Nigerian monarch Lamido Sanusi’s MTN earnings reach N1.5 billion over seven years

Nigerian monarch and Islamic traditional ruler Lamido Sanusi, the Emir of Kano, has built a rare dual presence that spans both traditional authority and corporate boardrooms, a balance reflected in his steady earnings from MTN Group over the past seven years. Recent findings by Shore.Africa show that the Emir of Kano received a total of R22.57 million in board-related compensation from the telecom giant between 2019 and 2025, equivalent to about N1.51 billion based on yearly exchange rates. The figures offer a clear view into how one of Nigeria’s most prominent traditional rulers continues to play a visible role in Africa’s corporate sector.

The latest data builds on the popular Shore.Africa report published on March 17, which detailed his earnings for the most recent financial year. For the year ended Dec. 31, 2025, Sanusi earned R5.4 million, translating to about N442 million, or approximately $324,000. That single-year figure stands as the highest over the seven-year period and reflects a steady rise in compensation tied to his responsibilities at the company.

Sanusi’s MTN compensation climbs annually

Sanusi, who served as governor of the Central Bank of Nigeria from 2009 to 2014, joined MTN as an independent non-executive director in July 2019. Since then, his total board-related compensation of R22.57 million, about N1.51 billion, has been shaped by a mix of fixed and performance-linked board payments. These include retainer fees, attendance allowances and additional compensation for strategy sessions and ad hoc assignments. Over the period, retainer fees formed the largest portion at R10.6 million, followed by attendance fees of R6.97 million. Special board compensation reached R3 million, while strategy session payments amounted to R3.58 million, with ad hoc work contributing R1.44 million.

A closer look at the annual breakdown shows how his earnings have grown alongside his role. Compensation rose from R1.54 million, or N34.74 million, in 2019 to levels consistently above R3 million from 2021 onward. By 2023, his pay had reached R4.16 million, equivalent to N357.3 million, before increasing to R5.07 million, or N429.7 million, in 2024, and peaking at R5.4 million in 2025. While the rand-denominated figures show steady growth, movements in the naira-to-rand exchange rate played a key role in shaping the naira value of those earnings, particularly in 2024 and 2025 when currency shifts led to sharper increases in naira.

Lamido Sanusi blends finance expertise, tradition

Beyond the boardroom, Sanusi remains one of Nigeria’s most influential traditional leaders. Known as Muhammadu Sanusi II, he serves as the spiritual head of the Tijaniyya Sufi order in Nigeria and holds the title of Emir of Kano. His journey on the throne has drawn national attention over the years. He first became emir in 2014, was removed in 2020 following disagreements with local authorities, and was reinstated on May 23, 2024, a development that sparked widespread public discussion. His background as an economist and banker, supported by degrees in Economics and Islamic Law as well as a doctorate in Islamic Law, has shaped his public voice on financial discipline, transparency and social reform.

The rise in his compensation at MTN comes alongside a period of strong financial performance for the telecom group. Since 2019, the company’s profit after tax has more than doubled, increasing from R10.69 billion, or $622 million, to R27.4 billion, or $1.59 billion, by 2025. Over the same period, its subscriber base expanded beyond 300 million customers, helping to push revenue from R151.46 billion ($8.81 billion) to R226.7 billion ($13.2 billion). The company’s balance sheet has also grown, with total assets rising from R302.31 billion ($17.6 billion) in 2019 to R498.7 billion ($29 billion) in 2025, while retained earnings climbed from R55.6 billion ($3.2 billion) to R100.72 billion ($5.9 billion).