MTN Nigeria Communications Plc has established an annual fee of N54.120 million for the Chairman of its Board of Directors for the fiscal year ending Dec. 31, 2024, and subsequent years until reviewed.She stated that such fees are to be payable quarterly in arrears or at such other intervals as approved by the Board.Mr Nornah Awoh, Mrs Josephine Ewitat and Col. Ayegbeni Peters (Rtd).She said this included without limitation, the procurement of goods and services on normal commercial terms and the indemnification of directors whether directly by the company or by obtaining appropriate insurance.The financial downturn, as indicated by MTN in its audited financial result for the year ended Dec.31, 2023 resulted in a Loss After Tax of N137 billion, as against a Profit After Tax (PAT) of N348.7 billion reported in the previous year.
The telecommunication firm stated that the repercussions of the financial decline extended to a negative retained earnings and shareholders’ equity of N208 billion and N40.8 billion, respectively, as at Dec. 31, 2023.
MTN attributed this significant shift to its substantial forex loss of N740.4 billion, a consequence of the steep devaluation of the naira in year 2023.(NAN
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