MTN Nigeria Communications (MTNN) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually in compliance with legal provisions, with quorum confirmed at 84.37% of issued share capital represented.

• Notice of meeting and annual report distributed via multiple channels; board and key committee members introduced.

• Agenda included presentation of audited financials, election and re-election of directors, auditor remuneration, manager compensation disclosure, related party transactions, and audit committee elections.

Financial performance review

• Revenue increased from NGN 2.47 trillion to NGN 3.36 trillion, but loss before tax rose from NGN 477.9 billion to NGN 550.3 billion, and net loss grew from NGN 137.02 billion to NGN 400.44 billion.

• Auditor issued an unqualified opinion, confirming compliance with IFRS and Nigerian regulations, and satisfactory internal controls.

• Audit committee found accounting policies and internal controls satisfactory, with management responsive to auditor recommendations.

• Key financial highlights included growth in service, digital, and fintech revenues, but return on equity was zero due to losses.

Board and executive committee updates

• Three new board members and three new management team members appointed; two key retirements noted.

• Board composition discussed, with ongoing efforts to improve gender balance and maintain skills diversity.

• Attendance at board and committee meetings generally strong, with some room for improvement.