANIAH
3356 3777 ONUIGWE JOHNSON CHIMA
3357 1791 ONUNKWO CALLISTUS CHUKWUEMEKA
3358 2470 ONUOBIA UKACHI FREDERICK
3359 1377 ONUOHA CHIZUROKE K.
3360 3242 ONUOHA NGOZI
3361 4651 ONUOHA OBIOMA
3362 4690 ONUOHA OBIOMA
3363 7770 ONUOHA NGOZI
3364 1301 ONUWAJE MAYOMI AYESAN
3365 8049 ONWAH ONAJITE OKEOGHENE
3366 4734 ONWO NKEIRUKA VIVIAN
3367 8460 ONWU IJEOMA CHIDINMA
3368 8528 ONWUALU EMMANUEL
3369 3000 ONWUBIKO JOSHUA AMARA
3370 4685 ONWUBUYA MARTIN OKOLIE
3371 4911 ONWUBUYA IFEANYICHUKWU
3372 3162 ONWUDIWE ANTHONY UKACHUKWU
3373 7823 ONWUDIWE RUBY AND UCHE
3374 8534 ONWUDIWE UZOMA VICTORIA
3375 8650 ONWUEGBUZIE GLORIA
3376 3886 ONWUEMERIE FRIDAY
3377 1627 ONWUKA CHRISTOPHER NDUBUEZE
3378 2826 ONWUKA PHILIP E.
3379 3140 ONWUKA COLLINS CHIKA
3380 3733 ONWUKA CHUMA
3381 3864 ONWUKA TESHOMA A.
3382 3877 ONWUKWE IJEOMA COMFORT
3383 8884 ONWUMERE UGOCHI
3384 1713 ONWURAH CALISTUS CHUKWUDUM
3385 6885 ONYEAMA OGEDI NKECHINYERE
3386 2821 ONYEBUCHI HYCIENTH ONYEAHIALAM
3387 5515 ONYEDIKACHI UCHEAWAJI ANYALEWECHI
3388 6394 ONYEDIKACHI NWOGU
3389 3307 ONYEGBULA OBINALI NNAMDI
3390 2069 ONYEGBULE UGOCHUKWU FRANCIS
3391 3341 ONYEJESI JOHN CHUKS
3392 9431 ONYEKA ONYEONAGU
3393 7492 ONYEKACHI PAUL
3394 7141 ONYEKELU EMMANUEL ONYEKACHI
3395 1236 ONYEKONWU LIVINUS MADUKA
3396 8699 ONYEKWELI AUGUSTINE JUDE & FRANCISCA N.
3397 5965 ONYEMAOBI ANAYO BENJAMIN
3398 2401 ONYEMATA EDOZIE BRIGHT
3399 3303 ONYEMENAM JOHN CHINEDU
3400 1078 ONYENOBI IJEOMA
3401 5576 ONYERIONWU CHINYERE A.
3402 3797 ONYIA WALTER MADUABUCHI
286 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3403 6853 ONYIA ISRAEL CHUKWUKA
3404 1103 OPADARE OLUWASEUN BENSON
3405 4164 OPADOKUN JOHN OLABODE ADEWUNMI
3406 6571 OPALEYE TIMOTHY OLA
3407 4746 OPARA OSITADINMA OGUGUA
3408 4812 OPE CHRISTANAH EMI-OLA
3409 4815 OPE SAMUEL ADENIYI
3410 9521 OPEBIYI MICHAEL GBOLADEJI
3411 9615 OPEJIN BAMIDELE AFEEZ
3412 7730 OPEMIPO TALABI
3413 9011 OPEOLUWA VICTOR OLUWASEGUN
3414 6209 OPEYEMI AIKU
3415 3955 OPURUM PRISCILLA OGECHI
3416 5590 OR PASCAL TERVER
3417 4208 ORAH RESOURCES LIMITED 3471 6280 OSHOMA VINCENT
3418 6706 ORAJAKA CHINENYE MICHELLE
3419 4720 ORAKWUE JIDEKENE
3420 8455 ORAKWUE NGOZI ESTHER
3421 3712 ORANYA CHUKWUMA JULIUS
3422 5639 OREFUWA BABATUNDE ADEMOLA
3423 5312 OREKOYA OLUWAFEMI
3424 3439 ORENIYI BABATUNDE ABIODUN
3425 8194 ORENUGA OLUSEYI SOLOMON
3426 8432 ORESAJO BABATOLA FEYI
3427 6766 ORIADE ABIODUN JOB
3428 4413 ORIBAMISE DORIS RONKE
3429 4457 ORIGHOYE REWANE
3430 1051 ORIMOBI MICHAEL BAMIDELE
3431 3360 ORIOLA AFOLABI TESLIM
3432 4803 ORIOWO ISAAC KOLAWOLE
3433 2099 ORITSEMONE TORITSEJU OLUWATOSIN
3434 2354 ORITSEMONE OLUBUNMI MONISOLA
3435 938 OROGUN NKECHI
3436 9484 OROGUN OLASEHINDE AKINFEMI
3437 4814 OROK INIOBONG ALOYSIUS
3438 831 ORONSAYE AMENAGHAWON ANDREW
3439 1243 ORTESE SESUGH PAUL
3440 5685 ORUADE KENNETH ARUBARE
3441 7202 ORUADE OGHENEKOME
3442 4785 ORUAMABO IDU CECEILIA
3443 8056 OSADEME CHUKWUMA ISAAC
3444 9141 OSA-EDOKPOLOR OGHOSA MILDRED
3445 3144 OSAGIE AGUSTINE OSAHENOMA
3446 6957 OSAGIE OGUNBOR
3447 4670 OSAGIEDE GORDON ADA
3448 6383 OSAGUMWENTOR OSADOLOR
3449 2836 OSAHOR CHUKWUMA
3450 1217 OSAKA UCHE DANIEL
3451 2331 OSAKA DANIEL
3452 4539 OSAMO DARE OLUWASEGUN
3453 6932 OSANDATUWA ANDY O’JOLOMI
3454 4127 OSARO OYEGUN
3455 1302 OSARODION OGIE BARR
3456 2475 OSAWE OYENMWEN LINDA
Annual Report and Financial Statements 2020 287
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3457 2846 OSAWE OGHOGHO COLETTE
3458 8671 OSAWE HELEN OLUWASEUN
3459 6781 OSAZUWA INYANG
3460 6506 OSCAR ITABA
3461 4251 OSEMHEN JENNIFER AKHIBI
3462 5238 OSETOBA OLUSOLA AYODELE
3463 5359 OSEYEMI FASUYI RONKE
3464 5205 OSEYOMON IGHODALOH
3465 2807 OSHABA ADEJOH HEZEKIAH
3466 5779 OSHAGBEMI ADEDOTUN
3467 2843 OSHIN ADEBAYO
3468 7420 OSHIN ADESEGUN
3469 5213 OSHIONWU NELSON OKECHUKWU
3470 871 OSHODI ABIOLA OLUKEMI
3472 6915 OSIBEMEKUN OLUWAPELUMI I. (MRS)
3473 2596 OSIBERU OLADIPUPO ABIODUN
3474 2793 OSIBO ADEBOLA STEVE
3475 6703 OSIFESO SOFOLARIN
3476 6704 OSIGWE CHIAMAKA ADAOBI
3477 3452 OSIME VINCENT EHEME
3478 9058 OSINACHI NKUME
3479 795 OSINBAJO YEMI
3480 5293 OSINFOLARIN OLUWEMIMO ADEBOWALE
3481 8464 OSINJOLU GBENGA ADENUGA
3482 2617 OSINLARU OLADAPO ABIODUN
3483 3469 OSINUBI FEYISAYO YEJIDE
3484 9527 OSISIOMA CHIDIEBERE
3485 6787 OSMUND AMALU
3486 5966 OSOBA EFUNTOUN
3487 3213 OSODE OLAWUNMI KOFOWOROLA
3488 3991 OSONWANNE MARK IKECHI NWOSU
3489 6445 OSUJI JOHN IBE
3490 3211 OSUJI PETER CHUKWUNYERE
3491 7326 OSUNG ELVIS EFIONG
3492 5103 OSUNKOYA SUNDAY AFOLABI
3493 6125 OSUNKOYA LURLYN OGHENEOVO
3494 7784 OSUNLANA MUFTAU ADEGBENGA
3495 2287 OSUNSINA OLAMIDE JASMINE
3496 5809 OSUNTOKI TITI GRACE
3497 7255 OSUOFIA UCHE EUPHEMIA
3498 7607 OSUOHA CHIAMAKA QUEENETH
3499 8338 OTEGBADE ADEDIRAN
3500 6388 OTENIYA THERESA OMOPONMILE
3501 1705 OTESILE ALBERT LEKAN
3502 4508 OTOBO NODON
3503 8357 OTOBO GUY EBOE
3504 1419 OTOKPA ABOH ONMAKPO
3505 6246 OTOROLEHI-OKEZIE VICTORIA
3506 7501 OTOROWO DOUYE MR
3507 4978 OTSEAKEMHE GODWIN IC
3508 1357 OTSEMOBOR ENETOMHE
3509 1439 OTSEMOBOR DENNIS AMIOKHAI
3510 6861 OTTIH CHIMAMANDA CLAIRE
288 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3511 6870 OTTIH NNEOMA EILEEN
3512 6871 OTTIH NNAMDI PATRICK
3513 3821 OTU ENANG EYO
3514 1434 OTUESO OLORUNFUNMI WAHEED
3515 2285 OTUFALE KAYODE ADEWALE
3516 3297 OTUKPA VICTOR AUDU
3517 5342 OTUOKERE AUSTINE CHIJIOKE
3518 3371 OVIAWE OSASU
3519 2223 OVIOSU BENJAMIN
3520 1303 OVUAKPORIE CHRISTIAN OGHENEKARO
3521 7041 OVWIGHOWHARA OKIEMUTE VERA
3522 1714 OWARUME MICHAEL OCHUKO
3523 8234 OWOBAMIRIN ADESOJI BABATUNDE
3524 3646 OWOEYE TEMILOLA OLUBUNMI
3525 5161 OWOEYE AYODEJI GREAT
3526 5737 OWOEYE ENIOLA TREASURE
3527 8673 OWOEYE AFOLABI CLEMENT TRADING ACC.
3528 9114 OWOKADE AYOMIDE OLUWAFUNMILOLA
3529 6352 OWOLABI OLUWASEUN FEMI
3530 8250 OWOLABI BUKOLA YEMISI
3531 9552 OWONUBI KEHINDE DAMILOLA
3532 7257 OWOPETU OBAFEMI
3533 7275 OWOPETU OLUFEMI
3534 5812 OWOSHO SHOGO SAMSON
3535 4284 OWOSINA MARGARET & NATHAN-MARSH OYINADE
3536 1750 OWOYELE OLAMIDISUN ARIYO
3537 2112 OWOYEYE OLUWASEUN CLEMENT
3538 6642 OWOYOMI ABAYOMI EBENEZER
3539 2266 OWUALAH SUNDAY IKECHUKWU
3540 3066 OWUAMANAM FREEMAN EMMANUEL
3541 2947 OWUMI EDNA MUDIAGA
3542 3084 OYAKHILOME MOMODU KABIR
3543 5112 OYE OLUWASEGUN FRANCIS
3544 7627 OYE-BAMGBOSE OLAYINKA M.
3545 9146 OYEBAMIJI TOLA EIZABETH
3546 4749 OYEBANJI GRACE ABIMBOLA
3547 1383 OYEBOADE SAMUEL ADEOLU
3548 1609 OYEBOLA OLUWATOSIN
3549 4463 OYEBOLA HENRIETTA OLUFOYINSOLA
3550 5007 OYEDAPO JULIUS ABIODUN
3551 8507 OYEDEJI KALE
3552 2098 OYEDELE TIMOTHY ABIDOYE
3553 3871 OYEDELE ABDULAZEEZ ADEMOLA TAIWO
3554 4273 OYEDELE AHMEERAH ADETOLA AYOBAMI
3555 8415 OYEDEPO DAVID AND OLUKEMI
3556 7082 OYEDUNTAN OYINDAMOLA ABISOLA
3557 6895 OYEGADE ADEKUNLE MICHAEL
3558 6899 OYEKA ELOBIKE ERNEST
3559 1670 OYEKAN OLUSEGUN AKINLOLU
3560 1981 OYEKANMI TEMITAYO ABOSEDE
3561 2267 OYEKANMI ADEGBITE IBRAHIM
3562 3640 OYEKUNLE OLUKAYODE EMMANUEL
3563 6827 OYEKUNLE OLANREWAJU
3564 7623 OYEKUNLE OYESOLA EBENEZER
Annual Report and Financial Statements 2020 289
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3565 8629 OYELADE KEHINDE AYOMIDE
3566 8880 OYELADE ADEKUNLE
3567 7494 OYELEKE KEHINDE OLUFEMI
3568 8690 OYELEKE TAHEERAH OYEDAYO
3569 9489 OYENIYI AMOS OLADAPO
3570 2894 OYENUGA GBADEBO ABOBADE ADENIYI
3571 3203 OYEOKA JOY NJIDEKA
3572 5301 OYEOKA ONYINYE
3573 6721 OYEOKA CHIDINMA FAITH
3574 8553 OYERINDE ITUWU COMFORT
3575 6346 OYETOLA OLUSHOLA DEBOLA
3576 7403 OYETUNJI TAIWO TEMILADE
3577 1497 OYETUNMBI ALABA MORUFU
3578 1833 OYEWO JOHNSON
3579 3338 OYEWOLE ISAIAH OLUFEMI
3580 1732 OYEWUMI ADEYEMI
3581 3963 OYEWUMI OYEKUNLE KBIR
3582 7698 OYEYEMI OLUSEGUN OYENIYI
3583 6474 OYIBOCHA DAVID
3584 5479 OYINKANSOLA OMOTOYOSI OLOWU
3585 1716 OYINLOLA ADEWALE OYEDEPO
3586 9609 OYINLOLA ADEDAYO ABAYOMI
3587 4464 OZEKHOMHE MOSES
3588 1880 OZIGBO VALENTINE CHINETO
3589 5329 OZIOKO JUDE CHUKWUDI
3590 902 OZOH IKECHUKWU
3591 3148 OZOYA ESIGIE GREG
3592 7166 OZOYA OLUWATOBI OHIOLE
3593 4903 OZOYA INVESTMENTS LIMITED
3594 1481 OZUMBA OKECHUKWU GEORGE
3595 5160 PALESA CAPITAL ASSOCIATES LIMIITED
3596 5001 PAM DACHOMO YUSUF ENDOWMENT FUND
3597 9079 PANYI JOHN DIGA
3598 7633 PARAKU OIL NIGERIA LIMITED
3599 9633 PASCABIM NIGERIA LIMITED
3600 3226 PAT-LAUREL PRIVATE SCHOOL LIMITED
3601 2206 PATRICK UGOCHUKWU NNAMDI
3602 2599 PAUL INNOCENT DAVID
3603 5564 PAUL ETIM
3604 8572 PAUL OLUSEGUN
3605 2245 PAUL-EBIAI ENOHO MARIAM
3606 2902 PEDRO OMOLARA ADETUTU
3607 8139 PERPETUAL EZE
3608 3180 PESACH CAPITALS LIMITED
3609 838 PETER OKE
3610 4255 PETER TAIWO RACHEAL
3611 6546 PETER ASEN
3612 8676 PETER ANORUE
3613 8825 PETERS BLESSING BABIANA
3614 8226 PETERSIDE BIEDIMABO DAVID
3615 5669 PETER-THOMAS FELICIA ABOSEDE
3616 5690 PETROCHIN LIMITED
3617 5683 PHILEMON WUESE
3618 6460 PHILIP UWAEZUOKE OFOEGBU
290 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 291

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

3619 2931 POLMI IBRAHIM 3673 2515 RUNSEWE OLAOLUWA OLUWOLE

3620 2224 POPOOLA KATE UKUNORITSEMOFE 3674 9408 RUNSEWE OLUTOSIN
3621 8858 POPOOLA OLADAYO (MAJOR GEN) 3675 7989 RURUM FARMS LIMITED
3622 9578 POPOOLA OLADAYO ISAAC 3676 3980 SAAD MUHAMMED BABA
3623 7069 PRAIRIE CROSSING CAPITAL MANAGEMENT 3677 3998 SABAANNA MFMCSL CONSULT
3624 8587 PRAISE HANSEL IMMANUEL 3678 8867 SAHEED ABDULGAFFAR
3625 8639 PRECIOUS KOLAWOLE 3679 7560 SAHIBU JIBO
3626 9009 PRECIOUS IBETA NIG LTD 3680 3940 SAIBU OJO TIJANI
3627 3137 PREYE JERRY NYENYE 3681 8436 SAIBU ISA
3628 5431 PRINCE DICKSON 3682 1422 SAITO HIDEAKI
3629 1786 PROFESSIONAL INVESTMENT & PROPERTY LTD 3683 1460 SAITO HIDEAKI
3630 2083 PROMINENT SECURITIES LTD 3684 1466 SAITO HIDEAKI
3631 6334 PUO ASSETS LIMITED 3685 950 SALAAM TAIWO OLUFEMI
3632 4378 PUO MANAGEMENT LIMITED 3686 2814 SALAKO EMMANUEL
3633 6140 QUADRI OYINDAMOLA ABIOLA 3687 6942 SALAKO IBRAHIM ABIODUN
3634 9490 QUADRI SURAJUDEEN ADEBOLA 3688 6982 SALAKO OLUWADOLAPO
3635 1719 RAADIYAT EDUCATION SERVICE 3689 9403 SALAKO OLAJIDE FATAI OLASUNKANMI
3636 2987 RABI ADA AUDU 3690 3367 SALAKO-TAIWO KAFILAT
3637 5063 RABIU SULE ADEYEMO 3691 4938 SALAM MUSBAU ADEMOLA
3638 8177 RABIU TARIQ VICTOR 3692 9621 SALAM AZEEZ ADEYEMI
3639 3459 RADDA GALI BELLO 3693 4717 SALAMI SHEHU DAMILOLA
3640 8741 RADIX CAPITAL PARTNERS LIMITED 3694 7465 SALAMI SIKIRU ADIO
3641 9582 RAFIU MUSLIUDEEN ABOLORE 3695 8575 SALAMI ISMAIL ADEWALE
3642 9093 RAHAMAT ABDULRAUF 3696 8859 SALAMI OLAMIDE TOLULOPE
3643 9169 RAHEEM ADEBAYO ADEWALE 3697 9642 SALAMI IBRAHIM BABALOLA
3644 3060 RAHMAN OLAITAN OLABISI 3698 3197 SALAU AYOTOMIWA
3645 7072 RAIWE OGHENETEJIRI 3699 3842 SALAU MOHAMMED ADEBANJO
3646 2674 RAJI IBRAHIM ADEWALE 3700 7590 SALAUDEEN ABDULRAHMAN
3647 5627 RAJI TOLULOPE OLUMAYOWA 3701 9585 SALAUDEEN GBOLAGADE TAOFEEK
3648 6881 RAJI ADEWALE ABIODUN 3702 9645 SALAUDEEN OLAJUWON DAUD
3649 7763 RAJI SAMSON JERRY 3703 9646 SALAUDEEN WASIU ADEWALE
3650 7098 RAMAN MARYAM AMUDA 3704 4026 SALAWAT MOTUNRAYO BAKARE
3651 4046 RASAK RISIKAT OMOLARA 3705 1362 SALAWU PETER
3652 9583 RASAKI RASHEED ABAYOMI 3706 3941 SALAWU RASAKI OLADIPUPO
3653 6612 RASAQ OLALEKAN MUMUNI 3707 1209 SALEH JALAL-EDDEN ABUBAKAR
3654 6894 RASAQ TAJUDEEN 3708 1561 SALEH ALHAJI ABDU
3655 7226 RASAQ AMOO 3709 6505 SALEM KOSEMANI
3656 6687 REAL STONEDGE INVESTMENT HOME LTD 2 3710 2399 SALEMSON SHAREHOLDERS ASS OF NIGERIA
3657 6269 REGINALD IBENERO 3711 2567 SALEMSON SHAREHOLDERS ASSO OF NIGERIA
3658 5646 RESOLUTION CAPITAL LTD 3712 1457 SALIHU ABOKI ADAMU
3659 2546 RESOLUTION OIL & GAS LIMITED 3713 8493 SALIM IBRAHIM SHAMSUDDEEN
3660 6584 REV. OGUNBIYI OLUWABUKUNMI DAVID 3714 2999 SALISU GARBA KOKO
3661 7390 REWANE ITUNU OPEYEMI 3715 8169 SALU AJIBOLA
3662 4927 RHUADA AKPEVWEOGHENE OMOWUMI 3716 9545 SAM MONDAY EMMANUEL
3663 6206 RIBIAX INVESTEMENT SERVICES LIMITED 3717 7916 SAMAD ADISA
3664 7468 RICHARD OKEGBOLA 3718 4859 SAMAILA IDRIS GAYA
3665 6223 ROBERT EMMANUEL 3719 5694 SAMAILA IDRIS GAYA
3666 5394 RODNEY OMEOKACHI 3720 6315 SAMAILA SULEIMAN
3667 6729 ROJUGBOKAN OLUWOLE OLAKUNLE 3721 7175 SAMAILA SULEIMAN
3668 4295 ROMAN JOSHUA ISOKPENHI 3722 9624 SAMAILA GADZAMA
3669 6841 ROMARIO MIZPAH 3723 6695 SAMSON BAMIDELE OLUSEGUN
3670 9041 ROTIMI ABIOLA ADEDOYIN 3724 9118 SAMSON LOUIS
3671 8034 ROWLANDS HENRY ADEKUNLE 3725 7531 SAMSON-OLAWALE SEUN MURIEL
3672 1145 RUNSEWE OLAKUNLE 3726 3701 SAMUEL OLUWATOSIN OLUWADARASIMI
292 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 293

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

3727 3702 SAMUEL SHINAAYOMI OLUWATOBILOBA 3781 4318 SHEKONI NURUDEEN ADEBAYO
3728 3703 SAMUEL OREOLUWA BOLUWATIFE 3782 8949 SHERIFF MOHAMMED YUSUF
3729 6545 SAMUEL ALAKA 3783 7057 SHETTIMA IBRAHIM ALIYU
3730 8197 SAMUEL AGBAJE 3784 2147 SHIELD AND SCEPTRE SERVICES LIMITED
3731 3860 SANCTUS NIGERIA LIMITED 3785 5120 SHIFATU NURUDEEN OLASUNKANMI
3732 750 SANDUFF OIL & GAS 3786 4054 SHITTA-BEY OLUWAYOMI
3733 7514 SANGODARE SAMUEL AWONIYI 3787 1108 SHITTU LATEEF ABIODUN
3734 2652 SANGOKOYA CHRISTIANA ADEDOJA 3788 1525 SHITTU MUDASHIR
3735 6405 SANGONUGA TAOFIK OLAYIWOLA 3789 4002 SHITTU SODIQ OLANREWAJU
3736 1557 SANI RABI MARSHALL 3790 4819 SHITTU ZUMU-NGAIH
3737 6369 SANI MUHAMMAD AMINU 3791 2361 SHOBO OLUWAKEMI
3738 6628 SANI NAADIYALLE IBRAHIM 3792 3048 SHOBOWALE OLUBORODE ALBERT
3739 3628 SANKORE SECURITIES LIMITED 3793 4613 SHOBOWALE BABATUNDE
3740 2228 SANNI MABOKUNRINJE ADEWALE 3794 4833 SHOBOWALE AYO OLUSEGUN
3741 3230 SANNI ABDULQUADRI IDOWU 3795 8661 SHODA ISIWAT IYABODE
3742 3376 SANNI ABIODUN CHRISTIANA 3796 2648 SHODIPE ANTHONIA ESELE
3743 4712 SANNI IBRAHIM OMOTAYO 3797 3124 SHODIPE OLANREWAJU OLUWAROTIMI
3744 6595 SANNI MOBOLAJI TITILOLA 3798 2311 SHODIYA OLUFEMI M
3745 8348 SANTOS OLAMIDE JUNIA 3799 3404 SHODIYA ESTHER FUNMILAYO
3746 5839 SANU OLUWAFUNTO JOLADE 3800 3377 SHOEWU OLUWARANTI
3747 4650 SANUSI HALIMA-SHADIAT OYEBOLA 3801 3384 SHOEWU ALICE ADEBIMPE
3748 5997 SANUSI IBRAHEEM BUKUNLE 3802 3817 SHOFOLAHAN OLUSEGUN CHARLES
3749 2988 SANYAOLU JONATHAN AYO 3803 3051 SHOKUNBI OPEYEMI OLUYOMBO
3750 6604 SARAFA IBRAHIM 3804 4888 SHOKUNBI KAMILU MUHAMMED
3751 80 SARAKI FLORENCE 3805 4775 SHOMORIN OLUWAKEMI SEUN
3752 2011 SAROMI-OJORA MODUPE 3806 3799 SHONEKAN ADEFUNKE
3753 3441 SAVAGE ADEBUKOLA ARIKE 3807 6989 SHONEKAN OLUWATOMISIN
3754 796 SCHUBBS NIGERIA LIMITED 3808 6990 SHONEKAN ADEBAREOLUWA
3755 7398 SCHUBBS NIGERIA LIMITED 3809 6991 SHONEKAN MORAYOOLUWA
3756 9234 SCOTT GABRIELLA OYINKA 3810 2422 SHONUBI LATEEF AYODEJI
3757 1274 SEDI SUNDAY BENJAMIN 3811 2844 SHOPEJU SHOTUNDE (CHIEF)
3758 6358 SEG. MAHSEN & COMPANY NIGERIA LTD 3812 3930 SHOPEJU EFUNBOSEDE AYOTUNDE
3759 8679 SEGUN AFOLABI 3813 4604 SHOPEJU SHOTUNDE
3760 2039 SEJORO SAMUEL WHESU 3814 6234 SHOPEJU SHOTUNDE
3761 925 SEKONI DANIEL OLUTOYIN 3815 1918 SHOTAYO ISAAC OLUWAFEMI
3762 6964 SEMMA ETEFIA 3816 7503 SHOTOMIWA EYITAYO ASISAT
3763 7860 SENBANJO VICTORIA ADEKITAN 3817 6585 SHOTUNDE BABATUNDE SUNDAY
3764 7884 SENBANJO MORADEKE ISABELLA 3818 7020 SHOWUNMI MICHAEL ABOLADE
3765 8046 SENBANJO MARIA OLUWATOYIN 3819 8437 SHUAIB OLUWOLE ADEWUYI
3766 5495 SENBANJO SAMUEL ADEWUNMI 3820 1565 SHUAIBU ABDULLAHI DANJUMA
3767 3432 SESAY EDWIN U 3821 1102 SIAML AC AMBIC & REGINA M OLISEMEKA
3768 8316 SEVEN CAPITAL LIMITED 3822 6248 SIGMA INVESTMENTS LIMITED
3769 8095 SEWONIKU MODUPE 3823 2028 SIKIRU TAJUDEEN BABATUNDE
3770 7173 SHAFARU SHAMSIDEEN TOYIN 3824 2615 SIKIRU SAHEED ALIU
3771 2529 SHAFE WASIU ADEKUNLE 3825 5874 SIKIRU ADEYEMI APANPA
3772 7561 SHALDAS HOMSUK 3826 9313 SIMISAJE BANWO
3773 5566 SHAMSUDEEN ODUOLA 3827 3023 SINKAIYE SOLOMON SUNDAY
3774 1048 SHAREMAN LIMITED 3828 6075 SITL THE OCHILIGWE BLIND TRUST
3775 8111 SHEBE ABUBAKAR BABAMASIN 3829 797 SITOMO NIGERIA LTD
3776 2866 SHEBIONIGA MUNIRUDEEN OLAYINKA 3830 9402 SITU YETUNDE IBIDAPO
3777 2745 SHEHU MUHAMMAD BELLO 3831 6479 SIYEOFORI TAMUNODIEPIRIYE
3778 3856 SHEHU KUTA 3832 1868 SMADAC CAPITAL LIMITED
3779 6232 SHEHU ABUBAKAR 3833 2868 SMART OLAYEMI SOLOMON
3780 7423 SHEHU ABDULSAMAD KEHINDE 3834 6997 SOBANDE AKINTUNDE OLUKAYODE
294 MTN Nigeria Communications PLC
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3835 7522 SODIENYE LEGGJACK
3836 5383 SODIPE JERRY AKINTUNDE
3837 8462 SODIQ OMOTAYO OTUNBA
3838 9324 SOEBI EUNICE OLAJUMOKE
3839 2161 SOEWU OLUFUNMILOLA AYODEJI
3840 3788 SOFIDIYA ELLIOT SOBAKIN
3841 7721 SOGBESAN OLAYINKA OWODUNNI
3842 9266 SOGBESAN ADEKUNLE OLUWOLE
3843 7969 SOGUNLE ADEMOLA AKINBIYI & ABOSEDE JANET
3844 4617 SOKAN AYODELE OLADAPO
3845 2901 SOKUNBI OLUWAKEMI ABIODUN
3846 6440 SOLOGIDI TORKE PANKIMI
3847 2293 SOLOMON OJEAGBASE
3848 7385 SOLOMON SAMUEL
3849 9290 SOLOMON ABRAHAM
3850 4034 SOMEFUN OLUFUNKE OLADUNNI
3851 4120 SOMEFUN OLANREWAJU OLUWATAYO
3852 4830 SOMIARI PETER E.
3853 5212 SOMOLU OREOLUWA ABIODUN
3854 3093 SONIBARE LAWRENCE OLUMIDE
3855 5835 SONIBARE LAWRENCE OLUMIDE
3856 8796 SONOLA OLUSOJI OMOBOLANLE
3857 8434 SORUNKE RIDWAN
3858 5331 SOSAN GABRIEL OLANIPEKUN
3859 7352 SOSANYA OLUWAKEMI ADENIRAN
3860 6767 SOTOMI ADETUTU PEAL
3861 6615 SOTUBO OLUWAPELUMI
3862 2839 SOTUNDE VICTORIAL OMOLOLA
3863 9635 SOVEREIGN TRUST INSURANCE PLC 3917 3015 TASIU MUSA DAURAWA
3864 7109 SOWANDE KAYODE OLUSEGUN
3865 3083 SOWEMIMO OLORUNTOBA SOLAFUNMI
3866 5353 SOWEMIMO OLUWADAISI OLUSEUN
3867 7582 SOWEMIMO DEMOLA JIMOH
3868 4841 SOYANNWO OLUWEMIMO & OLAITAN
3869 6583 SOYANNWO ABIOLA OLUDIPE CHIEF
3870 7428 SOYANNWO OLUWEMIMO
3871 8597 SOYANNWO OLAITAN ALICE
3872 9063 SOYANNWO OPEOLUWA MODUPEOLA
3873 7997 SOYELE IBUKUN ADEWALE
3874 9051 SOYINKA AYODAPO SAMUEL
3875 267 SOYODE TOMI
3876 2113 SOYOMBO OLUWATOBI TIMOTHY
3877 6274 SOYOYE OLUWADAMILOLA AYOBAMI
3878 5446 STANBIC IBTC NOM/AMCON/INTERCONT. BANK
3879 1742 STANBIC IBTC NOMINEES LIMITED/C029 - TRA 3933 3470 THOMPSON AKINLADE TOYIB
3880 8801 STANELLA LTD 3934 1352 TIDDO SEC LTD TRADED-STOCK-A/C
3881 3668 STANLEY CHUKWUEBUKA UZUANWU
3882 5583 STEPHEN MOGAPI NTEBELE
3883 6963 STEPHEN NYAMALI
3884 7454 STEVE O AKPOVETA
3885 4694 SUBERU MICHAEL TUNDE
3886 4144 SULAIMAN IBRAHIM DAN-ISLE
3887 4306 SULAIMAN DAUDA ATEIZA
3888 4856 SULAIMAN ARIKU ALAMU ABDULWASIU
Annual Report and Financial Statements 2020 295
List of unclaimed dividends - continued
Serial Number Registrar Account Number Beneficiary Name
3889 4505 SULAIMON SHOLA SHAKIRAT
3890 7061 SULAIMON ABIOLA SURAT
3891 1952 SULE OLUDAYO EZEKIEL
3892 4453 SULE AMINU
3893 1447 SULEIMAN BINTA
3894 8779 SULEIMAN YUSUF & DEBORAH
3895 4538 SUNMONU JOHN FRIDAY
3896 7617 SUNNY NWABUEZE
3897 7165 SURAKAT MORUF AJASA OLALEKAN
3898 1350 SYCOR PRIVATE INVESTMENT LTD
3899 6717 TABUGBO MICHAEL OBIORA
3900 1592 TAIWO HASSAN SHOTE
3901 1792 TAIWO OLUDARE ILESANMI
3902 2272 TAIWO OLAWALE SURAJ
3903 2403 TAIWO ENIOLA OLAMIDE
3904 2661 TAIWO GBOLAGADE
3905 3490 TAIWO ADEMOLA SIMEON
3906 4868 TAIWO ADETOLA ADEWUNMI
3907 7360 TAIWO ADEGBITE SUNDAY
3908 7479 TAIWO OLUBUKOLA
3909 7744 TAIWO BAMGBOYE TITILADE
3910 8800 TAIWO OLUWATOYIN ENITAN
3911 9255 TAIWO OLUFUNMILAYO JANET
3912 9418 TAIWO OLUWASEUN ADEYEMO
3913 2838 TAJUDEEN TINUBU TEMILOLUWA
3914 9126 TAJUDEEN MORUFF OLAWALE
3915 798 TAMRAMAT MOSUNMOLA
3916 8638 TAMUNOBARACHUEYE OKUJAGU
3918 278 TEBI CAPITAL INVESTMENT LTD
3919 7322 TEDUNJAYE AYOKUNLE ISRAEL
3920 4146 TELLA SHERIFFDEEN ADEWALE
3921 7591 TELLA ADEDOTUN BENJAMIN
3922 8855 TELLA BABATUNDE K.
3923 8891 TELLA ADEDAYO KAFAYAT
3924 9300 TELLA DORCAS ADENIKE
3925 910 TEMITOPE BAMIDELE
3926 6149 TEMOWO OLUKUNLE OLUDARE
3927 8361 TEREBEN INTERVENT LTD
3928 8665 TERIBA RHODA TITILAYO
3929 9507 TERSOO KOHOL
3930 4452 THE FOUNTAIN OF LIFE CHURCH
3931 1972 THOMAS BANJOKO OLABODE
3932 2378 THOMAS ADEYOSOLA AYODELE
3935 7975 TIFASE OLUDAYO
3936 6591 TIJANI OLUWANISOLA MUKADAM
3937 7221 TIJESUNIMI TAIWO
3938 9375 TIJO DANLADI BAIDO
3939 8862 TIMIEBI EPREYE
3940 9362 TIMOTHY ELIJAH
3941 9606 TIMOTHY BAIYE
3942 5785 TITUS UCHE
296 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 297

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

3943 1210 TIYA STEPHEN EDNA 3997 4807 UGBE JOHN UGBE
3944 17 TOBSEY PROPERTIES LIMITED 3998 7902 UGBELASE JOHN TONI
3945 5534 TOCHUKWU ONWUGBUFOR 3999 9167 UGBOGURE EJIRO
3946 6819 TOCHUKWU EKEH 4000 4031 UGBOJIAKU CHIMEZIE FELIX
3947 3253 TOGUN OLUWAKEMI ADEBISI 4001 7880 UGHASORO OGOCHUKWU HELEN
3948 8654 TOMORI OLANREWAJU AKINWALE 4002 2681 UGHULU JUSTIN ABUMERE
3949 2587 TONY-GAY INVESTMENT LTD 4003 4364 UGOCHUKWU CALVIN CHUKWUJIAKA
3950 8039 TOPE ALAMU 4004 6004 UGOCHUKWU CHIEMENAM SOLOMON
3951 4634 TOYE OPEYEMI OYETOUN 4005 6707 UGOCHUKWU IFEANYI MACDONALD
3952 1903 TRANSGATE ULTIMATE INVESTMENT LTD 4006 8087 UGOH EMMANUEL CHINONYE
3953 3206 TRUST YIELDS SECURITIES LTD (SP ACCOUNT) 4007 6381 UGONABO CHUKWUEMEKA OBINWANNE
3954 1721 TSAKU AKPAVAN ANDREW 4008 1329 UGWOKE MARK EZE
3955 7312 TSENYIL CYRIL NEMSUK 4009 1320 UGWU CHUKWUDI GODWIN
3956 7172 TSHABRON LIMITED 4010 1432 UGWU JOSEPH EBUKA
3957 788 TUEDOR-MATTHEWS FAITH 4011 3833 UGWU ONUORAH MARTINS
3958 1397 TUKO JOSEPH SEHMA PETER 4012 5415 UGWU MARTINS ONUORAH
3959 8772 TUTU VICTORIA ENTERPRISES 4013 5557 UGWU MARTINS ONUORAH
3960 7179 UBA AMSTRONG SAMUEL EMEKA 4014 6059 UGWUEDE BENEDICT CHIDEBERE
3961 9279 UBA TRUSTEES/ACAP CANARYGROWTH FUND TRAD 4015 7273 UGWUEZUOHA MACDONALD IZUCHUKWU
3962 1193 UBANI LEVI CHIEMELA 4016 1268 UGWUMADU FELIX UCHENNA
3963 3035 UBANI NNEOMA IRENE 4017 7688 UGWUOTA FESTUS
3964 8129 UBANI FRANCIS UZOMA 4018 1197 UGWUZOR CHRISTIAN CHIOZOADGHI
3965 9210 UBANI SOLOMON CHISOM 4019 6973 UKABI OGECHI NDUKWE
3966 9171 UBIAGBA DICKSON ISAH 4020 3531 UKADIKE VICTOR CHIDI OSUOHA
3967 1864 UCHE EKEMEZIE NNANNA KANU 4021 6999 UKAIWE CHARLES
3968 5604 UCHE-ARONNA INVESTMENT LTD 4022 2177 UKEGBU MARGARET NGOZI
3969 9224 UCHEGBU KELECHI NNAMDI 4023 9577 UKEGBU EMMANUEL & UKEGBU PATRICIA
3970 3302 UCHENDU DOMINIC IKECHUKWU 4024 4689 UKO PATRICIA CHARLES
3971 8808 UCHENYI KESANDU CHUKWUBUEZE 4025 6097 UKO ENO CYNTHIA
3972 7806 UCHIME CHUKWUEMEKA EKENE 4026 6490 UKO JOHN JOSEPH
3973 8216 UDE CHRISTIAN EMENIKE 4027 2741 UKOH JAMES IHEAKA
3974 5071 UDEAGWU CLARE UCHENNA 4028 6941 UKPA NWAGU (MR&MRS)
3975 1584 UDECHUKWU EMEKA 4029 3330 UKPAI IRO NNACHI
3976 7509 UDECHUKWU ARINZE 4030 6596 UKPEBITERE OTA-OGHENESE OTAS
3977 6808 UDEH CHIGOZIE HUMPHREY 4031 1283 UKPONG UKPONG .S.
3978 8646 UDEOGARANYA PATRICK 4032 2279 UKWU CHISOM ESTHER
3979 3884 UDOFIA NKO 4033 3173 ULIEM NNAMDI
3980 2555 UDOH JUSTINA FRANK 4034 8601 ULOH KELECHI REMMY
3981 3136 UDOH GEORGE JOHN 4035 799 UMAR DAHIRU
3982 4836 UDOH KUDIGHE PATRICK 4036 1136 UMAR MUJAHID AHMED
3983 6900 UDOH MARGARET 4037 1154 UMAR FARUK
3984 7017 UDOH HARDING 4038 1552 UMAR SANI
3985 7329 UDOH NNAEMEKA CHRISTOPHER 4039 3101 UMAR OMEIZA JIMOH
3986 8951 UDOK IME AMOS 4040 3742 UMAR ALHASSAN MAMUDA
3987 1969 UDOKA-EZIKE OBIANUJU VIVIAN 4041 4497 UMAR NASIRU ADEIKU
3988 4979 UDOLISA EUNICE IJEOMA 4042 7642 UMAR ISAH ABDULKAREEM
3989 7143 UDOM VICTORIA UWEMEDIMO 4043 8506 UMAR MAIYAKI
3990 6113 UDOUDO NDUKEABASI LINUS 4044 9631 UMAR USMAN
3991 2427 UDU SOLOMON 4045 2130 UMARU AHMED YUSUF
3992 3652 UDUJI BENJAMIN OKWUCHUKWU 4046 9441 UMARU DANJUMA
3993 1756 UDUKU GEORGE 4047 8266 UMEANO CHIDI DAVID
3994 8485 UDUMEBRAYE EJIATA MATTHEW 4048 3954 UMEH MAXIMUS IFESINACHI
3995 1008 UFUDO OBINNA 4049 8979 UMEH NNENNAYA IGBEAKU
3996 6008 UFUOMA AKPOVWOVWO 4050 5343 UMEOKORO PAULINUS
298 MTN Nigeria Communications PLC Annual Report and Financial Statements 2020 299

List of unclaimed dividends - continued List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name Serial Number Registrar Account Number Beneficiary Name

4051 6593 UMOH GEORGE EKONG 4105 8094 WASIU ADENUSI

4052 6961 UMOLE FRANKLIN OMOKHUDU 4106 9629 WASIU BAKARE
4053 9029 UMORU DAVID ABIODUN 4107 2359 WAZIRI USMAN AHMAD
4054 9515 UNACHI KENNETH UGOCHI 4108 7018 WAZIRI IBRAHIM DAHIRU
4055 2797 UNANAOWO MOSES OKON 4109 8293 WAZZA MARKUS DAYO
4056 2961 UNIBEN FACULTY OF AGRIC STAFF MPCS LTD 4110 1345 WHOT RIEM STRATEGIES LIMITED,
4057 4405 UNUDE SUNDAY RUSSELL 4111 7876 WILCOX RAYMOND M
4058 6747 UNWANA EDEM 4112 6718 WILLIAM OSEIWE-WILLIAMS
4059 6935 UPBRIDGE INVESTMENT LTD. 4113 1230 WILLIAMS JULIET AMAKA
4060 4057 URAMA GEORGE CHIDOZIE 4114 2593 WILLIAMS ENOABASI JOSHUA
4061 4804 URBIZEDGE LIMITED 4115 3243 WILLIAMS TOLULOPE ABOLADE
4062 9346 URHUDE ERNEST OGAGA OGHENE 4116 4709 WILLIAMS ODUDU AKPAN
4063 3672 USHIE VINCENT ANDEPIBEKONG (DR) 4117 6943 WILLIAMS CHUKWUDI KINGSLEY
4064 147 USMAN AISHA 4118 6956 WILLIAMS NIMI
4065 1437 USMAN MUHAMMED SANUSI 4119 7000 WILLIAMS GRACE NWAKEGO
4066 1560 USMAN AHMED ALHAJI 4120 2713 WILLIAMSON KOVIE FELICIA
4067 3348 USMAN UMAR MAHMOUD 4121 6473 WILSON EBERE
4068 4621 USMAN JOHN 4122 4691 WIZPICK EXOTIC INVESTMENT LTD.
4069 8911 USMAN UMAR SANDA GALADIMA 4123 4121 WOHEREM EVANS
4070 6883 UTOMAKILI EMMANUEL OGHALE 4124 4875 WONAH RACHEAL UGBEDEOJO
4071 3466 UWOGHIREN HAPPINESS 4125 8568 YADUDU AUWALU HAMISU (PROF)
4072 8728 UYANWANNE BENNETH NWACHUKWU 4126 8581 YADUDU AUWALU HAMISU
4073 6667 UZO CHIDI 4127 8582 YADUDU ISMAIL
4074 8729 UZOCHUKWU AGBO 4128 5370 YAHAYA UBALE
4075 6779 UZOEZIE NKECHI GRACE 4129 1214 YAHYA ABUBAKAR SADIQ
4076 5636 UZOKA JEFFREY OKECHUKWU 4130 803 YAKUBU IDRIS
4077 5713 UZOZIE CAJETHAN KELECHI 4131 6224 YAKUBU ABDULLAHI
4078 4398 VANDI ‘TUMBA VICTOR 4132 8220 YAKUSAK HUSSEIN DANJUMA
4079 5803 VAUGHAN OLUSEYI 4133 1501 YASHIM JACOB JOHN
4080 404 VETIVA SECURITIES LIMITED 4134 6136 YAYA SALIU
4081 7208 VFD GROUP LIMITED 4135 6693 YEKINI HAMED ABOLORE
4082 9269 VICTOR ITA 4136 2719 YELLOWE TARIBO SOGBEYE
4083 9466 VICTOR ODUYALE 4137 6626 YELMIS MAKABI
4084 9600 VICTOR BELLO 4138 5797 YEMISI BIRIABEBE
4085 8817 VICTORIA ZAMANI 4139 985 YOMI & DUPE FAMAKINWA
4086 9183 VICTORIA PROPERTIES LIMITED 4140 1928 YUSSUF OLAIDE MORIKE
4087 5397 VICTORY LUCKY 4141 4129 YUSSUF ALAMIN
4088 7159 VICTORY NDUKWE 4142 5089 YUSSUF ZAINAB ADESHINA
4089 7672 VINCENT ENWEREM 4143 1212 YUSUF SAAD MALIK
4090 4563 VINES OF GOLD ENTERPRISES 4144 1642 YUSUF - AJIBADE SHERIFAH ADEKUNLE
4091 7045 VIVIAN TSADO 4145 4417 YUSUF BASHIR AHMED
4092 9337 VONGJEN ILIYA HARUNA 4146 4683 YUSUF MARTINA KWATIRI
4093 2037 WAHAB KUNLE ADE (PROF) 4147 4837 YUSUF YUSUF AHMAD
4094 1379 WALE BALOGUN IYANUOLUWA 4148 5549 YUSUF ABDULWAHAB
4095 5820 WALE AYANDIRAN 4149 6829 YUSUF KAMAL ISHOLA
4096 1535 WALI SADIQ TIJJANI 4150 7727 YUSUF OLUMUYIWA
4097 7990 WALI A 4151 8768 YUSUF AKOREDE EMMANUEL
4098 3191 WALMER NIGERIA LIMITED 4152 9603 YUSUF FARIDA JUMMAI
4099 9485 WANAPIA NUHSODAH ILIYA 4153 3778 YUSUFF SAHEED OLANREWAJU
4100 4673 WANDO MOHAMMED HARUNA 4154 4119 YUSUFF TAOFIK OMOTAYO
4101 2195 WANG ELNATHAN DAVOU 4155 4991 YUSUFF FEMI LATEEF
4102 2218 WARIKORU OLAERE AUGUSTA 4156 5659 YUSUFF NURUDEEN ABUBAKAR
4103 5631 WASIU ADEWALE AZEEZ 4157 6414 ZADVA FIDELIS PETER
4104 7553 WASIU OLADELE 4158 3017 ZAKARIA TAHIR
300 MTN Nigeria Communications PLC

List of unclaimed dividends - continued

Serial Number Registrar Account Number Beneficiary Name

4159 5273 ZARMA MUHAMMED AJIYA

4160 5277 ZARMA AJIYA BAH
4161 5278 ZARMA HAFSAT AJIYA
4162 5279 ZARMA FATIMA AJIYA
4163 7092 ZENITH TRUST COMPANY ZAM-FUND2 - TRADING
4164 8998 ZENON LABORATORIE & CHEMICAL INDUS. LTD
4165 6051 ZUBAIRU SAMAILA
4
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