Nigerian monarch Lamido Sanusi’s MTN board pay may top N500 million in 2026 on stronger earnings

Nigerian monarch and Islamic traditional ruler Lamido Sanusi, the Emir of Kano, could see his pay from MTN Group rise above N500 million in 2026 if the South African telecom operator maintains its strong start to the year, supported by higher earnings across its African markets.

The former Central Bank of Nigeria governor, who has served as an independent non-executive director at MTN Group since July 2019, received a total board compensation of R5.4 million, about N442 million, for the fiscal year ended Dec. 31, 2025. That marked an increase from R5.07 million, or N412.1 million, in the previous year, reflecting a gradual upward adjustment in line with the company’s financial performance. His pay may exceed N500 million in 2026.

Nigeria, Ghana lift MTN Group Q1 2026 performance

MTN’s latest quarterly results suggest the group began 2026 on firmer ground. For the quarter ended March 31, 2026, service revenue rose 20 percent, supported by stronger contributions from data usage, fintech services and digital offerings. On a constant currency basis, revenue increased 21.1 percent, rising from R47.37 billion ($2.87 billion) to R56.87 billion ($3.4 billion), driven by sustained momentum in data, fintech, and digital services demand.

Growth was broad-based across key markets, with Nigeria and Ghana playing a central role in lifting overall performance. The company added millions of new subscribers during the quarter, taking its total customer base to 312.7 million across 19 countries. Data adoption continued to expand, with active data users rising to 175.6 million, while its mobile money platform, MoMo, recorded 67.4 million monthly active users.

Board pay linked to performance

Profitability improved alongside revenue growth. Group earnings before interest, tax, depreciation, and amortization rose 27.9 percent in constant currency terms, with margins widening to 47.6 percent. Nigeria remained a key driver, posting a 41.7 percent increase in service revenue in constant currency terms. Revenue from the market rose to R17.48 billion, compared with R13.01 billion in the prior period.

If the current earnings pattern continues through the 2026 financial year, Sanusi’s board compensation could move above N500 million, reflecting the link between director pay and company performance. Over the longer term, disclosures show he has received R22.57 million in total compensation from MTN between 2019 and 2025, equal to about N1.51 billion, underscoring a consistent rise in earnings tied to his board role.