Annual Report 2019 MTN Nigeria Communications PLC Good ......MTN Nigeria sponsored the 2019 Kano and Zaria Durbars. Always a colorful display of culture and pageantry, the Durbar is

Good together

MTN Nigeria Communications PLCAnnual Report 2019

Y’ello!

MTN Nigeria Communications PLC Annual Report and Financial Statements 20192 3

Contents

Overview

Notice of Annual General Meeting (AGM)

Who We Are

A Brief History of MTN Nigeria

Communications PLC (MTN Nigeria)

Recent Awards and Recognition

Key Financial Highlights

Chairman’s Statement

Strategic Report

Business Model and Strategy

Chief Executive Officer’s Statement

Our People and Culture

Risk Management

Corporate Social Investment

Governance

Directors, Officers and Professional

Advisers

Board of Directors

Executive Management

Corporate Governance Report

Directors’ Report

Statement of Directors’ Responsibilities

in Relation to Financial Statements

Audit Committee Report

Reports of Independent Auditors

to the members of MTN Nigeria

Communications PLC

05

06

07

10

13

14

17

21

22

27

30

35

40

57

58

59

64

66

82

86

87

88

Financials

Statement of Profit or Loss

Statement of Other Comprehensive Income

Statement of Financial Position

Statement of Changes In Equity - Group

Statement of Changes In Equity - Company

Statement of Cash Flows

Notes to the Consolidated and Separate

Financial Statements

Other National Disclosures

Value Added Statements

Five-Year Financial Summaries

Additional Information

Share Capital History

Request of Change of Address

E-Bonus Request Form

E-Mandate Activation Form

Change of Mandate Form

Proxy Form

List of Unclaimed Dividends

93

94

95

96

97

98

99

100

176

178

181

182

185

187

188

191

193

195

MTN Nigeria Communications PLC2


OverviewNotice of Annual General Meeting (AGM)

Who We Are

A Brief History of MTN Nigeria Communications PLC (MTN Nigeria)

Recent Awards and Recognition



06

07

10

13

14

17

MTN Nigeria sponsored the 2019 Kano and Zaria Durbars. Always a colorful display of culture and pageantry, the Durbar is a spectacular display of a thousand year old tradition, that involves a royal parade of men on horses adorned with beautiful garments.


MTN Nigeria currently serves over 64 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.

MTN Nigeria Communications PLC is part of the MTN Group – an emerging market communication services provider at the forefront of technological and digital innovation with a presence in 21 countries in Africa and the Middle East.

Who We Are

The MTN Group has operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire , Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. MTN also has ISP licences in Namibia and Kenya and a Value Added Service licence in Ethiopia.

Notice of Annual General Meeting (AGM)

6 MTN Nigeria Communications PLC

Notice is hereby given that the Annual General Meeting (AGM) of MTN Nigeria Communications PLC will be held at 11.00 a.m. on Friday, May 15 2020 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos; to transact the following business:

AgendaOrdinary Business1. To receive the audited Financial Statements

for the year ended December 31, 2019 and the Reports of the Directors, Auditors and the Audit Committee thereon;

2. To declare a dividend;3. To elect/re-elect Directors;4. To appoint Auditors;5. To authorize the Directors to fix the remuneration

of the Auditors;6. To elect members of the Statutory Audit

Committee.

Notes:Proxy:A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of him/her. In view of the Covid-19 pandemic, attendance shall only be by proxy. Designated proxies listed in the proxy form attached to the Annual Report are Dr. Ernest Ndukwe OFR (Chairman), Mr. Ferdinand Moolman (Managing Director/Chief Executive Officer) and Mrs. Uto Ukpanah (Company Secretary). To be valid, executed forms of proxy should be deposited at the Registered Office of the Company or sent via email to [email protected]. Alternatively executed proxy forms may be deposited with the Registrars, United Securities Limited, 9 Amodu Ojikutu Street, Victoria Island, Lagos or sent via email to [email protected]; not later than 48 hours before the time of holding the meeting.

Closure of Register of MembersNotice is hereby given that the Register of Members and the Transfer Books of the Company will be closed on Monday, April 20, 2020 to enable the Registrar prepare for payment of dividend.

Dividend and closure of Register of MembersIf approved by members at the Annual General Meeting, Dividend will be paid on Tuesday May 19, 2020 at the rate of N4.97 per every 2 kobo ordinary share; to shareholders whose names appear in the Company’s Register of Members at the close of business on Friday, April 17, 2020 (bringing total dividend for the year ended December 31, 2019 to N7.92).

Unclaimed Dividend WarrantsAll Shareholders are hereby informed that the Registrars of the Company are holding Dividend Warrants which have been returned 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.

Statutory Audit CommitteeIn accordance with Section 395(5) of the Companies and Allied Matters Act, CAP C20 LFN 2004, a shareholder may nominate another shareholder for appointment as a member of the Audit Committee by giving notice to the Company Secretary at least 21 days before the Annual General Meeting.

E-DividendNotice is hereby given to all Shareholders to open bank accounts for dividend payment. A detachable application form for e-dividend is attached to the Annual Report to enable all Shareholders furnish their accounts to the Registrars as soon as possible.

Right of Shareholders to ask QuestionsShareholders 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 - [email protected] not later than 5 days to the date of the Annual General Meeting.

Electronic Annual ReportThe electronic version of the Annual Report is available online for viewing and download from our website at www.mtnonline.com/investors. Shareholders who have provided their email addresses to the Registrars 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 [email protected]

BY ORDER OF THE BOARD

Uto UkpanahCompany Secretary

(FRC/2014/NBA/00000005748)

April 22, 2020

MTN Group: Located in

MTN Group: Subscribers worldwide

21countries

251millionMTN Nigeria: Subscribers nationwide

64.3million

MTN Nigeria Communications PLC Annual Report and Financial Statements 20198 98 MTN Nigeria Communications PLC

Our purpose is to make lives brighter

Our values define what is important to us, they guide our conduct and inform our actions

We believe everyone deserves the benefits of a modern, connected life

Our vision is to lead the delivery of a bold, new digital world

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 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.

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.

Our people drive our success and exemplify leadership, innovation, relationship, 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.

Who We Are - continued

...because of you!

...every celebration, every new door and open invitation,

every fresh smile and addition to our story was made possible


The history of MTN Nigeria overlaps with some of the most revolutionary events that have taken place in thetelecoms sector of the country and one story cannot be told without touching on the other.

Prior to deregulation of thesector, the telecoms industry witnessed limitationsin infrastructure and quality of service. However, in 1992, the Nigerian Communications Commission was formed which paved the way for the democratization of the Nigerian telecommunications space, throughthe 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 and 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 change the landscape of the telecoms industry irrefutably.

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.

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 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.

Since MTN Nigeria began operations, it has created over 2.5 million jobs, contributed over N2.3 trillion to the national purse in taxes, levies and fees. Its innovative services have benefited stakeholders in the telecoms industry and has impacted Nigeria’s socio-economic 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 5G technologies in West Africa, and became listed on the Premium Board of the Nigeria Stock Exchange, a milestone achievement.

A brief history of MTN Nigeria

10

MTN’s services have evolved over the years. From voice, to providing data, to better call quality and extensive coverage; from 2G to 4G, we have always focused on giving our customers greater freedom to live their best lives.

HISTORICAL MILESTONES

2001 20132003 20142004 20152005 20162006 20172007 20182010First call made on MTN Nigeria network

Incorporated MTN Nigeria Foundation

Commissioned one of the largest network switching centres in Africa

Connected 10 million

subscribers

Tower business transferred to

IHS, streamlining operations

Launched mobile financial services (Diamond Y’ello &

On Demand)

Set up Yello Digital

Financial Services Limited

Launched Africa’s first

3G smart feature phone

Acquired 2.6GHz spectrum;4G launch in Lagos, Abuja and Port Harcourt;Reached NCC fine resolution

Connected 1 million

subscribers

Connected 50 million subscribers

Launched fibre

network

Acquired Visafone; 700MHz spectrum

acquisition; Launched MTN

Music+

Acquired 3G spectrum; Awarded Unified Licence

Launched BRIGHT

strategy;Modernised subscriber definition

2019Became listed on the Premium Board of the Nigerian Stock Exchange;Obtained Super-Agent licence;Conducted 5G technology trial, first in West Africa

MTN Nigeria Communications PLC


Good together

Commercially launched on August 8, 2001

Serving over 64.3m customers

Employs over 1,800 people

Listed on the Nigerian Stock Exchange May 16, 2019

Shares held by over 4,800 investors

Extensive coverage

2G population coverage: 87%



20 Million Nigerians live in places where MTN is the sole provider

Over 16,000 base stations

12 switching centres

Over 28,000 km of fibre

Over 410 Customer touchpoints

Over 100,000 mobile money agents

64.3million+subscribers nationwide

87%coverage

Buoyed by the unstoppable spirit of the people we serve, MTN is Nigeria’s premier provider of communication solutions, and one of the largest mobile service providers in Africa and the Middle East. For this, we are grateful to YOU.

We marvel at your indomitable spirit and round-the-clock pursuit of progress. Striving to keep up with you, we have continued to expand coverage and capacity. You keep going…

Giving where we live

Working with you to support 18.6 million people

860 projects across 36 States and the FCT

Over N21 billion invested (1% of profit after tax) in various

projects across the country through MTN Nigeria Foundation

Enabling growth and transformation

Serving over 800,000 businesses including 850 corporations

Facilitating over 1 Billion financial transactions via USSD

Connecting over 50,000 automatic tellers and point-of-sale devices

Protecting over 12,000 vehicles

1bn+ N21bn+

CorporateSocial

Investment

transactionsUSSD

A powerhouse of ideas, we remain in awe as you create, evolve and grow your business from the comforts of home, shared workspaces, workshops and traditional offices. You worked with us to develop solutions and services tailored to suit your needs.

We are inspired as you leap from one accomplishment to the next, bringing the entire community forward with you. You welcomed us and made it possible to walk in step with you.

…together, we turn it up.

OUR STORY IN NUMBERS

12

Awards

Most Valuable Multinational Brand in Nigeria

Most Valuable Telecoms Brand in Nigeria

HR Champion Award - Ferdi Moolman, CEO MTN Nigeria

Best Innovation for Enterprise Service

Social Impact Award

Telco Partner of the Year

1

2

3

4

5

6

Awarding Body

Top 50 Brands Nigeria

Top 50 Brands Nigeria

HR magazine

Nigeria Tech Innovation & Telecom Awards (NTITA) by Instinct Wave and Association of Telecom Companies of Nigeria (ATCON)

Nigeria Tech Innovation & Telecom Awards (NTITA) by Instinct Wave and Association of Telecom Companies of Nigeria (ATCON)

Nigerian Inter-Bank Settlement Scheme / Central Bank of Nigeria

Year

2019

2019

2019

2019

2019

2019

The various awards won by MTN Nigeria during the year, further fuels our commitment to continue providing relevant digital solutions for our customers.

In its citation, Top 50 Brands Nigeria, a Lagos-based brand research company, described MTN Nigeria’s service as providing “World-class cellular network access and business solutions, with a differentiated and attractive array of product and service offerings, as well as a growing bouquet of ICT products”. MTN Nigeria was subsequently awarded the 2019 Most Valuable Multinational Award, as well as the Most Valuable Telecoms Brand Award.

The 2019 HR Champion Award was awarded to Ferdi Moolman, Chief Executive Officer of MTN Nigeria, for supporting the most innovative and far-reaching HR initiatives.


Recent Awards and RecognitionA brief history of MTN Nigeria - continued



Revenue

ARPU

‘19 ‘18 ‘17 ‘16 ‘15

‘19 ‘18 ‘17 ‘16 ‘15

Data 42.4%2019: N219.9bn2018: N154.4bn

‘19 ‘18 ‘17 ‘16 ‘15

Fintech 23.3%2019: N35.2bn2018: N28.6bn

‘19 ‘18 ‘17 ‘16 ‘15

Digital -77.1%2019: N4.6bn2018: N20bn

‘19 ‘18 ‘17 ‘16 ‘15

Voice 8.4%2019: N848.3bn2018: N782.3bn

13.1%2019: N208.3bn2018: N184.2bn

1.1%2019: N1,5192018: N1,503

12.6%2019: N1,169.7bn2018: N1,039.1bn

‘19 ‘18 ‘17 ‘16 ‘15

45.2%2019: N629.9 bn2018: N433.9bn

Revenue and ARPU EBITDA

Revenue

‘19 ‘18 ‘17 ‘16 ‘15

Capital Expenditure

‘19 ‘18 ‘17 ‘16 ‘15

90%2019: N423.6bn2018: N223.3bn

AFCF (Adjusted Free Cash Flow)

Growth 2019 2018 2017 2016 2015

(N billion, unless otherwise indicated)

Subscribers (million) 10.5% 64.3 58.2 52.31 61.8 61.3

APRU2 1.1% 1,519.1 1,503.2 1,411.2 1,071.5 1,045.5

Revenue 12.6% 1,169.7 1,039.1 887.2 793.7 807.4

Voice revenue 8.4% 848.3 782.3 657.6 608.6 633.5

Data3 42.4% 219.9 154.4 107.3 57.6 71.8

Digital revenue 4 -77.1% 4.6 20.0 60.3 80.0 64.5

Fintech revenue 23.3% 35.2 28.6 21.5 12.8 8.8

Other5 14.8% 61.8 53.8 40.5 34.0 28.0

EBITDA6 45.2% 629.9 433.9 345.6 356.0 434.0

EBITDA margin6 (% of revenue) 12pp 53.9% 41.8% 39.0% 44.9% 53.7%

Capital expenditure7 13.1% 208.3 184.2 225.4 196.0 130.0

Capital expenditure margin (% of revenue) 1pp 17.8% 17.7% 25.5% 24.7% 16.1%

Adjusted Free Cash Flow (AFCF)8 90% 423.6 223.3 143 191 356

AFCF margin (% of revenue) 14.7pp 36.2% 21.5% 16.2% 24.1% 44.1%

Notes:1 In June 2017, MTN Nigeria initiated subscriber redefinition to accurately reflect the active customer base and exclude

customers whose transactions are limited to incoming SMS messages, incoming calls on its network and airtime refills

from the active subscriber definition.2 ARPU – Average revenue per user.3 Data revenue includes fixed data.4 Digital revenue consists of revenue generated from rich media services, content VAS and mobile advertising.5 Other revenue consists of revenue from SMS, ICT and Infrastructure, devices, leased line and non-service revenue.6 EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) includes the impact of N19.2 billion CBN

resolution (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.7 2019 capital expenditure excludes the impact of IFRS 16.8 AFCF excludes non-cash transactions.


N9.9k

12.6%

31.1%

I am delighted to welcome you all to the 2019 Annual General Meeting of our Company, MTN Communications Nigeria PLC, and to present to you the Annual Report and Financial Statements of the Company for the year ended 31st December 2019.

Over the last 19 years, our Company has evolved from a market entrant on the 16th of May 2001 when the first mobile call was made, to becoming Nigeria’s leading mobile network operator. The Company has indeed witnessed a series of significant milestones, the most historic being our listing on the Premium Board of the Nigeria Stock Exchange on the 16th of May 2019.

2019: N1,169.7bn; 2018: N1,039.1bn

2019: N290.1bn; 2018: N221.3bn

2019 EARNINGS PER SHARE

2019 REVENUE

2019 PROFIT BEFORE TAX

2018: N7.2k

I would therefore like to begin this report by commending the visionary spirit of our founding directors, both at MTN Group level and at MTN Nigeria.

Beyond the financial and operational performance in 2019, we are committed to continuing to invest in the technology, systems, talent and processes required to help us deliver on our promise to our stakeholders. During the year, we successfully hosted the first 5G trials in West Africa and also secured a super-agent licence from the Central Bank of Nigeria (CBN) - enabling us to build the nation’s largest agent network and in so doing accelerate growth in Financial inclusion.Our listing on the Nigerian Stock Exchange last year represents the first phase of our intention to expand the shareholder base of the Company. The second phase, which remains a key focus subject to conducive market conditions, is expected to involve a public offering to enable more Nigerian investors to participate in the MTN Nigeria investment opportunity.

OUR PEOPLE

With a strong Management team that is fully committed to delivering world class voice and data services, the Board is confident that our Company will continue to deliver on the vision of being the biggest and most trusted provider of high quality ICT services in Nigeria.


The welfare of our staff continues to be our priority and the Company has continued to invest in ensuring a good work environment for our employees. During the year, we also celebrated the launch of a gym, crèche and lounge at our head office as part of a new Beyond Work initiative for our most valuable resource, our internal Y’ello family.

There were some changes amongst our local Non-Executive directors on the Board. Dr. Pascal Dozie CON; Col. Sani Bello (rtd.); Mr. Gbenga Oyebode MFR; Mr. Babatunde Folawiyo; Mallam Ahmed Dasuki and Chief Victor Odili OON retired meritoriously from the Board in the course of the year. We thank them immensely for their courage, counsel and service.

I am also pleased to inform you that the composition of the new members that recently joined the Board of the Company now incorporates more gender diversity. It is therefore my pleasure to once again, welcome Mr Andrew Alli, Mr Michael Ajukwu, Mr Kabiru Ahmad OON, Dr Omobola Johnson, Mr A B Mahmood SAN, OON and Mrs Ifueko M. Omoigui Okauru MFR to the first Annual General Meeting of MTN Nigeria. I count on your overwhelming support to formally elect them as directors at this meeting.

Dr. Ernest Ndukwe, OFRChairman

“With a strong management team that is fully committed to delivering world class voice and data services, the Board is confident that our Company will continue to deliver on the vision of being the biggest and most trusted provider of high quality ICT services in Nigeria.”


Chairman’s Statement - continued

MACROECONOMIC OVERVIEW

The global economy continued its growth, albeit at a slower pace of 2.9% compared to 3.6% in 2018, as estimated by the International Monetary Fund (IMF), due to slower economic activity in a few emerging market economies and increased social unrest. The global economy also felt the impact of Brexit and the US-China trade dispute as investment spending slowed in advanced economies.

In 2020, the global economy is expected to be in recession, due to the impact of the COVID-19 pandemic, which has led to a global lockdown and disrupted demand and supply chains. The Russia and Saudi Arabia oil feud over market share, further escalates the situation. Although global central banks and fiscal authorities have taken measures to limit the economic impact of the pandemic, the IMF forecasts a contraction of 3% in global output for 2020.

On the domestic front, Nigeria continued its recovery in the aftermath of the 2016/2017 economic recession, with 2019 Gross Domestic Product (GDP) growth estimated at 2.3% by the IMF, an improvement from 1.9% recorded in 2018. Growth was driven by information and communications technology, agriculture and oil & gas sectors of the economy. The concerted efforts of the government, through the extension credits at low interest rates to employment generating sectors, as well as minimum wage increase, were broadly supportive of economic growth.

Inflation closed at 11.98% in December 2019, an increase in the recorded inflation figures of 11.44% in December 2018. The Naira traded in the 306.35-307.00 range in 2019 at the official window and in the 360.13-365.87 range at the

Investor and Exporter window. The foreign exchange reserve was down by 10.5% to US$38.60bn, enough to cover 5.5 months of import, at the end of 2019 as the CBN continued to supply FX to the market. The CBN’s support for the Naira is positive given its implications for foreign borrowing and imported goods and services.

Economic activity is expected to slow down significantly in 2020, due to the lockdown announced by the government, particularly in the commercial and capital cities of Nigeria, to curb the spread of COVID-19. The IMF forecasts the Nigerian economy will contract by 3.4% in 2020. Sectors exempted from the lockdown may see limited impact.

As a result of the global pandemic and falling oil prices, the Federal Government revised the budget downwards, lowering the benchmark price of crude oil to US$30 per barrel, while the CBN adjusted exchange rates, due to rising pressure on foreign exchange reserves. The Government has also removed the subsidy on premium motor spirit (PMS) and adjusted the pump price downwards to reflect the movement in global prices of crude oil.

In view of the uncertainty associated with the duration and related economic impact of the COVID-19 pandemic, it is expected that the fiscal and monetary authorities will introduce further measures that will help to minimise the effect of COVID-19 on the domestic economy.

PERFORMANCE OVERVIEW

Despite the macroeconomic challenges and regulatory hurdles, I am pleased to report that MTN Nigeria delivered a strong performance in 2019.

Service revenue increased by 12.6% year-on-year to NGN1.2 trillion driven by growth in voice

and data revenue; Voice revenue increased by 8.4%

to N848.3 billion; Data revenue rose by 42.4% to

N219.9 billion; EBITDA grew by 45.2% to

N629.9 billion with margin at 53.9%;

Profit before tax grew by 31.1% to N290.1 billion;

Profit after tax grew by 38.8% to N202.1 billion with earnings per share at N9.9 kobo.

These outstanding results have been made possible by our continuous investment in expanding and modernising our networks and the focus of the Board, Management and Staff of the Company on adhering to strict financial discipline and ethical business practice.

In line with our dividend policy, the Board has recommended a final dividend of N4.97 kobo per share to be paid out of distributable net income. This brings the total dividend for the year to N7.92 kobo per share.

A COMMITMENT TO GOVERNANCE

MTN Nigeria and its Board of Directors are committed to maintaining high governance and regulatory standards to ensure we are in line with globally benchmarked processes and procedures as well as Nigeria’s laws and regulations. We will continue to prioritise building and strengthening relationships with all policy and regulatory institutions in Nigeria and ensuring that we work collaboratively.

We are delighted with the progress made in resolving our dispute with the Attorney General of the Federation (AGF) on the adequacy of taxes and duties paid. We have discontinued the legal action against the AGF following the transfer of the matter to the relevant authorities and look forward to a final resolution. We have always fulfilled

our tax obligations and in the last 19 years of operations, have paid over N2.3 trillion in Government taxes and other levies.

During the year, we completed payment of the N330 billion negotiated settlement with the Nigerian Communications Commission (NCC) on the 2015 SIM Registration issue. The NCC also approved the transfer of additional spectrum following our purchase of Visafone Communications Limited in 2015. We are confident that we will resolve all outstanding issues, while maintaining good relationships with all authorities.

THE MTN NIGERIA FOUNDATION

One of the ways we are creating a net positive impact is by committing up to 1% of our profit after tax through the MTN Nigeria Foundation. For over 14 years, we have partnered with various communities, individuals and groups to create tangible impact around the country.

In 2019, we implemented the Anti-Substance Abuse Program (ASAP) and the Mother & Child campaign; both geared towards the most vulnerable of our society-Women and Children. Our 2019 campaigns directly impacted over 250,000 individuals.

Since inception we have spent over N21 billion, through the Foundation and supported 18.6 million people in over 860 projects across the 36 states of the country and the Federal Capital Territory - providing critical facilities to individuals and communities, administering medical treatments to over 145,000 people and making the dreams of over 8,000 students come true via scholarships.A detailed report of our activities will be contained in a separate Sustainability Report.

Dr. Ernest Ndukwe, OFRChairman

(FRC/2020/003/00000020337)

ONE AFRICA FOR ALL

Our overriding mission is to connect people. This mission has seen the MTN Group work across continents and countries, forging new partnerships to create a more united world. We know the importance and power of connecting people and the positive impact it has on the society. The sparks of violence that erupt because of hate, prejudice and xenophobia should have no place in our societies. We reiterate our unequivocal condemnation of all violence against any human being on account of race, creed or gender.

LOOKING AHEAD

2020 will see MTN Nigeria double down on our commitment to deliver the best customer experience. We will continue to execute our strategy with greater focus on opportunities in fintech and digital. We will continue to prioritise the expansion of our 4G network that will link more people to high-speed Internet access. While we continue to engage with relevant agencies of government regarding obtaining a Payment Service Bank licence, we are fully harnessing opportunities that the Super-Agent licence brings by working on building our network of agents and promoting employment and financial inclusion.Nurturing and earning the trust of our customers remain paramount for our Company and we will continue to direct investments to providing new products and services tailored just for their needs. It is this trust and goodwill that have helped the Company build one of the largest mobile networks in the world and Africa’s most admired brand.

Over the next three years, we plan to invest about N600 billion in our network. This investment will enable us accelerate our 4G network

expansion, deepen population coverage and support the Federal Government’s broadband initiative. We are excited about the possibilities that the transition to digital presents for our business, and the growth and development of Nigeria.

Our thoughts are with the people and communities affected by the corona virus pandemic and everyone working hard to contain its spread. While we acknowledge its potential impact on our supply chain, our priority in addressing this challenge remains the health and safety of our people, customers and the general public. Thus, we continue to engage and actively pursue new ways to leverage our core expertise, technology and infrastructure to support government’s efforts to keep citizens safe. Connecting people with their loved ones, providing collaboration/productivity tools, and enabling access to healthcare solutions, guidance and resources, while ensuring we continue to provide the access critical to safeguarding the delivery of essential social and security services, remain our focus.

May I, on behalf of the Board, Management and entire MTN Nigeria family, express sincere gratitude and appreciation to all our shareholders for their support in 2019, we thank you. To the 64.3 million subscribers and other stakeholders that place their trust in us every day, we appreciate their valued support and patronage.


Strategic ReportBusiness Model and Strategy



Risk Management


22

27

30

35

40

MTN 4G Data makes movie streaming better #JustForYou


Business Model and Strategy

GROWTH OPPORTUNITIES

We have identified six distinct growth opportunities (or ‘curves’) that we are pursuing simultaneously across the consumer, enterprise and wholesale market segments.

We provide reliable, secure Internet of Things (IoT) connectivity and have invested in state-of-the-art IoT platforms to enhance our offering. Our fintech offerings also extend into the enterprise space, particularly for SMEs and SOHOs.

Wholesale

MTN owns and runs the largest fixed and mobile infrastructure network in the region, and we plan to take advantage of our scale to provide high-quality services to wholesale customers. Through MTN GlobalConnect, an entity within the MTN Group, we provide wholesale services and other long-distance telecommunication services which include Wireless messaging, International connectivity, Capacity, Voice interconnect, Mobility services, and International roaming across the MTN operations. MTN GlobalConnect procures and manages the infrastructure, which is shared by MTN Group operating companies (opcos) and facilitates the easy routing of the traffic across the markets in which the Group operates. The creation of this company has better enabled MTN to open up our infrastructure to third parties, including other telcos and tech companies to resell excess capacity.

OUR MARKET SEGMENTS

We provide digital services to a broad spectrum of customers, summarised in three (3) broad segments – Consumer, Enterprise and Wholesale

Consumer

The consumer segment is made up of High-Value customers, Mid-market/Youth and the Mass market. Our value propositions are based on our understanding of consumer needs in line with the concept of our “EPIC”: easy, personalised, in-control and connected offerings. Our product offerings are not only connectivity (voice, data and SMS) but also the digital services customers use over that connectivity.

Our digital portfolio comprises eight key categories, namely: Music, Video, Education, Gaming, Infotainment, Instant Messaging, Advertising and other Lifestyle based Value Added Services. Our flagship digital products include the Ayoba instant messaging App and Music Time (A music streaming service delivered via mobile app). Through a range of partners, we offer fintech products including mobile wallets, payments, microloans, mobile commerce, micro-insurance that are universally accessible through our app or USSD. Our Super-Agent licence allows us to extend the reach of our delivery channels through a fast growing agent network. In addition, MTN’s mobile electricity product, the Lumos box is offered as a lifestyle bolt-on product that leverages our systems and channels to deliver seamless renewable energy across the country for all segments in the market.

Enterprise

Under our enterprise segment, we serve all businesses/organisations, including government and small, medium and large scale enterprises. We have adopted a hybrid segmentation approach for our enterprise customers, and the segments include Multinationals, Oil & Gas, Large Corporates, Public Sector (MDA and Government Agencies), Education (Universities), Small and Medium Scale Enterprises (SMEs) and Small Offices/ Home Offices (SOHOs).

Data Enterprise

WholesaleVoice

FintechDigital

2 5

4

1 6

3

CURVE 2: Data

Opportunities• Low data penetration• Growing demand for data• Increased level of

awareness• Pricing flexibility• Fast adoption of youth

Our Plan• Expand 4G coverage• Affordable handsets

customised to meet immediate demand

(Smart T)• Repositioning of our

commercial data offering• USIM upgrade to 4G• Service bundling including

OTT partnership• Education & Seamless

access and Experience

CURVE 1: Voice

Opportunities • Predominantly young

population• Price elasticity potential

still exists for voice

Our Plan• Best practice pricing &

combo Bundles• Ultra-rural site roll-out• Personal pricing with AI• Multi-product selling• Distribution

transformation• Omni-channel

experience

GrowthOpportunities

CURVE 3: Digital CURVE 4: Fintech

Opportunities• Increasing data adoption • Increasing awareness of digital

services• OTT service gap• Relevant local content availability

Our Plan• Improve customer journey and

experience on our services• Grow active user base of our digital

offerings• Launch own services and platform• Offer a rich portfolio of digital

products including music, video, gaming and messaging services

• Local content aggregation & Partnerships

• App and Digital Stores Adaption• Mobile Payments integration

Opportunities• Low level of banking penetration• Limited traditional banks footprint

in rural areas• Cash-based economy• Lack of credit history and financial

identity• Enabling regulation• Synergies with growing digital

services

Our Plan• Expand our super-agent network

and the service offering• Obtain Payment Service Bank

approval• Sync products distribution and

channels across the business• Build an ecosystem of payments

across Nigeria

Opportunities• Enterprise is

mobile-centric• Underserved SMEs• Unserved large

SME market• Low level of ICT

adoption• Cost efficiency drive

- focus on core business activities

• Fragmented service providers

Our Plan• Deepen enterprise

penetration across different markets

• Deploy vertical solutions across segments

• Expand channel coverage for SME

• Partnerships with relevant ICT players

• Provide End to End Solutions and services

• Drive MTN way of selling

CURVE 5: Enterprise

CURVE 6: Wholesale

Opportunities• Huge capacity

demand • Satellite to fibre

migration• Managed MPLS

needs• Fast growth in digital

services• Increasing need

to invest in infrastructure efficiently

Our Plan• Monetise existing

infrastructure• Harness

opportunities by leveraging the strengths and capabilities of operators within the MTN Group

• Long term contracts with key players

23Annual Report and Financial Statements 2019


Best Customer Experience

Our future focus• Lead Market in Net Promoter Score (NPS) • Reduce monthly churn• Achieve best brand in markets

Initiatives• Increased customer-engagement

channels and developed a loyalty program

• Enhanced myMTN app with new features and launched Web version to improve call to action for digital campaigns

• Sustained pro-customer communication campaigns addressing key pain points through initiatives like #ManageMyData, #YelloMoments, Social Army, etc.

Outcome• Maintained Net Promoter Score

(NPS) Leadership position - 62%, • Maintained No 1 position in

Network, Brand, and Distribution with consistent improvement in value perception and service delivery;

• Recorded digital recharge penetration of 38.3%, up 6.7pp.

Growth through Data and Digital

Our future focus• Achieve growth in data subscribers • Achieve growth in digital

subscriptions including mobile money users

Initiatives• Unlocked the 800MHz Spectrum • Optimisation and repositioning of

our entire data offering• Launched super-agent services on

the back of our super-agent license• Upgraded myMTN App to a digital

storefront for Digital Services • Optimisation of VAS services and

reintroduced auto renewal

Outcome• Solid data revenue growth of 42.4%

to N219.9 billion• Active data subs grew by 34.9% to

25.2m• Growth in 4G data subs by over

400% to 5 million• Roll-out of over 108,000 super-

agents nationwide• Grew active digital service

subscriptions by 519% to 2.1 million • Awarded “Telco Partner for the

year” by NIBSS and “Payment Innovation Driver: Telecom of

the Year“ by Interswitch

Returns and Efficiency

Our future focus• Improve ROIC- Return on Invested Capital • Report top-quartile TSR- Total

Shareholder Return• Increase AFCF yield• Improve EBITDA margin

Initiatives• Revamped our product

development and go-to-market process;

• Implemented cost optimisation initiatives ranging from digital transformation to value-for-money procurement

Outcome• Improved EBITDA margin; 53.9% up

12.1pp • EBITDA growth of 45.2% y-o-y to

N629.9bn • Earnings per share growth of

38.8% y-o-y to N9.9• Net debt to EBITDA ratio of 0.5x• Return on invested capital (ROIC)

of 87%• AFCF growth of 90.1% to N424bn

Hearts and Minds

Our future focus• Lead market in employee NPS • Improve employee engagement• Ensure effective risk & compliance

practices

Initiatives• Deployed a new and robust

electronic learning platform (MTN Learn) to facilitate continuous learning & development

• Attracting and retaining talent through our Talent Investment platforms, namely MTNN Internship Programme, Global Graduate Development Programme, and Talent Incubation Programme

• Launched “Women @ Y’ello” ; an MTN Nigeria female employees networking platform

• Implemented the Beyond Work Programme

Outcome• Secured the highest category of

the IIP certification (IIP platinum Accreditation)

• 97% of employees said they were proud to work for MTN Nigeria

• Achieved employee engagement index of 88%, up 5pp

• Recorded lower employee attrition rate of 4.8%, down 1.6pp

Ignite Commercial Performance

Our future focus• Grow network subscribers • Ensure stable voice revenue• Grow enterprise and wholesale

revenue

Initiatives• Launched self-service

advertisement portal for Small and Medium Enterprises (SMEs) and corporates;

• Simplified products structure and offerings to our key market segments (Youth, High-value and Mass) and focused our campaigns on these segments.

• Deployed new electronic voucher distribution platform for enhanced revenue efficiencies and out-bound dialer for improved CVM- Customer Value Management campaigns

Outcome• Double-digit service revenue

growth at 12.6%;• Improved gross additions by 15.7%

to 22.8 million; • Added 6.1 million new subscribers

to grow RGS90 by 10.5% to 64.3m • Increased enterprise business

revenue by 20.3% to N132.8 billion• Increased wholesale revenue by

45.2% to N46.0 billion

Technology Excellence

Our future focus• Lead market in network NPS • Increase efficiency of systems• Increase network coverage

Initiatives• Network roll-out to increase

capacity and coverage: 6,038 Logical 4G sites, 1,187 3G sites

• Optimal utilisation of U900MHz spectrum to support 3G

• Launched 4G+ services in three states – Lagos, Abuja and Port Harcourt

• Enhanced the ease of SIM upgrade and SIM swap by enabling trade channels with an App

Outcome• Achieved 4G coverage in 132 cites • Increased 4G traffic contribution

from 10.1% to 37.9%• Improved TCH-Traffic Channels

availability from 98.1% to 98.7%• Expanded 4G population coverage

from 14.8% to 43.8%• Achieved 3G population coverage

of 78.2%, up from 70.0%• Improved SIM registration

performance enhancement (98% within 10 min)

Business Model and Strategy - continued

OPERATIONAL STRATEGY

Our BRIGHT operational strategy serves as a compass for all MTNers and clearly defines the six pillars on which we are focusing to build our business sustainably. It is strongly hinged on execution excellence, with an inspiring philosophy situated within daily operations in a manner that drives measurable impact on revenue, cost and efficiency. Its operationalization is geared to deliver value to our customers.


Our BRIGHT operational strategy serves as a compass for all MTNers...


DELIVERING ON OUR PROMISE

I first came to Nigeria in 2001, as part of the team that set up the MTN business when we acquired a licence; and was present, at Maritime House Apapa on May 16 2001, when the first call on our network was made. I wish I could say that at the time, I fully grasped the incredible potential that telecommunications had to transform the Nigerian economy and the lives of Nigerians.

The success story of our industry is a clear and undeniable demonstration of the opportunity that the Nigerian economy represents for investors, and I am proud to continue to be a part of its continued progress. Today, industry growth is being driven by the emergence of accessible and fast data which is beginning to transform many aspects of the Nigerian economy and act as a critical catalyst for broader development. The speed at which the digital economy is growing and how it is driving service delivery and creating new dynamic jobs is genuinely inspiring. I honestly believe that the opportunities for growth in Nigeria today are similar, if not greater than they were 19 years ago when we first began this journey.2019 was a good year despite its challenges, and I am gratified by the achievements we recorded. We made the final payment of the Nigerian Communications Commission (NCC) fine and listed on the Premium Board

of the Nigerian Stock Exchange, thereby concluding the requirements of the 2015 SIM registration fine. The NCC approved the transfer of the 800MHz spectrum we acquired from Visafone, which enabled us to unlock the frequency, accelerate 4G network expansion, and roll-out 4G+ services in three states – Lagos, Abuja and Port Harcourt. In the second half of the year, we became the first operator in West Africa to conduct 5G technology trials; we are excited about its potential for MTN and Nigeria. We also launched smart feature phones as part of our strategy to address the issue of handset affordability and drive data penetration.

In furtherance of our aspiration to effectively drive financial inclusion in Nigeria, we obtained a super-agent licence from the Central Bank of Nigeria (CBN). This has enabled us to build an agent network with over 108,000 registered agents and, once we receive a licence, we can seamlessly roll out the payment service bank. Our super-agent service operates under a wholly-owned subsidiary, Y‘ello Digital Financial Services, which is responsible for our fintech business. At the heart of these achievements is an unshakable commitment to our promise to create shared value for our shareholders, customers, employees and the broader stakeholder ecosystem. We know, without a doubt, that our growth and


evolution as a company is entirely dependent on our ability to create and grow that shared value.

PERFORMANCE REVIEW

I am encouraged by our performance in 2019. The foundation we put in place in 2018 led to sustained momentum in 2019. Although we saw a slowdown in the third quarter, principally due to SIM registration, the fourth quarter was very promising. As a result, we continued to deliver double-digit growth in service revenue in line with our medium-term guidance. Voice revenue growth remained healthy, and data revenue continued to accelerate, resulting in a 12.6% increase in service revenue.During the year, we focused on building our subscriber base, resulting in the growth of 10.5% in our subscriber base to a total of 64.3 million subscribers, representing 6.1m increase in net additions.Our active data subscribers rose by 34.9% to 25.2 million on the back of several initiatives. Voice revenue growth remained healthy at 8.4% and accounted for 72.7% of service revenue. We recorded rapid growth in data revenue enabled by greater population coverage, a revamp of our data portfolio and initiatives to drive 4G device penetration. Consequently, we added 5.3 million smartphones to our network, bringing smartphone penetration to 41.9% of our base.

“At the heart of our achievements, is an unshakable commitment and promise to create shared value for our shareholders, customers, employees and the wider stakeholder ecosystem.”

Ferdi MoolmanChief Executive Officer


Our 4G Population coverage increased to 43.8% and data traffic accelerated, growing by 85.5% YoY. Overall, data revenue rose by 42.4%, contributing 18.8% to service revenue. Digital revenue gained momentum as we started to see quarterly growth from Q3 2019. We focused on building a sustainable active user base for our digital business while improving the customer journey and experience on value-added services (VAS). Our active base has surpassed 2.1 million users, providing sufficient critical mass for our portfolio of digital products and services.

Our fintech business continued to expand, supported by the launch of our super-agent service in August 2019. We are pleased with the initial roll-out and uptake of the service in the first four months of operation. We maintain our focus on accelerating our agent network roll-out. To cater to a broader market segment and further accelerate adoption, we are also expanding the service offering – from basic transfer service and airtime/data sales to a more extensive bouquet, including cash deposit and withdrawal services, bill payments and facilitating e-commerce.

On the cost side, the increase in operating expenses on an IAS 17 basis was 4.4%, which was below the rate of inflation. This reflects progress with our cost management initiatives and reduction of non-recurring expenses. On an IFRS 16 basis, operating expenses declined by 21.4%. Recall that in January 2019, we adopted IFRS 16 accounting policy, which

impacted the treatment of leases that were classified as operating leases on IAS 17 basis. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 45.2%, which was ahead of revenue, resulting in a 12.1pp improvement in the margin to 53.9% (IAS 17: 44.8%). We maintained our leadership position in network net promoter score (NPS) as we continued to invest in improving service quality and driving 4G expansion with additional 10,895 sites. This resulted in a 13.1% increase in capital expenditure and CAPEX intensity of 17.8% on an IAS 17 basis.Overall, our bottom-line remained strong with growth of 31.1% and 38.8% respectively in profit before and after tax. Earnings per share increased by 38.8% to N9.9 kobo.

During the year, we successfully redeemed the preference shares, which simplified our capital structure and reduced our exposure to foreign exchange as the instruments were denominated in foreign currency.

In line with MTN’s mission, we have developed the BRIGHT operational strategy which serves as a compass for us and clearly defines the six pillars on which we are focusing to build our business sustainably. At its core, this strategy is about placing customers at the centre of everything we do, ensuring enterprise-wide alignment around a single imperative - exceeding customers’ expectations across our entire value delivery chain by leveraging our assets and capabilities to deliver a seamless, best-in-class experience of our

services, and products that are high in quality, easy to use, flexible and offer value-for-money.

PEOPLE FIRST

MTN Nigeria has 1,874 permanent employees and 1,912 3rd party staff. Over 99% of our employees are Nigerian nationals, indicative of our commitment to developing local content. 24% of female employees are in management - highlighting the importance we place on women in leadership roles.

I have led this team for four years and could not ask for a more talented or dedicated team. I am inspired by their commitment and dedication. Peter Drucker famously said that “culture eats strategy for breakfast.” I have found this premise to be true time and time again. We have built a culture that empowers our employees, values inclusivity and hard work and instils a responsibility for our customers and our communities. This is what defines us. It is also what unites us. Underpinning our success is a focused and consistent investment in our people. As an organisation, we strive to provide an enabling environment as well as hire and develop the best talent. Recognising that the critical role of championing my colleagues, who are by far our greatest assets, was too important a task for any one person, I collaborated with Chief Human Resources Officer as HR Champion to launch the Beyond Work initiative (a set of people-centric campaigns to help better engage staff). We received the Investors in Peoples

certification (IIP)-Platinum, one of the highest accolades a company can receive globally for their people management practices. A good example of this was evident in the course of 2019, when Mr. Adekunle Awobodu resigned as Chief Financial Officer. Mrs. Omolara Michael-Nwadu was appointed Acting Chief Financial Officer, holding fort until the resumption of Mr. Modupe Kadri, a testament to our strong people base.

We continue to work to build our internal capabilities and reward and recognise stellar performance through robust systems and structure.

LOOKING FORWARD

Driving profitable growth and building long-term shareholder value are top priorities for us, secondary only to maintaining the highest quality of service for our customers. Upholding global standards of corporate governance is another key focal point. We will continue to focus on the governance structures and culture required to support and protect our business, while ensuring effective stakeholder management and operational execution in times of crises. The last few years have not been bereft of challenges, but we are nevertheless unwavering in our commitment to our overarching mission. Our ambitions for the future, centre around sustainable value creation for all our stakeholders.

We have watched the outbreak of COVID-19 trigger an unthinkable chain of events, wreaking havoc on

health, social and economic systems worldwide. This has placed a heavy toll on families, communities and countries. Coupled with the fall of oil prices, the way we live, work and interact in our communities has been adversely affected, spreading an unprecedented climate of uncertainty.Delivering on our commitment, every day, is at the heart of what we do. That means providing reliable service, in good times, and more importantly, in challenging times. It also means playing our part in the fight against COVID-19, supporting national efforts and doing as much as we can to protect lives and livelihoods.That is why as a business, we have so far deployed a broad set of initiatives: facilitating federal and state government efforts and frontline health agencies including the NCDC, by providing connectivity support (devices, data and airtime), medical supplies and personal protective equipment. We have helped enhance the capacity and preparedness of individual states to manage the outbreak proactively by providing connectivity support (data and airtime), communication systems, analytical response management and risk profiling. In addition, we have lent our support to the Coalition Against COVID 19 (CACOVID) in educating the populace as well as providing meals to families in great need, amongst other efforts.

For our customers, we have ensured that the most vulnerable and marginalised communities are not left behind by providing free SMSs; waived fees for money

Chief Executive Officer’s Statement - continued

Far Right:A memorable moment after MTN’s successful trial of 5G technology, the first network in West Africa to do so.

Ferdi MoolmanChief Executive Officer

(FRC/2016/IODN/00000015147)

transfers using the Momo Agent Network from Y ello Digital Financial Services; provided bill payment extensions for post-paid customers, and deployed door-step delivery of HyNet and MIFI devices enabling access to our network and services.

Our services remained accessible on various online channels with reduced operating hours in locations with partial lockdown, maintaining strict hygiene and social distancing practices as we continue to monitor unfolding developments.

While we put measures in place to mitigate the impact on our network and overall business performance, we look forward to connecting more people to their loved ones, businesses to their customers and talent to opportunities, come what may, in 2020.

On behalf of the team at MTN Nigeria, I thank you for being a part of our journey. We look to the future with optimism and vigour. Together we will Turn It Up!

’



Our People are our most valuable players...

Underpinning our success is a focused

and consistent investment in our people.

As an organisation, we strive to provide

an enabling environment as well as hire

and develop the best talent because our

people make us what we are and remain

committed to delivering a bold new digital

world to our customers.

To sustain this intrinsic motivation, all

employees are encouraged to continually

demonstrate MTN’s core values and

vital behaviours, which remain the

cornerstone of business performance.

CORE VALUES:

1. Leadership ‘’Being a good example and taking responsibility’’

2. Integrity ‘’Being ethical and following-through on commitments

3. Relationship ‘’showing compassion, support and sharing = #GoodTogether’’

4. Innovation ‘’thinking out of the box and doing things differently’’

5. Can-Do ‘’demonstrating positivity and never giving up’’

VITAL BEHAVIOURS:

1. Complete Candour – openly and candidly sharing one’s views; regardless of the job level of the person being addressed.

2. Complete Accountability - Holding everyone accountable to commitments and results regardless of position.

3. Get It Done – Taking action to resolve problems/risks instead of waiting for someone else to notice them and escalating where I am unable to resolve the issue.

4. Active Collaboration – Sacrificing time and resources to support colleagues, within or outside my function where required.

In addition, our unique Employee Value Proposition (EVP) which is deployed across the MTN Group, is a competitive value proposition that 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-driven reward and recognition programs, end-to-end talent management strategy and a conducive culture.

As part of its effort to continually assess and validate the strength of our EVP, MTN Nigeria once again submitted its people management practices for review by the Investors in People (IiP) UK - a business improvement tool designed to enhance business performance through people. It is the only internationally recognised people management development standard that links people practices to business performance. In August 2019, MTN Nigeria was awarded the IiP Platinum Award; which is the highest certification by the IiP. Indeed, internationally only 2% of organisations assessed by IiP hold the Platinum Certification. What it means is that internationally, including in Africa, the United Kingdom and USA where IiP has a presence, MTN Nigeria is in the top percentile of organisations with the best people practices.

In line with our vision, digital is a critical part of our DNA and will continue to transform and be positioned as an EVP that underpins our way of work. In addition to the various digital initiatives/solutions in the organisation, we recently created a Digital Planning Committee made up of a cross-functional team focused on designing digital imperatives to deliver more for our customers.

30

good together: people practices and business

By Gender

3rd Party Staff

North Central: 10.81%; North East: 2.15%;North West: 4.35%

South East: 23.12%;South-South: 21.77%;South West: 37.80%

Male: 67.26% Female: 32.74%

PermanentEmployees:

1,874

1,263 611

Key information – December 31, 2019

1,912



The ‘H’ pillar in our BRIGHT strategy speaks to how we continuously engage and connect with our employees to increase levels of engagement and ultimately improve organisational culture.

Our CEO (who is also the 2019 HR People Magazine’s HR Champion), consistently champions and chairs the Annual Group Culture Audit (GCA) survey and debrief sessions. The GCA is an Employee Opinion Survey (benchmarked with several organizations). 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 2019, we recorded an unprecedented 100% employee participation with the following key results:

Improvement in all dimensions relative to the GCA 2018 result:

Our overall satisfaction index was 85, 7 points higher than in 2018

Sustainable Engagement was 88%, 5 points higher than in 2018

Leadership rose 10 points 97% of employees said they were

proud to work for MTNN;

Diversity & inclusion

A truly Nigerian company that embraces diversity, over 99% of our 1,874 permanent workforce are Nigerians representing all Geo-Political Zones. There are 15 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. In addition, to improve gender diversity and enhance the career development of women, we launched the Women @ Y’ello (The WAY) an MTN female employees networking programme in August 2018. Several initiatives have been launched on the back of the programme; which includes a book club, All Booked, with bi-monthly and quarterly reviews, and books at half price. Furthermore, the review of the maternity and paternity leave policies, introduction of telecommuting and the launch of a state-of-the-art crèche in the head office, may have contributed to the significant improvement in the satisfaction level of women across the company as evidenced in the result of the 2019 GCA survey.

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.

To internalize this commitment, we continue with upgrades at our various facilities in the interest of differently-abled employees and customers. In addition, for the first time, MTNNers celebrated the International Day of Persons with Disabilities on December 03, 2019 with an array of activities showcasing the contributions of differently-abled persons and our formidable partnership with stakeholders’ #Goodtogether.

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.

Given abundance of research linking the frequency of employee feedback to the effectiveness of the performance management system, we instituted Y’ello Feedback Days where managers are equipped and supported to have a gamified performance conversation with direct reports. Our managers are also supported through an internal licensing and certification programme to build managerial capabilities.

Recognising performance

Our employees are our greatest asset and source of competitive advantage. It is in cognizance of this that we reward and recognize their contribution and good performance using multiple approaches including short-term incentives, digitised recognition campaigns, long-service awards, quarterly team recognition awards, annual performance based salary increases and notional share incentives.

Beyond recognising individual performance, we devote a considerable amount of time regularly to celebrating team and corporate milestones through an initiative known as ‘Ring the Bell’. We leverage the momentum of enterprise achievement to inspire our employees to continue to do great work.

Building a learning organisation

At the heart of our strategy execution is our capability as an entity. This is one of the key elements of our Employee Value Proposition – Investing in Talent. We heavily invest in building capability both for now and the future. Our employee development strategy is premised on the 70-20-10 global learning philosophy.

Additionally, while we leverage our ecosystem’s capacities, we also have a learning engine; the internal faculty and learning delivery team that ensures that we respond to business dynamics and changing customer needs through products and services learning support. As a digital organisation, we have a robust online learning platform with over 9,000 activities and Books 24*7 with over 38,000 courses including Harvard and Ken Blanchard bouquet of leadership courses. Interventions from the MTN Academy also focus on building leadership capabilities at different levels.

MTN supports employee development in their pursuit of academic qualifications in line with our EVP (the MTN Deal) through a Tuition Reimbursement Programme and refund for professional certifications.

Engagement for results

Employee engagement is a critical link between employees’ satisfaction levels and business performance. According to Tower Watson, a 15% boost in engagement leads to a 2% increase in operating margin.

Therefore, we leverage various touch points to engage people on different issues affecting their wellbeing and the business on an ongoing basis. Some of the engagement platforms include Divisional/Regional Leadership Strategy Sessions and Divisional/Departmental Village meetings. In 2019, a total of 137 employee engagement sessions were held.

We also explore various opportunities to enrich the employee experience and energize the workforce. One of such opportunities was the MTN Kids Talent Show - “Show us What You’ve Got” to mark the Children’s Day celebration on May 27th. This is a first-of-its-kind for employees’ children to showcase their skills with the chance to win fantastic prizes.

Beyond Work Programme

Work can be demanding and stressful. Successfully combining work and life issues in Nigeria requires a lot of creativity to juggle all the responsibilities.

That is why Management launched the MTN Beyond Work Programme, to help our employees address some of these challenges.

From Telecommuting to wellness programmes and gym memberships across the country, we have it all covered as we continually aim to improve our employee experience. We opened a crèche to take care of the little ones while our employees work, as well as a lounge where employees can relax, network and bond.

Our People and Culture - continued

A truly Nigerian company, MTNN embraces diversity; over 99% of our 1,874 permanent workforce are Nigerians representing all Geo-Political Zones. There are 15 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.

The Chairman and some members of the Executive Committee during the 21 Days of Y’ello Care programme 2019.

from left to right, Rahul De, Lynda Saint-Nwafor,Kolawole Oyeyemi, Esther Akinnukawe, Dr. Ernest Ndukwe - Chairman MTN Nigeria,Ugonwa Nwoye, Uto Ukpanah and Olubayo Adekanmbi

Creating a culture where employees thrive...



Our People and Culture - continued

We also offer special discounts on various goods and services from several partners… and so much more.

The Beyond Work Programme is an umbrella of solutions that signals the Company’s interest in the total well-being of its employees, emphasising the “caring factor” in alignment with the “H” component of our BRIGHT strategy.

Generally, the Beyond Work Programme is grouped into the following:

Health and Wellness programmes helping improve employee wellbeing i.e. health walks and monthly sporty Friday.

MTN Club 0803 platform giving employees access to products and services at discounted rates via strategic partnerships with vendors.

Work-life harmony supporting work-life balance through the introduction of telecommuting and adjustments to work hours.

Financial Literacy Programme to provide knowledge and skills for employees’ financial success, which includes an estate wills element.

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 and pipeline development. In 2019 248 employees benefitted from the programme.

Executive development30 employees, including members of the Executive Committee and some direct reports were enrolled on the Executive Coaching Programme with internationally certified Master Coaches.

Leadership development167 employees across various job levels benefitted from a number of interventions under this pillar of the Talent Incubation Programmes in 2019. These interventions include attendance at international conferences, speed secondment to other opcos, a ‘fireside chat’ and leadership programmes at selected Ivy League business schools.

Pipeline Development28 employees were beneficiaries of the Aspire Leadership Programme in 2019. This is a high impact career 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 have graduated from the programme.

The programme is currently in its fourth cycle with 23 participants at various stages of completion.

In Q4 2019, the 2019 cycle successfully completed the formal learning block of their programme with MTN Group Academy and Duke Corporate Education (A leadership institute) in Dubai. One of the trainees from Nigeria was part of the Customer Value Management team

that won the Action Learning Project which was centered on developing a retailer portal to help retailers teach customers how to use data to drive data usage.

The Career Mobility Framework “Y’ello Careers”

MTNN Career Mobility Framework (Y’ello Careers) seeks to provide a structured framework for enabling employee mobility aimed at building depth, improving employee engagement and enabling business continuity. A total of 348 employees benefitted from at least one developmental intervention (Acting Assignment, Job Rotation, Job Shadowing, Job Transfer and Project Participation) across the organisation in 2019.

Mentoring

The MTN Nigeria Mentoring programme ensures that participating employees are equipped to reach their full potential. In 2019 alone, through the MTN Mentoring Academy, a combined total of 175 employees benefited from the intensive mentoring programme.

MTN Nigeria is an employer of choice; and this is backed by the Investors In People (IiP) Platinum accreditation, among other awards. We deliberately continue to enrich our employee value propositions to ensure that this remains competitive to attract and retain talents. Ultimately, it is about creating an environment that inspires greatness and enables our people to reach their full potential. This in turn drives business performance, increases opportunities for our partners, and ultimately enhances MTN’s role as an agent of National Development.

Risk Management

A RISK BALANCED AND COMPLIANCE DRIVEN CULTURE

At MTN Nigeria, we believe that our strategy - a risk-balanced and compliance-driven culture - is essential to the sustainable achievement of our Strategic goals. The key objective of our Enterprise Risk Management Framework is identifying and evaluating potential events, which may impact our ability to achieve our objectives, in line with our strategy, 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.

Our Enterprise Risk Management activities ensures 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

These principles align with management’s mandate and commitment to risk management during the design, implementation, monitoring and continuous improvement of processes, products and services.

Our Risk Management process ensures the appropriate ownership of risk and accountability for risk management by all stakeholders in the value chain whilst ensuring collaboration between risk management and process owners across the Company. The governance of risk management is a responsibility of the Board. However, management and staff play a critical role in supporting the Board in achieving its risk management objectives.

Three Lines of Defence

To ensure the effectiveness of our Risk Management process, the Board and Management rely on line functions, including monitoring and assurance functions, within the Company. Consequently, 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 overlaps and/or gaps in risk governance.

First line of defence - Primary risk management: These are the MTN Nigeria functions who 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.

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 co-ordinate 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.

Third line of defence – Assurance: This function provides independent assurance of the effectiveness of controls and risk management procedures, and keeps the Board and Senior Management informed. The Internal Audit and Fraud Management function is responsible for the activities of the third line of defence at MTN Nigeria.

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; and periodically evaluates MTN Nigeria’s risk profile, action plans to manage the risks and progress on the implementation of these plans.

Governance Committee

The Governance Committee serves as the risk management committee at Management level. It comprises key divisional executives with responsibility for providing independent risk oversight, co-ordination, facilitation, monitoring and evaluation of the effectiveness and integrity of our risk management processes. Specifically, the Governance Committee reviews risk exposure reports and recommends appropriate actions to mitigate the impact; reviews and recommends appropriate policies and standards for the management of risks in the Company.

MTN’s high employee performance culture is

propelled by the ‘H’ pillar of our BRIGHT Strategy that continuously seeks

to increase employee connection, engagement

and productivity.



Risk and Compliance Division

The Risk & Compliance division, headed by the Chief Risk and Compliance Officer, oversees the day-to-day risk management activities within MTN Nigeria. The division provides central co-ordination and oversight for all risk management activities in MTN Nigeria to ensure that the full spectrum of risks are identified, measured, monitored and mitigated. Specifically, the Risk and Compliance Division coordinates the development of risk management policies, procedures and standards to assist in the effective management of risks; monitors the overall risk profile including risk trends from internal and external market changes; collaborates with other divisions to redesign controls that mitigate deficiencies noted in the internal and external audit reports; and report on aggregate risk profile, control effectiveness and actions taken.

Internal and External Audit

Our Internal Audit and Fraud Management function provides independent and objective evaluation of the effectiveness of our risk management and internal control system. Specifically, the Internal Audit and Fraud Management function provides independent assessment and evaluation on the adequacy and effectiveness of the Risk Management Framework; and provides assurance on the Company’s compliance with risk policies.

Our External auditors are statutorily responsible to shareholders to provide an independent opinion on 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.

RISK MANAGEMENT PROCESS

At MTN Nigeria, it is imperative that we consistently adhere to our risk management framework and processes in conducting our Enterprise Risk Management activities.

The MTN Enterprise Risk Management methodology is aligned to ISO 31000 Risk Management Standard and the COSO framework and supported by other leading global standards i.e. ISO 27001 and ISO 22301.

Our risk management process (pictorially depicted below) encompasses the following phases:

Establish Context: This is an information-gathering phase required to gain an understanding of the scope of the risk, internal and external environment in which MTN seeks 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 for the success of our risk management process as it ensures the inclusion of emerging risks in the risk management process. The aim of risk identification is to articulate all the relevant risks that can impact the achievement of our business and strategic objectives. At MTN Nigeria, we adopt a bottom-up approach to risk identification. Here, risks are identified at a process level, then at a functional level and at 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; questionnaires and surveys; and desktop research.

Risk Analysis and Evaluation: Our risk analysis aims to measure the significance of identified risks in relation to our business processes and risk appetite. In evaluating the level of risk at MTN Nigeria, it is 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 in evaluating and prioritizing our risks. These processes are supplemented with ad-hoc on-site assessments or incident assessments when unexpected high risks occur or are envisaged.

Risk Treatment: Subsequent to the identification, analysis and evaluation of existing and potential risks, mitigation strategies are recommended, implemented, monitored and reported to the Governance Committee on a monthly basis and to the Board Risk Management and Compliance Committee on a quarterly basis. The committees review the monthly/quarterly risk management reports and approve the implementation of appropriate actions to mitigate the risk.

Risk Monitoring and Review: The objective of the process is to ensure that risks are monitored, escalated quickly 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 appetite of the Company.

TOP RISKS TO VALUE CREATION

Using an integrated assurance methodology, in 2019, we considered the following to be MTN Nigeria’s most

material risks based on the residual risk rating of each. This takes into account the probability of the risk occurring, the impact should it materialise and the mitigation strategies in place.

The top ten (10) risks have been classified based on the six (6) risk categories of MTN

1. Strategic2. Compliance 3. External4. Operational5. Financial6. Technology

Map Label Definition

1. Evolving Regulatory Environment2. Stakeholder Management3. Foreign Exchange Volatility4. Political and Country5. Fintech Strategy 6. Legal7. Information Security and Privacy 8. Brand perception and Reputation9. Business Continuity Management10. CompetitionVery High Risk High Risk

LEGEND


Establish Context

Co

mm

un

ica

te a

nd

Co

nsu

lt

Risk Identification

Risk Analysis

Risk Evaluation

Risk Treatment

Monitoring and Review

Risk Assessment

Technology

Strategic

2

8

4

39

5

10

Compliance

Operational Financial

External

7

0

5

10

15

20

25

16

Risk Management - continued


Risk Description

Evolving regulatory environmentAs 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. These regulatory requirements continue to evolve with additional requirements for enforcing compliance.

Stakeholder engagement and managementComplexity in the political and regulatory environment often pose a challenge to effectively and comprehensively addressing all stakeholder requirements.

It also impacts the ability to predict the actions of different stakeholder groups.

Foreign Exchange volatilityArising from limited ability to effectively hedge against currency volatility and devaluation, the Company is exposed to foreign exchange risk.

Even though some relative stability was experienced in 2019, it was a potential risk due to declining balance in the National reserves and revenues from oil export.

Negative foreign exchange movement leads to opex and capex pressures and impacts on profitability.

Political and Country:Pervasive incidents of armed banditry, kidnapping, terrorism, and general insecurity across the country negatively impacts operations in addition to a challenging fiscal environment and uncertainty around policy direction.

Fintech strategyIn line with the government’s policy to drive financial inclusion amongst unbanked Nigerian citizens, MTN Nigeria has developed its Fintech strategy designed to support the Government’s objectives. An inability to successfully implement these strategic imperatives would negatively impact the achievement of the government’s policy objectives, and by extension the objectives of MTN Nigeria.

Risk

1

2

3

4

5

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 regulatory framework to improve proactiveness and maturity of regulatory engagements.

We continue to strengthen our capability to manage all regulatory risks including subscriber registration, data privacy, information security etc.

We continue to build better relationships with our stakeholder groups and proactively engage as necessary.

We have developed and are implementing our stakeholder management strategy aimed at improving relations with our different stakeholder groups.

We use best efforts to maximise levels of local currency debt as opposed to those denominated in foreign currency.

We make efforts to renegotiate foreign exchange denominated contracts to local currencies, where possible. We conduct short to medium-term stress tests of business plans against currency volatility to simulate volatile scenarios and devise/implement mitigating measures. We explore opportunities to hedge instruments where available and economically feasible.

MTN Nigeria continues to strategically engage with government security agencies for intelligence and support purposes. We fortify security around our facilities and deploy measures to secure MTN Nigeria operations including logistics operations across the country. Our Crisis Management Committee has implemented a contingency plan to build resilience against threats, which is activated as required.

We ensure continuous monitoring and oversight of our strategic objectives and plans. Elements of the strategy, for which approval has been obtained, are being implemented.

Risk

1

2

3

4

5

Risk

6

7

8

9

10

Risk DescriptionEvolving regulatory environment

Stakeholder engagement and management

Foreign Exchange volatility

Political and Country

Fintech strategy

Risk Description

Risk Management - continued

Risk DescriptionRisk

6

7

8

9

10

LegalMTN faces inherent risks of litigation as any other company of its size and complexity. These risks range from intellectual property matters to frivolous claims and contractual disputes.

Information Security and PrivacyAn increase in cyber attacks worldwide and new hardware and software vulnerabilities could compromise our networks, systems, customer information and corporate information.

Brand perception and reputationPoor brand positioning, brand management and inadequate marketing of the Company’s products and services may impact its reputational value. This can be reflected in our market share, revenue and share price.

Business Continuity ManagementBusiness Continuity challenges can be reflected in a lack of business resilience to prevent or minimise impact of major disruptions, especially from major single points of failure, inadequate business resilience planning and management and ineffective incident management. The existence of Single Points of Failure on Network, Information Technology or Customer Support infrastructure may constitute an unacceptable exposure

CompetitionActions and inactions of other players in the telecommunications industry may impact on the business objectives of the company.

MTN Nigeria places priority on adherence to the rule of law and does all that is necessary to defend its rights. Proactive compliance to all regulatory requirements and contractual responsibilities are prioritized. A robust structure exists for managing legal risks comprising an in-house Legal team and experienced external Legal counsel.

MTN Nigeria has a robust strategy 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 and/or incident.

MTN Nigeria’s response to perception is value creation. We continue to provide products and render services that are beneficial to the customer at competitive pricing.

Customer engagement and transparency in communication is paramount to the Company.

The budget and scope of the MTN Nigeria Foundation is indicative of the fact that its activities and operations are geared towards value creation and positive impact on the society.

The Company performs end-to-end testing of mission critical systems and services.There are also ongoing business resiliency assessments to determine single points of failure and similar vulnerabilities across Information Technology and Network systems. We initiate mitigating actions when such single points of failure or vulnerabilities are identified.

We continue to proactively anticipate customer needs and develop solutions that deliver premium customer experience. We rely on product cost and service delivery to serve as differentiators in the industry.

Mitigating Strategies


Legal

Information Security and Privacy

Brand perception and reputation

Business Continuity Management

Competition

EMERGING RISKS: COVID-19

Subsequent to the reporting date, the COVID-19 outbreak became a global pandemic. Governments across the world, including Nigeria have taken various measures to curb the spread of the virus including social distancing and lock down regimes. These measures will impact the financial position of individuals, small- and medium-sized businesses as well as corporates to various degrees, thereby significantly impacting economies. A further notable and related consequence of the economic slowdown is a significant drop in oil prices and a related impact on the economies of oil producing countries such as Nigeria.

Given the uncertainty associated with the likely duration and related economic impact of the COVID-19 pandemic and falling oil prices, it is currently too early to reliably quantify the direct or indirect financial impact on our business. However, the potential areas of impact include: supply chain, management of credit and liquidity, currency risk, counterparty risk, access to capital markets for funding and potential revenue impact from reduced consumer spend.

MTN Nigeria’s management has implemented extensive response measures focusing on all potential areas of impact aimed at mitigating potential impact as far as possible.


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. This is what we term...

CSICorporate 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 incorporated the MTN Nigeria Foundation Limited by Guarantee (MTNF) in July 2004. The Foundation is solely funded by MTN Nigeria through 1% of its profit after tax annually.

To date, the MTN Nigeria Foundation has invested over N21 billion, in helping to improve the quality of lives, through its interventions.

The MTN Nigeria Foundation initially embraced three focus areas; Economic Empowerment, Education and Health, which have recently evolved into 4 Causes; Youth Empowerment, Arts and Culture, Maternal and Child Health, and National Priority. These causes are very much aligned with the United Nations Sustainable Development Goals, which seeks to ensure peace and prosperity for all its member states.

In the last 15 years, the Foundation has birthed over 40 initiatives, implemented in over 850 active project sites across the 36 states and the Federal Capital Territory, which have helped improve the quality of people’s lives.

The vision of the Foundation is ’to be a leader in Corporate Social Investment initiatives in Nigeria, measured by the impact and sustainability of those projects on our host communities.’

41

Since inception MTN Nigeria Foundation has invested over N21 billion in helping to improve the quality of lives through its interventions

The MTN Nigeria Foundation Limited by Guarantee

Soon after its establishment, the Foundation, through consultation and community dialogue, identified 3 focus areas - Education, Economic Empowerment and Health. In collaboration with partners, stakeholders, government and the private sector, specific programs and initiatives were developed to deliver support in these areas, across the 6

HealthEducationEconomic

Empowerment

The evolution of our intervention strategy from Focus Areas to Causes...

geopolitical zones of the Nation.In response to the changes observed in the needs of our communities over the years, and our policy of monitoring and evaluation, the MTN Nigeria Foundation’s intervention strategy has evolved.

The former focus areas have been transformed into 4 Causes; namely Youth Empowerment, Arts and Culture, Maternal and Child Health and National Priority, under which all present and future projects will be classified and implemented.

National Priority

Maternal & Child Health

Arts & Culture

Youth Empowerment

N21.753 bnTotal Expenditure

15%

35%

26%

24%

Others

Education

Health

Economic Empowerment

N3.206 bn

N5.641 bn

N5.298 bn

N7.607 bn

Annual Report and Financial Statements 2019


A Youth Empowerment initiative aimed at building capacity of young people between the ages of 18 to 35. The Foundation, in collaboration with MTN ecosystem partners such as Oracle, Google, IBM, KPMG and Digital Bridge Institute (DBI) conducts ICT and Business skills training programs for young people towards building their entrepreneurial capacity and improving their chances of gainful employment.

In addition, there is the likely effect that a home-grown community of

young leaders will emerge from the program who can contribute to the socio-economic development of their communities and the nation. Again, this ties in with the UN SDGs 1, 8 and 9 that encourage strategies that alleviate poverty, provide decent work and enable economic growth through innovation and industry.

To date over 2,300 youth have benefited from the training programmes.

An estimated N57,782,656 has been invested so far on the project

Sustainability

Numerous well-intentioned initiatives have been set up to

benefit people, but quite often over time, they are no longer functional.

For MTN Nigeria Foundation, It is extremely important that the social

investments we make benefit people today and continue to

benefit them tomorrow.

This is what we mean by...

Drug abuse is aone-chance bus

MTN Nigeria Foundation

ASAPAnti Substance Abuse Programme

ICT...and Business

Skills TrainingMTN Nigeria is committed to the socio-economic growth and development of Nigeria, and to the uplifting of communities 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:

In response to the growing incidences 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 bid 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.

13.5m people were impacted through the microsite and TVC, Print media, Social/digital media and Radio. An estimated sum of N247,000,000.00 was invested in the project

Project implementationperiod: 2018 to date


Top: A cross-section of dignitaries from government and non-governmental organisations, the health sector, guests and members of the public, at the ASAP National Conference that held in July 2019 at Abuja.

Below: An on-going training session held for youths, where they learn about digital tools that can be maximised for personal growth and business development.

Corporate Social Investment - continued


Top Right: Communities nominate the various interventions under this scheme, as part of our feedback process. Over the years, these initiatives have helped alleviate specific problems, such as provision of water using solar-powered boreholes and the upgrade of transformers. In 2019, about 300,000 people benefited from Primary Health Care interventions and over 250,000 youth received School-learning materials.

The MTNF What Can We Do Together Campaign is an initiative under our National Priority Area theme. It is designed to get Nigerians to nominate projects they consider of utmost importance to nominated communities for consideration. Some nominated projects have been in the areas of the installation of boreholes, donation of school learning materials and equipment for primary healthcare centres. Currently in its third phase, this project identifies with UN SDGs 3 and 4 that ask member states to provide quality education and ensure healthy lives.

Science and Technology are critical drivers of development through increased knowledge and the facilitation of creative solutions to problems that drive infrastructure and economic 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.

The MTNF Scholarship scheme is a long-existing initiative that speaks to these goals by contributing to the development of the Science and

Technology sector and to inclusivity in society. Scholarships are given to eligible 300 level students studying STEM courses and also to 200 level blind students studying in public tertiary institutions across Nigeria, all of whom must continue to meet the required CGPA of 3.5 and above.Till date, a total of 10,686 grants have been given to 3,829 students out of which 369 were given to blind students.

The sum of N1.9Bn has been Invested in the project

why give...As part of the MTN Group, MTN Nigeria shares the philosophy of giving into all the communities that we are involved with. We believe that our success is very much tied to the well being of our host communities. And as we make progress, the communities should progress also.

Far Left: Since 2006, the MTN Nigeria Foundation has continued to provide Education Scholarships for musically gifted young Nigerians, in support of career possibilities in Music.

Left: The MTNF Scholarship Scheme commenced in 2009, and over the years has supported Students in Science and Technology as well as Blind students, with financial grants.

45

Muson Scholars- music education programme What Can We Do

Together - phase 3- community outreach programme

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 300 Nigerians have benefited from the scholarships and have graduated from the program. An estimated N200,000,000 has been Invested in the project



MTNF Scholarship Schemes(Science & Technology and Blind Students)


atements 2019



This project sets out to showcase artistic talents in the area of theatre amongst secondary school students. It opens up the possibility of creating careers and a livelihood away from the conventional routes through the exposure garnered from drama competitions between schools. Through the initiative, students from participating Universities mentor and coach secondary school students, and

their respective institutions are rewarded with resources such as film and lighting equipment to facilitate their productions and studies. As with all of the Foundation’s projects, this also identifies with UN SDGs 1 and 4 that stipulate an end to poverty in all forms and the provision of quality education.

Maternal WardSupport Projects

Through the Maternal Ward Support Project, the Foundation seeks to address the challenges facing mothers and children, by reducing maternal and new-born mortality through the enhancement of healthcare systems.

The project involves the upgrade and provision of equipment to maternal wards across the country e.g. beds, incubators, medical supplies etc, as well as Training of hospital staff.



why care...

At MTN Nigeria we believe in the spirit of being “our

brother’s keeper”, that reaching out to people through

our Foundation is not only a vital part of our common

human existence, it is the principal philosophy for

doing good business.

Left: A long running initiative, the MTNF Y’ello Doctor mobile medical intervention, continues to provide on-the-spot treatment for minor ailments, medication, vaccinations, health information and advice, as well as hospital referrals. Since 2013 when it was originally launched, MTN Nigeria, through its Foundation has supported close to 650,000 people in rural communities.

MTNF- Y’ello Doctor- Mobile Medical Intervention Scheme

One of the Foundation’s popular interventions, Y’ello Doctor mobile clinics, focuses on the provision of primary healthcare support, counseling and referrals, medical consultations, drugs for the treatment of common communicable and childhood diseases. People in Peri-urban and rural communities across 6 States in Nigeria benefited from this initiative, which supports the efforts of existing government healthcare structures in the various states across Nigeria. Again, the UN SDG 3 that requires good health and well-being for all citizens is addressed here.

An estimated N840,000,000 has been invested in this project

MTNF Theatrefor Schools Project

Project implementation period: 2015 to date

A total of 24 maternal wards in 24 general hospitals were upgraded across 6 states.

This initiative is directly related to the UN SDG 3, which states that good health and wellbeing should be pursued.

An estimated N451,000,000 was expended on this project



Top Right: A newly upgraded maternal ward, equipped to help stem maternal and child mortality in the country.

Right: Conducted under the Yello Heart Campaign, the Market Doctor Outreach promotes health through awareness sessions and medical advice at market places.

An awareness campaign to reduce maternal and child mortality in Nigeria through the following activities: Training workshops, health forum, town storms in markets, health walks and provision of delivery packs to pregnant women at State level. This project is also aligned with UN SDG 3, promoting health and well-being

Over 80,000 women have been impacted by the campaign and delivery packs

An estimated N244,952,920 was invested in the project

In furtherance of our commitment to enabling the well being of our host communities, the MTN Foundation under the Medical Support initiative remodeled 12 Haemodialysis centers for kidney disease treatment (dialysis) and 6 Mammography Centres for cancer screening across 13 states of the Federation. Each facility was upgraded, provided with relevant equipment,

consumables and other support items (power generator, boreholes, water treatment facilities etc) with training of staff also included in the intervention. This project is aligned with UN SDG 3, promoting health and well-being

Total investment till date in this project is N663,000,000.00

our commitment...

Far Left: A Laboratory specialist at work at the Sickle Cell Foundation (SCFN) Centre, Lagos. MTN Foundation funded the establishment of a pre-natal DNA laboratory and other equipment of world-class diagnostic standards.

Left: One of 12 state-of-the-art Haemodialysis Centres for the treatment of kidney-related diseases established by MTN Nigeria Foundation. Under this project, 6 mammography centres were also established across the country.

49

MTNF Yello Heart- Initiative

This project focuses on the Provision of quality, accessible preventive and curative health care services to Sickle Cell carriers and sufferers in Nigeria. The project is being implemented through partnership with Sickle Cell Foundation of Nigeria (SCFN).Under this initiative, the MTN Foundation donated a state of the art Laboratory capable of pre-natal diagnosis to the SCFN. Also, the Foundation has refurbished 5 sickle cell clinics in 4 states of the Federation thereby ensuring that sickle cell Patients get free access to good quality health care. The project identifies with UN SDG 3 that asks member states to ensure healthy lives and promote well-being

Total investment till date in this project is N376,000,000.00

MTNF Sickle Cell- project

Project implementationperiod: 2006 to date Project implementation

period: 2017 to 2018

MTNF Medical Support Project (Dialysis & Mammography Centres)

Project implementationperiod: 2010 to 2018

MTN Nigeria, through the MTN Nigeria Foundation continues to deploy resources to ensure the successfull execution of sustainable projects that create a lasing impact on our communities.

Financial Statements 2019



Project Name

Anti Substance Abuse Programme (ASAP)

MTNF Scholarship Schemes (Science & Technology and Blind Students)

What Can We Do Together, Phase 3

Project Description

The initiative is a behaviour change intervention hinged on Awareness creation, Advocacy, Information & resources dissemination, Stakeholder engagement and Empowerment as tools to curb the prevalence of substance abuse in Nigeria.

Activities at state levels included: Talks and drama in motor parks, markets, primary, secondary and tertiary institutions, advocacy walk and stakeholder conference with a national Conference in partnership with NDLEA and other critical stakeholders held in Abuja.

Provision of scholarships to eligible 300 level students studying Science & Technology related courses and 200 level blind students studying in public tertiary institutions across Nigeria.

The sum of N200,000 is awarded to each student till graduation as long as they continue to meet the required CGPA.

The MTNF What Can We Do Together Campaign is a “give-back” initiative which is designed to get Nigerians to nominate MTNF projects they consider of utmost importance to particular communities for consideration.

The projects that were nominated for consideration are : School Learning Materials for Public Primary Schools, Supply of hospital equipment to Primary Health Care Centres & Drilling and Installation of 650ft Solar-Powered boreholes.

Project Objective

To contribute to the reduction of first time and habitual substance abuse amongst young peopled aged between 14 and 19 years in urban and semi urban Nigeria.

The objectives of the campaign include: To prevent 14 – 19 year olds from becoming first time users.

To stop the 14 – 19 year old casual user from becoming a habitual user.

To increase awareness amongst teenagers and foster conversations around the effects of drug dependency and abuse.

To engage and galvanize key stakeholders to create awareness about substance abuse in Nigeria, to generate insight, mobilize resources for implementation of sustainable solutions.

To position MTN Nigeria as a caring organization and a leader in Youth Empowerment.

Creating a community of young and vibrant advocates for the MTN Brand.Contributing to the development of the science and technology sector.

Contributing to positioning MTN Nigeria as one of the few organizations with a structured approach to the socio-economic development and inclusion of blind students.

Distribution of School Learning Materials and Solar Powered Boreholes:

To improve learning in the Education Sector and provision of portable water to the communities

Primary Health Care Centres: To improve health within the communities

Alignment with SDGs

SDG3Good Health & Well-Being

SDG4Quality Education

SDG8Decent Work and Economic Growth

SDG9Industry Innovation and Infrastructure”



MTN Nigeria Foundation project data for the year ended 31 December 2019

Impact and Results for 2019

IMPACT: Over 74,000 people impacted directly. 13.5 million people reached through paid media platforms

(ASAP micro-site, TVC, Print media, Social/digital media and Radio).

Activations carried out in motor parks, markets, primary, secondary and tertiary institutions.

Advocacy walk and stakeholder conferences held in Lagos, Imo, Rivers, Bauchi and Kano.

National conference held in partnership with NDLEA in Abuja to commemorate the International Day Against Drug Abuse and Illicit Trafficking.

National conference attracted key stakeholders including: Commissioners and high-level government officials from the Ministry of health of participating states.

National conference with the wife of the Vice-President of the Federal Republic of Nigeria in attendance and high- level officials of NDLEA.

MTN Nigeria projected as a caring and responsible brand.

RESULTS: ASAP endorsed by Federal and participating States’

Ministries of Health. Achieved multi-sectoral collaboration cutting across

pharmaceutical organisations, State Ministries of Health, Federal Government agencies and parastatals, Religious Organisations, Civil Society Organisations, Non- Governmental Organisations and International Development Organisations working in the substance abuse space.

IMPACT: In 2019, 300 students were awarded the Science and

Technology scholarships, while 60 Blind students were also awarded scholarships.

Graduating students benefitted from Employability workshops to prepare them for the workplace.

Graduating students inducted into Scholarship Student Alumni.

RESULTS: To date 9,644 Scholarships worth N1.93 billion have

been awarded since the inception of the project in 2009. 50 Alumni to benefit from MTNF Youth Entrepreneurship

Development Program where small loans will be granted to Alumni to expand or set up businesses.

IMPACT: 257,775 students directly impacted through the distribution

of School Learning Materials. Over 300,000 people benefited directly from the Primary

Health Care Centres intervention.

RESULT: 510 Communities benefited from designated projects

since inception in 2015 (3 phases). Over 2.5 million people have been impacted directly and

indirectly from projects implemented. An estimated N1,044,039,097 has been expended so far on

this project.

Youth Empowerment

Cause:

Youth Empowerment

Cause:

National Priority

Cause:



Project Name

MTNF Theatre for Schools Project

MUSON Scholars Programme

Maternal Ward Support Project (Enhancement)

MTNF- Y’ello Doctor Mobile Medical Intervention Scheme

Project Description

Drama competition amongst secondary school students, coached and mentored by university students in their locality.

Participating schools are adopted by the Foundation as MTN’s Arts & Culture Schools.

Regional winner participated in a National Competition with the overall winners given cash prizes.

Provision of annual scholarships worth N250,000 to cover tuition, books and transportation over a 2 year period, for eligible musically talented youth to study music at the prestigious Musical Society of Nigeria (MUSON).

Students are awarded Diploma in Music on graduation which is internationally recognized.

MTN Nigeria Foundation seeks to contribute to the creation of un-hindered access to health care systems and skillful birth attendants for pregnant women in Nigeria through the MTNF Maternal Ward Support Project

Upgrade and provision of equipment to maternal wards e.g. beds, incubators, medical consumables etc. to 24 maternal wards (Abia, Kaduna, Cross River, Niger, Sokoto, Oyo States) and commissioning of delivery room in Niger State

The project involves the provision of free medical care and drugs for people in semi urban and rural areas in Nigeria through mobile clinics.6 state-of-the art mobile medical vehicles were deployed in 6 States (Delta, Ogun, Katsina, Taraba, Abia and Niger) focused on treatment of common communicable/childhood diseases and treatment and referral for non-communicable diseases.The project is aimed at providing support to the Nigerian Primary Health Care System to improve access to primary health care through the mobile medical clinics platform.

Project Objective

Shining a spotlight on the abundance of talent present in our Secondary Schools across the different regions.

Stimulating real and genuine interest to pursue a career in theatre arts in the hearts and minds of the participating students.

The MTN Nigeria Foundation Music Scholarship Programme is an initiative that assists in training young Nigerians in the area of music education by providing the opportunity for talented students from less privileged backgrounds and without the means of traveling abroad to acquire qualitative music education.

Contribute to the reduction of maternal deaths in Nigeria through enhancement of adequate health systems

Contribute to the reduction of new born mortality by improving access to quality maternal and child health care services.

Promote volunteerism among health care workers/medical doctors

Support/strengthen Primary Health Care(PHC) Centres in the country

Provide an effective platform to improve immunization coverage

Provide basic health education and counseling services to under-served communities.

Direct referrals to PHCs/General hospitals and other MTNF centres nationwide (i.e. MSP Mammography/Dialysis centres, SCF Clinics)Promote the MTNF brand

Alignment with SDGs


SDG1No Poverty




MTN Nigeria Foundation project data for the year ended 31 December 2019 - continued


IMPACT: Over 1,600 attendees at both regional and national

competitions.

RESULTS: Participating secondary schools students were coached

by students from Universities’ Arts Departments within their locations, on skills in acting and stage management.

Participating secondary schools were provided with lighting equipment to enhance their Theatre productions.

IMPACT: The program positioned MTN Nigeria as a key enabler. 30 scholars benefited from the scheme in 2019.

RESULTS: Over 300 musicians have benefited from the scholarships

and have graduated from the program. An estimated N200,000,000 has been spent on the music

scholarship.

IMPACT: 6,624 families impacted annually.

RESULTS: Project endorsed by participating States Ministries

of Health. Over 27,000 families impacted since inception. An estimated N451,000,000 was expended on this project.

IMPACT: 10,180 people were reached through intervention

messages whilst 9,551 people were treated in 2019.

RESULTS: Since 2014, over 646,719 people have had access to health

information, were screened, and accessed health services in the communities across the six states (Delta, Ogun, Katsina, Taraba, Abia and Niger).

Total amount expended so far on the project from inception is N840,000,000.

Arts & Culture

Cause:

Arts & Culture

Cause:



Cause:


Cause:


Project Name

ICT and Business Skills Training

Project Description

It is a Youth Empowerment initiative through ICT & Business Skills Training.

For building capacity of youths between the ages of 18 and 35 in ICT, towards enhancing their employability and entrepreneurial ability.

MTNF ecosystem partners (Oracle, Microsoft, KPMG and IBM) help to facilitate the 2-day training workshop.

Project Objective

To build the ICT and business skills of youth.

To contribute to the reduction of youth unemployment by providing ICT and business skills training for youths.

To increase ICT and business opportunities of youths.

To build a community of young leaders who will encourage and support each other to achieve their potential and serve Nigeria as change leaders

Alignment with SDGs

SDG1No Poverty

SDG8Decent Work and Economic Growth

SDG9Industry, Innovation and Infrastructure


MTN Nigeria Foundation project data for the year ended 31 December 2019 - continued


IMPACT: 1,400 Youths were directly impacted

RESULTS: To date over 950 youths have benefited from the training

workshops. Using skills taught at the training, some participants have

gone on to set up their own businesses. An estimated N37,782,656 has been expended so far on

the project.

In September 2015, The United Nations Sustainable Development Summit adopted the 2030 Agenda for Sustainable Development, with 17 SDGs at its core. A road-map for peace and prosperity, it recognizes amongst others, that any efforts made towards ending poverty must include strategies, which improve health and education, reduce inequality and spur economic growth.

The MTN Group, MTN Nigeria and MTN Nigeria Foundation policies are in alignment with the United Nations’ Sustainable Development Goals (SDGs). In view of this, each of the Foundation’s initiatives and projects identifies with at least one of these 17 goals; some help to improve the health status of people, others provide education, stimulate economic recovery, or alleviate poverty.

MTN Nigeria and alignment with the United Nation’s

Sustainable Development Goals (SDGs)

Youth Empowerment

Cause:


GovernanceDirectors, Officers and Professional Advisers

Board of Directors



Directors’ Report

Statement of Directors’ Responsibilities in Relation to Financial Statements


Reports of Independent Auditors to the members

of MTN Nigeria Communications PLC

58

59

64

66

80

84

85

86

MTN Nigeria supported the African Drummers Festival, which held in Abeokuta, Ogun State in April 2019. No fewer than 15 countries - including Cameroon, Congo Brazaville, Burkina Faso, Togo amongst others, and, over 80 dance troupes were in attendance.


Registered Company Number 395010

Directors Names Nationality Position

Dr. Ernest Ndukwe, OFR * Nigerian Chairman

Mr. Michael Ajukwu * Nigerian Independent Non-Executive Director

Mr. Muhammad K. Ahmad, OON * Nigerian Independent Non-Executive Director

Mr. Abubakar B. Mahmoud SAN, OON * Nigerian Non-Executive Director

Dr. Omobola Johnson * Nigerian Non-Executive Director

Mr. Andrew Alli, * Nigerian Non-Executive Director

Mrs. Ifueko M Omoigui Okauru, MFR * Nigerian Non-Executive Director

Mr. Paul Norman South African Non-Executive Director

Mr. Rhidwaan Gasant South African Independent Non-Executive Director

Mr. Ferdinand Moolman South African Executive Director (CEO)

Mr. Karl Toriola Nigerian Non-Executive Director

Mr. Rob Shuter South African Non-Executive Director

Mr. Ralph Mupita South African Non-Executive Director

Mr. Jens Schulte-Bockum German Non-Executive Director

Mr. Modupe Kadri ** Nigerian Executive Director (CFO)

Dr. Pascal Dozie, CON *** Nigerian Chairman

Mr. Gbenga Oyebode, MFR *** Nigerian Non-Executive Director

Col. M. Sani Bello *** Nigerian Non-Executive Director

Mr. Babatunde Folawiyo *** Nigerian Non-Executive Director

Chief Victor Odili, OON *** Nigerian Non-Executive Director

Mallam Ahmed Dasuki *** Nigerian Non-Executive Director

* Appointed effective September 2, 2019 | ** Appointed effective March 1, 2020 | *** Retired effective September 2, 2019 |

Registered office 4 Aromire Road, off Alfred Rewane Ikoyi, Lagos

Holding company MTN International (Mauritius) Limited incorporated in the Republic of Mauritius

Auditors Grant Thornton Nigeria (Chartered Accountants) 2A Ogalade Close, off Ologun Agbaje Street, off Adeola Odeku Street Victoria Island, Lagos

Company Secretary Uto Ukpanah

Registrars United Securities Limited 9 Amodu Ojikutu St, Victoria Island, Lagos

Tax Identification Number (TIN) 00969009-0001

Directors, Officers and Professional Advisers Board of Directors

A.B. Mahmoud, SAN, OONNon-Executive Director

Muhammad K. Ahmad, OONIndependent Non-Executive Director

Omobola JohnsonNon-Executive Director

Michael AjukwuIndependent Non-Executive Director

Rhidwaan GasantIndependent Non-Executive Director

Paul NormanNon-Executive Director

Ferdinand MoolmanChief Executive Officer (CEO)

Karl ToriolaNon-Executive Director

Jens Schulte-BockumNon-Executive Director

Andrew AlliNon-Executive Director

Ernest Ndukwe, OFRChairman

Rob ShuterNon-Executive Director

Ralph MupitaNon-Executive Director

Ifueko M Omoigui Okauru, MFRNon-Executive Director

Modupe KadriChief Financial Officer (CFO)



Dr. Ernest C. Ndukwe, OFR Chairman, Board of Directors

Appointed:

Non-Executive Director - June 1, 2018; Executive 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 the Nigerian Communications Commission (NCC), 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 include:Non-Executive Director, Systemspecs Limited; Board Member, ICT Research Africa Network; Chairman, Openmedia Group.

Ferdi MoolmanChief Executive Officer (CEO)

Appointed:

July 1, 2014

Board Committee Membership:

Member: Ad hoc Committee on the Listing of MTNN on the NSE


Mr. Moolman is the Chief Executive Officer of MTN Nigeria. 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.

Rob ShuterExecutive Director

Appointed:

April 13, 2017


Member: Remuneration, Human Resources and Social and Ethics Committee; Nomination and Governance Committee


Mr. Shuter is the MTN Group President and Chief Executive Officer. He has extensive experience in the telecoms sector in both Africa and Europe as well as in the financial services industry.

He previously served as Chief Executive Officer European Cluster, Vodafone Group PLC where he was responsible for the operations in nine key European markets.

He is a qualified Chartered Accountant, and has held a number

of senior leadership positions from Head of Investment Banking to Chief Executive Officer at companies such as Vodacom, Vodafone, Nedcor Group, Nedbank Retail of Nedbank Group Ltd. and Standard Corporate and Merchant Bank (SCMB). At the latter, he was involved in the group’s mergers and acquisitions business.

Mr. Shuter currently serves as a Commissioner on the United Nations Broadband Commission for Sustainable Development, as well as the South African Presidential Commission on the Fourth Industrial Revolution where he chairs the Social and Economic impact work-stream.

Degrees: B.Sc. CA(SA)

Paul NormanNon-Executive Director

Appointed:

First appointed May 16, 2005;Resigned April 1, 2015 andRe-appointed February 10, 2016 Board Committee Membership:

Member: Remuneration, Human Resources, and Social and Ethics Committee. Nomination and Governance Committee.


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, M.A, MBA

Ralph MupitaNon-Executive Director

Appointed:

April 13, 2017


Member: Nomination and Governance Committee until November 2019, Ad hoc Committee on the Listing of MTN Nigeria on the NSE, Board Audit Committee, Risk Management and Compliance Committee.


Mr. Mupita is MTN Group Chief Financial 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: B.Sc., MBA

Other directorships include:Member, Board of Directors; Association for Savings & Investment SA, Business Leadership South Africa, UAP Holdings Ltd. and Brand South Africa

Rhidwaan GasantIndependent Non-Executive Director

Appointed:

April 1, 2015


Chairman: Board Audit Committee. Chaired Audit, Risk Management and Compliance Committee until November 2019.


Mr. Gasant has served on the boards of a number of international companies within the MTN Group, including MTN SA since 2007. He serves as Chairman of the Audit and Risk Management Committees of some MTN Group operating companies.

He has held financial and leadership roles at companies such as Mobil Oil Southern Africa, Engen and Rapid African Energy Holdings, a start-up oil and gas exploration company, focused on Africa.

Degrees: B.Sc., B.Compt

Other directorships include:Member Board of Directors, AngloGold Ashanti Limited (AGA). Rapid African Energy Holdings Group, a startup oil and gas exploration business focused on Africa, and Edcon Limited.

Karl ToriolaExecutive Director

Appointed:

January 14, 2016


Member: Audit, Risk Management and Compliance Committee until November 2019.


Mr. Toriola has been Vice President of West and Central Africa (WECA) at MTN Group since 2016. He has held many senior roles in MTN including Chief Technical Officer, Network Group (NWG), MTN Nigeria and Chief Executive Officer, MTN Cameroon.

In April 2015, he was appointed the MTN Group Operating Executive where he had direct responsibility for 13 MTN Subsidiaries in 13 countries with their respective CEOs reporting to him. Prior to joining MTN Nigeria, he was the Chief Operations/Regional Officer for Vmobile Nigeria (now Airtel Nigeria) where he was responsible for operations.

Degrees: B.Sc., M.Sc.

Michael AjukwuIndependent Non-Executive Director

Appointed:

September 2, 2019.


Member: Risk and Compliance Committee; Nomination and Governance.


Mr. Ajukwu has over 21 years’ experience in the banking industry and an extensive understanding of the Nigerian Political Economy with special focus on Energy, Real Estate and Adolescent Education.

Degrees: B.Sc. Finance, University of Lagos; MBA, Stern School of Business, New York University.

Other directorships include:Chairman, Broad Street Capital Partners; Independent Non-Executive Director, Sterling Bank PLC; Independent Non-Executive Director, Tiger Brands South Africa;Non-Executive Director, International Breweries Ltd; Non-Executive Director, Novotel Hotel.

Dr. Omobola JohnsonNon-Executive Director

Appointed:

September 2, 2019.


Member: Risk and Compliance Committee; Nomination and Governance Committee.


Dr. Omobola Johnson brings over 30 years of ICT experience across the private and public sectors. She started her career from 1985 to 2010 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. 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/Accenture. From 2011-2015, she served as Nigeria’s Minister of Communication, where she developed the country’s ambitious 2013-2018 National Broadband Plan.

MTN Nigeria Communications PLC 61

Board of Directors - continued



Dr. Omobola JohnsonNon-Executive Director - continued

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.

Degrees: BA, Electrical and Electronic Engineering, University of Manchester; MSc, Digital Electronics, King’s College, London; DBA, Cranfield University.

Other directorships include: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); Non-Executive Director FBNQuest Merchant Bank

Ifueko M Omoigui Okauru, MFRNon-Executive Director

Appointed:

September 2, 2019.


Member: Board Audit Committee; Remuneration, Human Resources and Social and Ethics Committee; Board representative on Tier 1 Sourcing Committee.


From May 2004 to April 2012, Mrs Omoigui 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)

From July 1996 to April 2004, she led ReStral Ltd. (a Leadership and Management Services Company which she founded) and built the organization up from a zero base to a company par excellence. 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, Verraki and Andersen Tax). She led the firm’s successful strategy consulting practice before her exit in 1996.

She is currently the Managing Partner of Compliance Professionals PLC – supporting individuals and organisations to ensure compliance with rules and regulations; Chairman of the Nigeria Tax Research Network, member of the Board of Trustees of DAGOMO Foundation Nigeria (Limited by Guarantee), a family based Non-Governmental Organisation geared to community development. She is also the Africa Initiative for Governance (AIG) visiting Fellow of Practice at the Blavatnik School of Government, University of Oxford for the 2019/2020 year.

Degrees: BSc. Accounting from University of Lagos; MSc. Management Science, Imperial College; MPA, Harvard Kennedy School, Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Tax Practitioner, Institute of the Chartered Institute of Taxation (CITN)

Other directorships include:Independent Director, Board of Nigerian Breweries PLC, Independent Director, Board of SEPLAT Petroleum Development Company Limited; Chairman, Lagos State Employment Trust Fund; Managing Partner/Director, Compliance Professionals PLC; Chairman/Founder - ReStraL Ltd;

Muhammad K. Ahmad, OONIndependent Non-Executive Director

Appointed:

September 2, 2019.


Chairman: Remuneration, Human Resources and Social and Ethics Committee; Board Audit Committee.


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. He is the founder of Jewel Development Foundation, a graduate assistant platform; and Certium Consulting, a strategy advisory and business applications company.Mr. Ahmad is also a member of the Presidential Committee for the North East Intervention (PCNI).

Other directorships include:Chairman, Board of Polaris Bank (Former Skye Bank), Board of Taj Bank, Board of Credent Capital Advisory and FATE Foundation, Chairman Interim Management Board, International Energy Assurance, Director - Board of FBN Holdings PLC.

Andrew Alli Non-Executive Director

Appointed:

September 2, 2019.


Risk Management and Compliance, Remuneration, Human Resources and Social and Ethics Committee.

Skills, Expertise and Experience: Before Mr. Alli joined the SouthBridge Group, he was the President & CEO of Africa Finance Corporation (AFC); Partner at Travant Capital Partners, a West-Africa focused private equity fund he co-founded and worked for 11 years at the International Finance Corporation (IFC), the private sector financing arm of the World Bank. He joined IFC in Washington as an investment officer working first in the

Board of Directors - continued

Oil, Gas and Mining Department and then later in the Telecommunications Department. In 2002, he was appointed IFC’s Country Manager for Nigeria, responsible for managing the corporation’s operations in the country.

In 2006, he served as the Country Head for Southern Africa, assuming responsibility for South Africa and seven other countries. During the course of his career, Mr. Alli has been involved with investments in Africa totaling more than US$8 billion.

Degrees: B.Eng degree in Electronics and Electrical Engineering, King’s College, University of London; MBA INSEAD Business School, France; Chartered Accountant, Coopers & Lybrand (PriceWaterhouseCoopers).

Other directorships include: CEO, SouthBridge, a Pan-African financial services firm focused on Investment Banking, Sovereign advisory, as well as on serving African and global corporates. Independent Non-Executive Director, Development Bank of Nigeria; Member, Advisory Board, Lagos Business School (LBS) Non-Executive Director, Guaranty Trust Bank PLC. (June 2008 - June 30, 2016). Non-Executive Director of CDC Group . Member, Board of Trustees – African Gifted Foundation

A.B. Mahmoud, SAN, OON, FCIArb (UK)Non-Executive Director

Appointed:

September 2, 2019.


Member: Risk and Compliance Committee; Nomination and Governance Committee.


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.

Degrees: LLB and LLM (Company and Labour Law), Ahmadu Bello University, Zaria.

Other directorships include:Board Member, Stanbic IBTC Pension Managers; Board Member, Aliko Dangote Foundation.

Jens Schulte-BockumNon-Executive Director

Appointed:

April 13, 2017


Member: Remuneration, Human Resources, and Social and Ethics Committee.


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.

Degrees: B.Sc, M.A.

Other directorships include:Member, Advisory Boards of Delta Comfort BV and the School of Business and Economics at Maastricht University, The Netherlands; Trustee, Bankinter Foundation of Innovation, Madrid.

Modupe KadriChief Financial Officer (CFO) Appointed:

March 1, 2020


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 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 and IMD Business School where he is an alumnus of all three.

Degress: B.Sc., M.Sc.

Other directorships include:Scancom PLC ( MTN Ghana), MobileMoney Limited and Hajj Mabrur Ventures Limited (Nigeria).

MTN Nigeria Communications PLC 63Annual Report and Financial Statements 2019


Randy BikrajChief Information Officer (CIO)

Ugonwa NwoyeChief Customer Relations Officer (CCRO)

Olubayo AdekanmbiChief Transformation Officer (CTRO)

Tobechukwu OkigboChief Corporate Services Officer (CCSO)

Esther AkinnukaweChief Human Resources Officer (CHRO)

Modupe KadriChief Financial Officer (CFO)

Ferdinand MoolmanChief Executive Officer (CEO)

Adekunle AdebiyiChief Sales & Distribution Officer (CSDO)

Cyril IlokChief Risk & Compliance Officer (CRCO)

Lynda Saint-NwaforChief Enterprise Business Officer (CEBO)

Kolawole OyeyemiGeneral Manager Customer Experience

Ibe EteaGeneral Manager, Internal Audit & Fraud Management

Mohammed RufaiChief Technical Officer (CTO)

Mazen MroueChief Operating Officer

Rahul DeChief Marketing Officer (CMO)

Srinivas RaoChief Digital Officer (CDO)


MTN Nigeria Communications PLC64 65Annual Report and Financial Statements 2019


Usoro UsoroGeneral Manager, Mobile Financial Services / Chief Executive Officer, Y ello Digital Financial Services (CEO, YDFS)

’

MTN Nigeria Communications PLC Annual Report and Financial Statements 201966 67MTN Nigeria Communications PLC66 67Annual Report and Financial Statements 2019


CORPORATE HISTORY

MTN Nigeria Communications PLC was incorporated as a private company on 8th November, 2000. The first phone call on the MTN network was made on 16th May, 2001, thereafter, the Company commenced commercial operations on 8th August, 2001. MTN Nigeria re-registered as a Public Limited Company (PLC) on 18th April, 2019 and listed on the Premium Board of the Nigerian Stock Exchange on 16th May, 2019. MTN Nigeria Communications PLC subjects its operations to the highest standards of corporate governance. At MTN Nigeria Communications PLC good corporate governance is an essential foundation for sustainable corporate success.

Share Capital Structure

Authorised: Ordinary shares: N557,000,000 divided into 27,850,000,000 Ordinary Shares of N0.02 each.

Issued and Fully Paid: Ordinary shares: N407,090,261 divided into 20,354,513,050 Ordinary Shares of N0.02 each.1

$2,012,951.30 divided into 402,590,261 Convertible Redeemable Cumulative Preference US$0.005

At its meeting held on April 24, 2019, the Board authorised the redemption of the 402,590,261 Convertible Redeemable Cumulative Preference Shares of the Company (the “Preference Shares”), subject to the Company obtaining all necessary regulatory approvals. All the preference shares were redeemed

in December 2019. The redemption price was US$0.9875579 per preference share

Subsidiaries Visafone Communications Limited XS Broadband Limited Yello Digital Financial Services Limited

MTN Nigeria has applied for a Payment Service Bank license from the Central Bank of Nigeria.

BOARD OF DIRECTORS

The Board of Directors is responsible for the governance of MTN Nigeria Communications PLC and is accountable to shareholders for creating and delivering sustainable value. MTN Nigeria conducts its affairs with transparency, accountability, prudence, fairness, and social responsibility, thereby seeking to balance the interests of all stakeholders.

It is the duty of the Board to determine the Company’s purpose and values, the strategy to achieve its purpose and to ensure its values are implemented in order that it remains a going concern. The Board ensures that procedures and practices are in place which protect the Company’s assets and reputation.

The Chairman of the Board provides leadership and is responsible for the overall operation and governance of the Board. He manages the business of the Board and sets its agenda in consultation with the Chief Executive Officer and the Company

Secretary, with contributions from other Board members. The Chairman also ensures that agendas strike the right balance between operational performance and strategic matters. In so doing, he ensures that Board meetings are properly conducted and that the Board is effective and functions in a cohesive manner.

The Chairman plays a leading role in ensuring the Board and its Committees are composed of the relevant skills, competencies and experience. The Chairman facilitates and encourages active engagement of Directors by drawing on their skills, knowledge and experience.

The positions of the Chairman and Chief Executive Officer are separate and held by different individuals in line with Section 5.1(b) of the SEC Code. Ferdinand Moolman is Chief Executive Officer and is responsible for the execution of strategy and the day to day management of MTN Nigeria, supported by the Executive Leadership Team.

67Annual Report and Financial Statements 2019

In accordance with Section 249 (2) of Companies and Allied Matters Act (CAMA) 2004 Laws of the Federation, the six (6) aforementioned directors appointed effective 2nd September, 2019 will be presented for election at the Company’s Annual General Meeting.

Dr. Ernest Ndukwe, OFR was appointed Chairman of the Board with effect from 2nd September, 2019. The Board also appointed Mr. Modupe Kadri as Executive Director and Chief Financial Officer effective 1st March, 2020.

Board Composition

The Company aspires to achieve a balanced mix of skills, gender and knowledge on its Board by appointing and retaining competent, experienced, trust-worthy and reliable Directors who have the capacity and ability to lead the Company towards achieving its strategic objectives.

As at 31st December 2019, the Board consisted of nine (9) Non-Executive Directors, four (4) Independent Non-Executive Directors (including the Chairman) and one (1) Executive Director.

S/N

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

Name of Director

Dr. Ernest Ndukwe, OFR

Mr. Muhammad K. Ahmad, OON

Mr. Michael Ajukwu

Mr. Rhidwaan Gasant

Mr. Andrew Alli

Dr. Omobola Johnson

Mr. Abubakar B. Mahmoud SAN, OON

Mr. Ralph Mupita

Mrs. Ifueko M. Omoigui Okauru, MFR

Mr. Paul Norman

Mr. Jens Schulte-Bockum

Mr. Rob Shuter

Mr. Karl Toriola

Mr. Ferdinand Moolman

Designation

Chairman -Independent Non-Executive Director

Independent Non-Executive Director



Non-Executive Director









Executive Director (CEO)

Effective Date of Appointment

1st June 2018

2nd September 2019

2nd September 2019

1st April 2015

2nd September 2019

2nd September 2019

2nd September 2019

13th April 2017

2nd September 2019

First appointed 16th May 2005; Resigned 1st April 2015 and reappointed 10th February 2016

13th April 2017

13th April 2017

14th January 2016

1st July 2014

Cumulative Period in Office as at 31st December 2019

1 year 6 months

4 months

4 months

3 years 8 months

4 months

4 months

4 months

2 years 8 months

4 months

13 years

2 years 8 months

2 years 8 months

3 years

4 years 6 months

Nationality

Nigerian

Nigerian

Nigerian

South African

Nigerian

Nigerian

Nigerian

South African

Nigerian

South African

German

South African

Nigerian

South African

Gender

Male

Male

Male

Male

Male

Female

Male

Male

Female

Male

Male

Male

Male

Male


Director Appointment Process

The Board has put in place a robust Board Appointment Policy that ensures the following:• A built-in balance of continuity

and turnover;• Regular infusion of fresh ideas

and new perspectives to the Board;

• Composition of qualified individuals with appropriate skills and competencies;

• Improved Board performance and effectiveness;

• Defined skills and competencies profile that reflects the needs of the Board;

• Prevention of threats to Directors independence;

• A broad framework for assessing prospective and existing Board members;

• Compliance with regulatory provisions;

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 appropriate candidates who embody the highest standards of personal and professional integrity and ethics for consideration for nomination.

v. Abubakar B. Mahmoud SAN, OONvi. Ifueko M. Omoigui Okauru, MFRvii. Modupe Kadri

Induction and Continuous Training

Upon appointment to the Board, all Directors receive an induction tailored to support a seamless on-boarding experience. The induction, which is arranged by the Company Secretary, may include meetings with senior management staff and key external advisors, to assist Directors in acquiring a detailed understanding of the Company’s operations, its strategic plan, its business environment, its stakeholder ecosystem and the Company’s priority areas. The induction provides an opportunity to introduce Directors to their fiduciary duties and responsibilities as well as committee roles.

Induction sessions were held in September and November 2019 for the directors appointed effective September 2, 2019 to acquaint them with their duties and responsibilities. The induction sessions also provided an opportunity for the newly appointed directors to meet the Management team and be briefed on strategic areas of the Company’s operations.

In October 2019 the Board held a 2-day retreat to deliberate on the current state of the business and agree high level strategic imperatives for 2020.

The Company attaches great importance to the continuous development of its directors in order to enhance their performance on the Board and the various committees to which they belong.

REMUNERATION, HUMAN RESOURCES AND SOCIAL AND ETHICS COMMITTEE

The Committee is established to support the Board in the execution of its duties with respect to implementation of the 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:


Corporate Governance Report - continued

Retirement by Rotation and Election/ Re-election of Directors

In line with the provisions of 259 (1) and (2) of CAMA, one third of the directors for the time being, or if their number is not three or a multiple of three, then the number nearest one third will retire from office. The Directors to retire from office are:

i. Paul Normanii. Ferdi Moolmaniii. Karl Toriola

The following Directors appointed since the last AGM will be presented to Members for election:

i. Michael Onochie Ajukwuii. Muhammad K. Ahmed,OONiii. Andrew Alliiv. Omobola Johnson

Changes on the Board

In the course of the financial year ended December 31, 2019 and in compliance with the provisions of the applicable corporate governance codes, following the expiration of their tenure six (6) pioneer Directors retired from the Board effective September 2, 2019 as detailed below.

Name of Director Designation

Dr. Pascal Dozie, CON ChairmanCol. Sani Bello (Rtd.) Vice ChairmanChief Victor Odili, OON Non-Executive DirectorMallam Ahmed Dasuki Non-Executive DirectorMr. Babatunde Folawiyo Non-Executive DirectorMr. Gbenga Oyebode, MFR Non-Executive Director

Following the retirement of those Directors, the Board appointed the following directors with effect from September 2, 2019:

Name of Director Designation

Mr. Michael Onochie Ajukwu Independent Non-Executive DirectorMr. Muhammad K. Ahmad, OON Independent Non-Executive DirectorMr. Andrew Alli Non-Executive DirectorDr. Omobola Johnson Non-Executive DirectorMr. Abubakar B. Mahmoud SAN, OON Non-Executive DirectorMrs. Ifueko M. Omoigui Okauru, MFR Non-Executive Director

3Mr. Muhammad K. Ahmad

1Chief Victor Odili OON

1Col. Sani Bello (Rtd.)

1Mr. Babatunde Folawiyo

Mr. Rob Shuter


Mr. Paul Norman

2Mrs. Ifueko M Omoigui Okauru, MFR

2Mr. Andrew Alli

Name










Status

1 Retired from the Board with effect from September 2, 20192 Appointed a Member of the Committee on November 5, 20193 Appointed Chairman of the Committee on November 5, 2019N/M -- No meeting held since appointment to the Committee during period under review

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/M

N/A

N/A

N/A

4-Nov-201913-Feb-2019 14-May-2019 23-July-2019

Date of Meeting

• 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 with regard to all Social and Ethics related matters.

The Chief Human Resources Officer presents regular reports to the Committee at its meetings.

The Committee met four (4) times during the year ended December 31, 2019. The Committee was chaired by Chief Victor Odili, OON until his retirement from the Board on September 2, 2019. Mr. Muhammad K. Ahmad is the current Chairman of the Committee. Other members of the committee and the meetings held during the year under review is reflected in the table below.

DIRECTORS REMUNERATION

The Board aims to set Non-Executive Directors’ remuneration at the level that is at par with market developments, reflects their qualifications, the contributions required and the extent of their responsibilities and liabilities.

Non-Executive directors are paid an annual fee in addition to

reimbursable expenses incurred in the course of their role as Board members, where not provided directly to the Company. Director’s fees are approved by Shareholders at the Annual General Meeting. They receive a sitting allowance for each meeting attended by them. Non-Executive Directors do not receive performance incentive payments.

The remuneration of Executive Directors reflects competitive benchmarking while ensuring it attracts and retains skilled talent. Executive Directors remuneration is performance driven and includes performance bonuses and share options. They do not receive fees or sitting allowance for their role on the Board.



BOARD COMMITTEES

The Board carries out its oversight responsibilities through its committees, with clearly defined terms of reference, setting out their roles, responsibilities, functions and scope of authority. The Board currently has four (4) standing Committees namely; Board Audit Committee, Risk Management and Compliance Committee, Remuneration, Human Resources and Social and Ethics Committee, Nomination and Governance Committee. The Committees make recommendations to the Board, which has the ultimate responsibility for decision-making. In certain cases the Board delegates approval mandates to its committees. From time to time the Board sets up ad-hoc committees to address specific assignments as may be deemed necessary.

At the beginning of 2019, the Board had the following Committees, namely:

1. Audit, Risk and Compliance Committee

2. Nominations and Governance Committee

3. Remuneration, Human Resources and Social and Ethics Committee

In November 2019, the Board Committees were reconstituted as follows:

1. Board Audit Committee2. Risk and Compliance Committee3. Nominations and Governance

Committee4. Remuneration, Human

Resources and Social and Ethics Committee

A summary of the roles, responsibilities, composition and frequency of meetings of each of the Committees are as stated hereunder:

BOARD AUDIT COMMITTEE

The Board Audit Committee is established to assist the Board in discharging its duties relating to the safeguarding of assets, the operation of adequate financial systems and control processes and the preparation of financial statements and related financial reporting,

in compliance with all applicable legal requirements and accounting standards.

The Committee previously combined and called the Board Audit Risk Management and Compliance Committee; was chaired by Mr. Rhidwaan. In November 2019 the Committee was split into:

i. Board Audit Committeeii. Board Risk Management and

Compliance Committee

The General Manager, Internal Audit as well as the Chief Risk and Compliance Officer have access to this Committee and make quarterly presentations for the consideration of the Committee.

The Terms of Reference of the Board Audit Committee include:

i. Exercise oversight over Management’s processes to ascertain the integrity of the Company’s financial statements, compliance with all applicable legal and other regulatory requirements; and assess the qualifications and independence of the external auditors, and the performance of the Company’s internal audit function as well as that of the external auditors;

ii. Ensure the establishment of and exercise oversight on the internal audit function, which provides assurance on the effectiveness of the internal controls. On a quarterly basis, obtain and review a report by the internal auditor describing the strength and quality of internal controls including identification of any issues or recommendations for improvement raised by the most recent internal audit review of the Company;

iii. Ensure the development of a comprehensive internal control framework for the Company, obtain appropriate (internal and/or external) assurance and report annually in the Company’s audited financial report, on the design and operating effectiveness of the Company’s internal controls over the financial reporting systems;

iv. Oversee the process for the identification of fraud risks across the Company and ensure that adequate prevention, detection and reporting mechanisms are in place;

v. Discuss the interim or annual audited financial statements as well as significant financial reporting findings and recommendations with management and external auditors prior to recommending same to the Board for their consideration and appropriate action;

vi. Maintain oversight of financial and non-financial reporting.

vii. Review and ensure that adequate whistle-blowing policies and procedures are in place and that the issues reported through the whistle-blowing mechanism are summarised and presented to the board;

viii. Review, with the external auditors, any audit scope limitations or significant matters encountered and management’s responses to same;

ix. Develop a policy on the nature, extent and terms under which the external auditors may perform non-audit services;

x. Review the independence of the external auditors prior to their appointment to perform non-audit services to ensure that where approved non-audit services are provided by the external auditors, there is no real or perceived conflict of interest, or other legal or ethical impediment;

xi. Preserve auditor independence, by setting clear hiring policies for employees or former employees of external auditors;

xii. Ensure the development of a Related Party Transactions policy and monitor its implementation by management. The Committee should consider any related party transaction that may arise within the Company.

Mr. Rhidwaan Gasant chairs the Board Audit Committee. Other members of the Committee and the meetings held during the year under review are reflected in the following table:

NOMINATION AND GOVERNANCE COMMITTEE

The Board through the Nomination & 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.

The Committee met twice during the year ended December 31, 2019. The Committee was chaired by Mr. Gbenga Oyebode until his retirement on September 2, 2019. Mr. Michael Ajukwu is the current Chairman of the Committee.

Name

Mr. Rhidwaan Gasant

1Mr. Gbenga Oyebode, MFR

1Mallam Ahmed Dasuki

2Mrs. Ifueko M Omoigui Okauru, MFR

2Mr. Muhammad K. Ahmad, OON

Mr. Ralph Mupita

Mr. Karl Toriola

Status








13-Feb-2019+

1 Retired from the Board with effect from September 2, 20192 Appointed to the Audit Committee on November 5, 2019+ Audi, Risk Management and Compliance Committee

N/A N/A N/A N/A

N/A N/A

N/A

N/A N/A

N/A N/A N/A N/A

N/A N/A

N/A

N/A N/A

23-July-2019+

11-Dec-2019

14-May-2019+

4-Nov-2019+

24-Oct-2019+

18-Dec-2019

Date of Meeting

RISK MANAGEMENT AND COMPLIANCE COMMITTEE

The Committee which was initially combined with the Audit Committee assists the Board in fulfilling its oversight responsibility with respect to the Company’s risk management, compliance management and information security/privacy programs. The Chief Risk and Compliance Officer and the General Manager, Internal Audit have access to this Committee and are required to make quarterly presentations to the Committee.

Dr. Omobola Johnson chairs the Committee. Other members are:

• Mr. Andrew Alli • Mr. Rhidwaan Gasant

• Mr. Abubakar B. Mahmoud SAN • Mr. Ralph Mupita• Mr. Michael Ajukwu

The Terms of Reference of the Board Risk Management and Compliance Committee include to:

• Ensure that the Company has a clearly defined risk management strategy with appropriate supporting processes and structures.

• Review and assess the integrity of the risk control systems and ensure that the risk policies and strategies are effectively implemented and managed.

• Review significant compliance risk areas and the steps management has taken to monitor, control

and report such compliance risk exposures.

• Report compliance issues that may have significant financial implications to the Board and otherwise assist the Board in the discharge of such obligations related to such compliance issues.

• Review compliance related policies and procedures.

The Chief Risk and Compliance Officer as well as the General Manager, Internal Audit have access to the Committee. The Committee, which was separated from the Audit Committee in November 2019 commenced meetings in 2020.


AD HOC COMMITTEE ON LISTING OF MTN NIGERIA ON THE NIGERIAN STOCK EXCHANGE

The Board established the Committee to exercise oversight with specific regards to the listing of MTN Nigeria on the Nigerian Stock Exchange (NSE). The Terms of Reference of the Ad Hoc Committee were to:

• Review all matters relating to the proposed listing of MTN Nigeria shares on the NSE including but not limited to the structure, professional advisers and others services, timing of the listing, Corporate Governance Rating

System (CGRS) preparedness 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 conversion from a private to public company and thereafter listing on the NSE and make appropriate recommendations to the Board

• Exercise oversight over the activities of the listing project team as well as various work

streams relating to the listing on the NSE and provide necessary guidance

• Advise the Board on necessary steps to ensure a successful listing on the NSE as soon as commercially and legally possible.

The Committee met nine (9) times during the year ended December 31, 2019 and was chaired by Mr. Gbenga Oyebode MFR. Other members of the committee and the meetings held during the year under review is reflected in the table below.MTN listed on the Premium Board of the NSE on May 16, 2019.

2Mr. Michael Ajukwu

1Gbenga Oyebode MFR

3Mr. Abubakar B. Mahmoud SAN


Mr. Rob Shuter

Mr. Ralph Mupita

Mr. Paul Norman

4Dr. Ernest Ndukwe OFR

3Dr. Omobola Johnson

Name










Status

1Retired from the Board with effect from September 2, 20192Appointed as Chairman of the Committee November 5, 20193Appointed to the Committee November 5, 20194Ceased to be a Member of the Committee on appointment as Chairman of the Board effective September 2, 2019N/M – No meeting held since appointment to the Committee during period under review

N/M

N/M

N/M

N/M

N/M

N/M

26-June-2019 23-July-2019

Date of Meeting

Name

1Gbenga Oyebode MFR

Mr. Rhidwaan Gasant


Mr. Ralph Mupita


Status





Executive Director

Jan 17, 2019

1 Retired from the Board with effect from September 2, 2019

April 10, 2019

April 29, 2019

June 26, 2019

April 1, 2019

April 24, 2019

April 16, 2019

May 7, 2019

July 23, 2019

Date of Meeting


STATUTORY AUDIT COMMITTEE

The Companies and Allied Matters Act (CAMA) Cap C20 requires every public company to establish a Statutory Audit Committee (SAC) composed of an equal number of its directors and representatives of the shareholders. The Committee’s functions as set out in CAMA are to:

(a) ascertain whether the accounting and reporting policies of the company are in accordance with legal requirements and agreed ethical practices;

(b) review the scope and planning of audit requirements;

(c) review the findings on management matters in conjunction with the external auditor and departmental responses thereon;

(d) keep under review the effectiveness of the company’s system of accounting and internal control;

(e) make recommendations to the Board in regard to the appointment, removal and remuneration of the external auditors of the company; and

(f) authorise the internal auditor to carry out investigations into any activities of the company which may be of interest or concern to the committee.

The Board has nominated the following directors as its representatives to the Statutory Audit Committee:

• Mr. Muhammad K. Ahmad, OON• Mr. Rhidwaan Gasant• Mrs. Ifueko M Omoigui Okauru,

MFR

At the Company’s first Annual General Meeting post re-registration as a public limited company, three (3) shareholder representatives will be elected in accordance with the provisions of CAMA.

THE COMPANY SECRETARY

The Company Secretary ensures the integrity of the governance framework, and is responsible for the efficient administration of the Company, ensuring compliance with statutory and regulatory requirements and implementing decisions made by the Board of Directors.

The Office of the Company Secretary provides support, governance advice and detailed guidance to the Directors with respect to their duties, responsibilities and powers. They also ensure compliance with procedures, regulations as well as recommended practices necessary

for the conduct of the affairs of the Board. The Company Secretariat provides secretarial support to the Board and its Committees as well as Executive Management Committee and the Management Governance Committee. The Company Secretary provides a critical link between the Board, Management, Shareholders and other stakeholders.

The Company Secretary is responsible for coordinating the orientation and training of new Directors and the continuous education of Non-Executive Directors; assisting the Chairman and Chief Executive Officer to formulate an annual Board Plan. The Company Secretary is also responsible for the administration of other strategic issues at the Board level; organizing Board meetings and ensuring that the minutes of Board meetings clearly and properly capture Board discussions and decisions.

Other members of the committee and the meetings held during the year under review is reflected in the table below.

AD HOC COMMITTEE ON LISTING OF MTN NIGERIA ON THE NIGERIAN STOCK EXCHANGE - continued


NOMINATION AND GOVERNANCE COMMITTEE - continued


Type of Meeting

Date of Meeting

Number of Meetings Held

Attendance by DirectorsDr. Ernest Ndukwe, OFRDr. Pascal Dozie, CON1

Col. Sani Bello (Rtd)1

Chief Victor Odili, OON1

Mr. Gbenga Oyebode, MFR1

Mr. Tunde Folawiyo1

Mallam Ahmed Dasuki1

Mr. Rob ShuterMr. Ralph MupitaMr. Jens Schulte-BockumMr. Paul NormanMr. Rhidwaan GasantMr. Karl ToriolaMr. Ferdinand MoolmanMr. Muhammad K. Ahmad, OON2

Mr. Abubakar B. Mahmoud SAN, OON2

Mrs. Ifueko M Omoigui Okauru, MFR2

Dr. Omobola Johnson2

Mr. Andrew Alli2

Mr. Michael Ajukwu2

Board

February 14, 2019April 24, 2019May 15, 2019July 24, 2019September 6, 2019October 29, 2019November 5, 2019

7

744434455767773

3

3

333

Board Audit, Risk and Compliance Committee (split in November 2019)

February 13, 2019May 14, 2019

July 23, 2019

October 24, 2019November 4, 2019

5

N/AN/AN/AN/A3N/A3N/A5N/AN/A55N/AN/A

N/A

N/A

N/AN/AN/A

Board Audit(separated from Risk and Compliance in November 2019)

December 11, 2019December 18, 2019

2

N/AN/AN/AN/AN/AN/AN/AN/A2N/AN/A21N/A2

N/A

2

N/AN/AN/A

Risk and Compliance Committee (separated from Board Audit in November 2019)

N/M

N/M

N/AN/AN/AN/AN/AN/AN/AN/AN/MN/AN/AN/MN/AN/AN/A

N/M

N/A

N/MN/MN/M

Remunera-tion, Human Resources and Social and Ethics Committee

February 13, 2019May 14, 2019

July 23, 2019

November 4, 2019

4

N/AN/A23N/A3N/A2N/A44N/AN/AN/AN/M

N/A

N/M

N/AN/MN/A

Nomination and Governance Committee

June 26, 2019July 23, 2019

2

2N/AN/AN/A21N/A12N/A2N/AN/AN/AN/A

N/M

N/A

N/MN/AN/M

Ad Hoc Committee on Listing

January 17, 2019April 1, 2019

April 10, 2019

April 16, 2019

April 24, 2019

April 29, 2019

May 7, 2019

June 26, 2019July 23, 2019

9

N/AN/AN/AN/A86N/AN/A7N/AN/A7N/A7N/A

N/A

N/A

N/AN/AN/A

1 Retired from the Board with effect from September 2, 20192 Appointed to the Board with effect from September 2, 2019N/A – Not a member of the CommitteeN/M - No meeting held since Committee commenced in November 2019



The record of attendance at board and board committee meetings is reflected in the table below:

MANAGEMENT COMMITTEES

EXECUTIVE MANAGEMENT COMMITTEE

The Committee assists the CEO to guide and control the overall governance and direction of the business and to facilitate communication and co-ordination between business units, MTN Nigeria Group of companies and the Board. The Committee which is chaired by the CEO has the following key responsibilities:

1. Implementing Board approved strategies and policies of the Company;

2. Managing the business and affairs of the Company as delegated by the Board;

3. Establishing the best management practices and functional standards;

4. Monitoring the performance of all operating units of the Company;

5. Approving and monitoring delegation of authority of the Group functions and the operating units of the company;

6. Ensuring compliance with legislation and regulations applicable to the Company;

7. Optimising the allocation of the Company’s resources and assets;

8. Identifying and exploring new business opportunities;

9. Ensuring control, co-ordination, monitoring of the Company’s risk profile and controls (both financial, operational and information management); and

10. Ensuring development of internal policies and ensure controls are put in place to ensure compliance therewith.

11. Reviewing relevant and/or material submissions to Board/Board Committees

12. The Committee is further responsible for:i. Prioritising the allocation

of capital, technical, human resources and other appropriate resources

ii. Examining/exploring major investments, divestments and major expenditure to be undertaken prior to Board approval.

WAR ROOM COMMITTEE

In the War Room the Company’s business performance is reviewed and tracked, operational issues are discussed, escalated and solutions are proffered.

The War Room meeting is chaired by the Chief Operating Officer (COO) and attended by Executives from the Commercial, Technology, Regulatory, Finance, Risk and Internal Audit functions.

The War Room Committee:

• Tracks and reviews the Company’s performance nationally and regionally

• Reviews and proposes solutions to operational issues

• Tracks each functions’ targets and initiatives towards meeting the Company targets

MANAGEMENT TEAM

MTN Nigeria Board of Directors

Company Secretary

Uto Ukpanah

Chief Technical Officer

Mohammed Rufai

Chief Information Officer

Randy Bikraj

Chief Human Resources OfficerEsther Akinnukawe

General Manager Mobile Financial Services / CEO,

YDFS

Chief Digital Officer

Srinivas Rao

Chief Marketing Officer

Rahul De

Chief Customer Relations Officer

Ugonwa Nwoye

GM, Internal Audit & Fraud Management

Chief Risk & Compliance Officer

Cyril Ilok

Chief Corporate Services Officer

Tobechukwu Okigbo

Chief Sales & Distribution Officer

Adekunle Adebiyi

Chief Enterprise Business OfficerLynda Saint-Nwafor

Chief Financial Officer

Modupe Kadri

General Manager Customer Experience

Chief Transfor-mation Officer

Olubayo Adekanmbi

Board Audit/Risk & Compliance Committees

Chief Executive Officer

Ferdinand Moolman

Chief Operating Officer

Mazen Mroue

Usoro UsoroKolawole Oyeyemi

Ibe Etea


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 ethical standards and strong risk management culture are maintained

• Ensure efficient deployment and management of the Company’s resources.

TIER 1 SOURCING COMMITTEE

The Committee is set up to ratify the award of tenders and ensure that the tender process is fair, honest, equitable, transparent, ethical, competitive and cost-effective.

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 for further documentation and clarification from the Sourcing Unit, or the user department of the project.


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.


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 program.

The terms of reference are to:

• Provide full supervisory oversight for enterprise wide Capex governance for optimal return on investment

• Ensure that a viable business case exists for the project by making sure all business cases for projects are presented for approval

• Ensure that the business case remains valid throughout the project through continuous reviews at meetings, should there be a need.

• Ensure the provision of risk analysis and evaluation of all Capital Projects in the project documentation and post implementation appraisals.

• Review and approve motivations for budget re-allocation or re-prioritisation within the confines of the budget approval given by the MTN Board.

• 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 of functional divisional Executives with some General Managers in attendance.

The responsibilities of the Committee include:i. Approving products and

services to proceed across key stages gates;

ii. Approving the prioritization of requests as presented by the Coordinating Unit:• Prioritization at executive level

for each division• Prioritization to optimize

available capacity • Prioritization to meet urgent

demandsiii. 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 are met, and that the product or service is accepted both externally and internally within MTNN;

x. Providing guidance on 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 Executives from all functional divisions as members.The key terms of reference are to:i. Review the Fintech strategy

of MTN Nigeria and its subsidiaries.

ii. Co-ordinate the various functional divisions in the execution of the Fintech Go-To Market activities.

iii. Manage the setup and launch of the various licensed and planned Fintech subsidiaries of MTN Nigeria

iv. Review the Fintech commercial performance against agreed targets and timelines.

CUSTOMER EXPERIENCE STEERING COMMITTEE

The Committee sets policy directions on Customer Experience Transformation. It is also responsible for reviewing all cross-divisional initiatives to deliver the Best Customer Experience under the BRIGHT Strategy. Membership comprises of heads of Commercial, Technical, Regulatory, Compliance and Human Resources divisions. The Chief Operating Officer chairs the Committee.

Other key responsibilities of the Committee include:

i. Developing strategic interventions to sustain MTN Nigeria’s NPS leadership.

ii. Reviewing performance on all Customer Experience Key Performance Indices such as: a. Strategic Net Promoter Score

(NPS), Episodic NPS

b. High Volume Journeys performance

c. Review performance on all customer experience interventions and projects across the business

d. myMTN App & web performance,

e. Pro-Customer positioning and communication

f. Top customer complaints analysis and interventions

g. Customer touchpoint performance

h. Analysis & interventions on Closed Loop Feedback (CLF) back office issues.

i. Value realization from the Customer Experience Management (CEM) Solution.

DIGITAL PLANNING COMMITTEE

The Digital Planning Committee is mandated to review all current, ongoing and future company-wide digital initiatives and products. The Committee which is chaired by the Chief Digital Officer has representatives from Digital Services, Enterprise Business, Finance, Legal Services, Regulatory, Human Resources, Information Technology, Internal Audit and Fraud, Marketing, Mobile Financial Services, Network Group, Risk and Compliance, Transformation and Customer Relations.

The Committee is also tasked with:

i. Consolidating all plans under a Transformational Framework to ensure synergies, integration and alignment;

ii. Proposing a structured roadmap, implementation strategy and governance structure;

iii. Shaping the recovery plan for Digital products in line with identified focus areas.

BRAND COUNCIL

The Brand Council’s role is to drive alignment across all areas of the business on strategic priorities through the following:i. Approval of annual commercial

plansii. Prioritization and approvals

of all strategic commercial initiatives across the business

iii. Assessment and review of Brand initiatives and prioritized commercial projects across the business.

The Chief Operating Officer chairs the Brand Council and membership comprises of heads of functional divisions except the Chief Information Officer and the Chief Technical Officer.

CREATIVE COUNCIL

The Creative Council is responsible for ensuring consistency and singularity of brand messaging across the business for advertising and PR content. The Chief Marketing Officer chairs meetings of the Creative Council with heads of the commercial divisions as members.

EDITORIAL COUNCIL

The Editorial Council’s primary responsibility is to ensure the execution of the “BRIGHT-Through Strategy” across the business. The Chief Corporate Services Officer chairs the Council with functional General Managers, Senior Managers and regional representatives as members.



GOVERNANCE AND COMPLIANCE

MTN Nigeria is committed to compliance with the following Codes of Corporate Governance and Listing Standards:

i. The Code of Corporate Governance for Public Companies in Nigeria as issued by the Securities and Exchange Commission 2011

ii. The Nigerian Communications Commission Code of Corporate Governance for the Telecommunications Industry 2016

iii. The Nigerian Code of Corporate Governance 2018

iv. The Nigerian Stock Exchange Rules for Listing on the Premium Board.

v. The Post Listing Rules of the Nigerian Stock Exchange.

The Chief Risk and Compliance Officer monitors compliance with applicable legislations, regulations and codes of Corporate Governance. The Chief Risk Compliance Officer and the Company Secretary from time to time brief the Nomination and Governance Committee as well as the Board on Corporate Governance compliance.

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, 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

MTN Nigeria signed on to the Global Compact (GC) convention at a public event on November 2nd, 2006. The Global Compact 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. MTNN embraces, supports and enacts, within its sphere of influence, a set of core values in the areas of human rights, labour standards, the environment, and anti-corruption. The Anti-Corruption Principle 10, states: “Businesses should work against all forms of corruption, including extortion and bribery”.

To promote the vision of zero tolerance for corruption, MTNN creates awareness on the contents of the above principles via Ethics campaigns on an ongoing basis using pop ups and posters. The Ethics Week provides a platform to drill down the GC principles and the CBI (Convention for Business Integrity) charter and advocate for

staff to inculcate them. Series of internal campaigns are launched to create awareness around Ethics. To also demonstrate employee involvement in promotion of an anti-corrupt practice, every employee is required to complete an Annual Conflict of interest declaration (COI).

MTNN also published its Supplier Code of Conduct which defines minimum standards that the Company’s suppliers and their employees, subcontractors must respect and adhere to when conducting business with MTN.

They include:

1. Act Ethically – Anti Fraud and Zero Tolerance:

Suppliers should conduct business in accordance with the highest ethical standards, and require the same compliance throughout the entire supply chain. They must demonstrate a zero tolerance policy prohibiting any and all forms of corruption and bribery. All business dealings should be transparently performed and accurately reflected within the business 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 in order 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. The supplier must ensure compliance with MTN 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 in the Supplier. In the course of negotiating the Supplier agreement or performing the Supplier’s obligations, dealing directly with a supplier, personnel’s spouse, domestic partner, or other family member or relative employed by MTN is also prohibited.

4. Receiving of Gifts and Benefits: Suppliers should avoid gifts

to MTN employees as even a well-intentioned gift might constitute a bribe under certain circumstances, or create conflicts of interest. Do not offer anything of value to obtain or retain a benefit or advantage for the giver, and do not offer anything that might appear to influence, compromise judgment, or obligate the employee. If offering a gift, meal, or entertainment to MTN employees, 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 the purpose of whistle-blowing.

Internally, the Company has a direct link on its intranet page for dissemination of information, to enable members of staff report identified breaches. Reported breaches are investigated and there is a formal disciplinary procedure that is followed to address identified breaches. Sanctions are applied as necessary where 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 +2348031230141 (toll-free) and/or MTN Internal Fraud Hotline (+2348032005500) or by sending an email to [email protected] or [email protected]. Anonymous reports may also be made via 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. Directors are on an ongoing basis required to declare their

interests and bring such declaration to the attention of the Board. Where it is identified that a related-party relationship exists, the Board agrees specific additional procedures to ensure the effective management of potential conflicts of interest.

The Board also receives a quarterly Related-Party Transaction Report through the Audit Committee. A summary of the related-party transactions during the year ended 31st December 2019 is disclosed on pages 152 - 157.

Complaints Management Process

MTN Nigeria Communications PLC has in place a procedure for receiving, responding to, monitoring and resolving complaints and enquiries from customers and other stakeholders in a timely and efficient manner.

In line with the Complaints’ Management Framework of the Nigerian Capital Market issued by the Securities and Exchange Commission, MTN Nigeria has amended its complaint management policy to cater to the shareholders of the Company. This will be available on the Company’s website following the approval of the Board.


Environmental, Social, Governance (ESG) and Sustainability Policies, Programs and Initiatives:

Environmental Protection

MTN is fully committed to the protection and preservation of the environment at all its facilities. MTN ensures compliance with applicable legal and regulatory frameworks at all levels (Federal, State and Local Government) for environmental management and implementation of environmental best practices for continuous improvement in environmental performance. MTN Nigeria operations are planned and executed in such a way as to minimise any adverse effects or impact on the environment in which we work. The Company promotes and encourages plans, activities, and programs aimed at environmental preservation and protection.

MTN Nigeria took the following steps as a commitment to sound environmental management practices to prevent pollution or environmental degradation:

• CarbonEmissionReduction- MTN Nigeria converted from diesel powered generators to Methane powered energy (Independent Power Project) at 4 of its major power consuming facilities; Rollout of 51 staff buses to reduce vehicles on the road and carpooling; Use of Microsoft Lync for meetings to reduce travels.

• EnergySavings– Use of motion sensor LED bulbs; Purchase of low energy/eco-friendly electrical appliances; Frequent sensitization of persons to turn off appliances not in use.

• NoiseLevelControl– Introduced processes to only purchase power generating sets with a noise level of 65db at 7m for industrial areas and 65db at 1m for residential areas. MTN Nigeria also maintains and services generating sets every 250 hours and monitors

The Green Office Initiative

Reducing environmental impact and associated operating expenses are some of our key business objectives, hence the advent of the Green Office initiative. As part of our efforts to make our operations more environmentally friendly, this initiative is tailored to reduce our environmental footprint whilst driving efficiency and delivering sustainable stakeholder returns.

The Green Office Initiative cuts across energy and water consumption, waste management, paper usage, travel, procurement as well as events.

Through this initiative, MTN Nigeria Communications PLC supported and collaborated with the E-waste Producer Responsibility Organization of Nigeria (EPRON) in its advocacy activities to ensure responsible management of e-waste. The business also participated in the e-waste regulatory cascade workshop and e-waste compliance audit successfully.

In the area of promoting external green reputation, we worked alongside the Global Environment Facility (GEF), the United Nations Environment Programme (UNEP) and the National Environmental Standards and Regulations

generators noise levels at its locations across the regions.

• WasteManagement– Introduction of OEM buy-back for equipment; Only licensed vendors are engaged to manage E-waste; Introduction of No-Print-Day to create awareness on waste paper reduction; Issuance of water bottles to staff to reduce the generation of disposable plastic cup and bottle wastes; Recycle generated plastic and paper waste; Use of online portal system for requests involving travel, fleet and medical to eliminate paper waste.

• AwarenessCreation– Conducts periodic awareness programs to sensitize staff and vendors on the associated environmental aspects, impacts and control in line with Environmental Management System (EMS) and applicable laws

Social Inclusion and Corporate Social Investment (CSI)

• In the areas of sustainability and Corporate Social Responsibility, we strive to improve quality of life in the areas of Health, Education, Economic empowerment on a sustainable basis.

• The ability to innovate and deliver projects that impact positively on the lives of the people in our community is the cornerstone of our accomplishments.

• With success comes the responsibility of giving back to the society in a meaningful and sustainable way, tempered by care for the environment and concern for people – both now and in the future.

• Through our health portfolio, we have been alleviating health challenges currently facing the country and thus, contributing to a healthier Nigeria.

Community Service

To enhance the relationship between the Company and host Communities

Enforcement Agency (NESREA) in delivering the Circular Economy Approaches For Electronic Sector In Nigeria (GEF ID:10141) Project. This project is aimed at the recovery and reintroduction of useable materials into the industry value chain and ensures environmentally sound disposal of hazardous waste streams.

MTN Nigeria Communications PLC commissioned three Independent Power Plants (IPPs) at Ibadan, Apapa and Ojota switches. It is important to note that all the plants are running on piped natural gas, which releases less carbon dioxide. Plans are underway to connect our Head office- MTN Plaza, Ikoyi and Kano switches to IPP.

In alignment with best practice, MTN Nigeria Communications PLC facilitated the Environmental Management System (EMS) Verification exercise under the Federal Ministry of Environment (FME) becoming the first Telco in Nigeria to be verified on EMS-Alive voluntary audit by the ministry.

Within our office spaces, MTN Management supported a digitization campaign that brought about the deployment of central

and ultimately reduce operating costs, and shutdowns emanating from a fractious relationship, MTN Nigeria has a policy and function to manage Community affairs as an integral part of the business. This is with a view to maintain a good relationship between the Company and host Communities. Our Community Relations Officers liaise between the Communities and the Company on matters such as employment of indigenous workers and Community Development Projects.

Occupational Health Policies and Plans

As an Industry leader in the Telecommunications and ICT space, and an Employer of choice and an Investor in People (IIP) Platinum certified organization, MTN Nigeria places a premium on the health and safety of the personnel and the communities where we operate. MTN Nigeria ensures all staff are medically fit and remain medically fit throughout their employment, including maintaining insurance against any liability that may occur in the course of work, or any impairment to health. The Company’s retained clinics handle all routine medicals and medical emergencies. Health monitoring of all staff is routinely done to assure the continued fitness of all staff.

There is also an arrangement to manage and respond to serious diseases. The MTN Nigeria Medical Team manned by professional and qualified medical personnel, supported by peer educators and emergency responders, are on standby to respond to any serious medical emergency and or diseases. A pandemic preparedness plan is in place which stipulates responsive actions to be taken and delineates responsibilities amongst internal stakeholders to ensure proper intervention and mitigation in the event of any serious disease in the workplace.

printers, central shredders and the introduction of cloud storage to reduce printing. These initiatives led to a 60% reduction in paper and toner consumption.

The business also promoted green office awareness amongst staff through sensitization sessions and awareness campaigns on internationally celebrated environmental days such as the International World Earth Hour Day (March 30), World Environment Day (June 5) and E-Waste Day (October 14). Our partners are also encouraged through supplier and vendors awareness programmes to promote sustainable (green) procurement.

MTN Nigeria Communications PLC80 81




Names of Directors

Mr. Pascal Dozie, CON (Retired 2 September 2019)

Mr. Gbenga Oyebode, MFR (Retired 2 September 2019)

Col. M. Sani Bello (Retired 2 September 2019)

Mr. Babatunde. Folawiyo (Retired 2 September 2019)

Chief Victor Odili, OON (Retired 2 September 2019)

Mallam Ahmad Dasuki (Retired 2 September 2019)

Dr. Ernest Ndukwe, OFR

Mrs. Omobola Johnson (Appointed 2 September 2019)

Mr Andrew Alli (Appointed 2 September 2019)

Mr. Paul Norman

Mr. Rhidwaan Gasant


Mr. Karl Toriola

Mr. Rob Shuter

Mr. Ralph Mupita


Mr. Michael Ajukwu (Appointed 2 September 2019)

Mr. Muhammad K. Ahmad, OON (Appointed 2 September 2019)

Mr. Abubakar B. Mahmoud SAN, OON (Appointed 2 September 2019)

Mrs. Ifueko M Omoigui Okauru, MFR (Appointed 2 September 2019)

No of shares

Nil

Nil

Nil

Nil

Nil

25,000,000

161,375

225,000

93,220

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

No of shares

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

No of shares

340,409,900

181,776,250

265,092,150

218,815,100

806,886,900

140,091,560

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

No of shares

340,409,900

181,776,250

265,092,150

218,815,100

806,886,900

152,717,850

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

%

Nil

Nil

Nil

Nil

Nil

0.1

0.0

0.0

0.0

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

%

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

%

1.6

0.8

1.3

1.0

4.0

0.8

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

%

1.7

0.9

1.3

1.1

4.0

0.8

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Direct DirectIndirect Indirect

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 2019.

Principal activities of the group

MTN Nigeria Communications PLC, formerly MTN Nigeria Communications Limited (the Company) was incorporated on 8 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 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).

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 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 financial 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.

During the year, the Nigerian Communication Commission (NCC) granted Visafone Communications Limited 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 up of Visafone Communication Limited. The liquidation process is currently on-going and is expected to be concluded in 2020.

Business review

The Group recorded revenue of N1.17 trillion (December 2018: N1.04 trillion) and a profit after tax of N202.11 billion (December 2018: N145.69 billion) for the year.

Operating results and dividends

The following is a summary of the Group’s operating results:

2019 2018 N ‘000 N ‘000Revenue 1,169,734,682 1,039,117,810Operating profit 395,297,228 266,113,777Profit before tax 290,104,033 221,342,648Income tax expense (87,993,059) (75,656,747)Profit after tax 202,110,974 145,685,901

On 24 July 2019, the Board of Directors approved interim dividends of N60 billion for the year ended 31 December 2019 (31 December 2018: N111.6 billion).

The interim dividend represents N2.95 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 2019.

The Board of Directors recommend the payment of a final dividend of N4.97 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 2019 will be N7.92 per share of 2 kobo each. Withholding tax would be deducted at the point of payment.

Preference share redemption

On 24 April 2019, the Board approved the redemption of the preference shares of $399.59 million (402.5 million preference shares of US$0.005c each). The preference shares were fully redeemed on 30 December 2019 at N148.19 billion.

Directors’ ReportRegulatory matters

NCC fine

On 20 October 2015, the Nigerian Communications Commission (NCC) imposed a fine relating to the timing of the disconnection of 5.1 million MTN Nigeria subscribers. An agreement was reached between the NCC and MTN Nigeria on 10 June 2016 in the sum of N330 billion as full and final settlement of the fine to be paid in seven (7) installments.

A sum of N220 billion in five installments was paid between 2016 and 2018. During the year the final N110 billion was paid in two installments.

Attorney General of the Federation (AGF) matter

The Office of the Attorney General of the Federation (AGF) and Minister for Justice on 20 May 2018, initiated an asset recovery investigation exercise against MTN Nigeria with respect to outstanding revenue due to the Federal Government of Nigeria in the sum of N242 billion and US$1.3 billion.

MTN Nigeria filed a suit at the Federal High Court, Lagos on 10 September 2018 challenging the alleged liability in response to the ultimatum issued by the AGF through his letter of 20 August 2018.

A letter dated 8 January 2020 was received from the Attorney General of the Federation and Minister of Justice (the AGF) formally withdrawing the demand for N242 billion and US$1.3 billion alleged revenue indebtedness against MTN Nigeria.

The AGF decided to refer the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) with a view to resolving contentious issues.

Subsequently, MTN Nigeria has withdrawn its legal action against the AGF and the court struck out the matter on 30 January 2020.

Directors and their interests

The Directors who have direct/ indirect interests in the Group’s shares were as follows:

2019 2018

Directors Entities through which the indirect holdings are heldMr. Pascal Dozie, CON (Retired 2 September 2019) Celtelecom Investment Limited & NISPV Limited

Mr. Gbenga Oyebode, MFR (Retired 2 September 2019) N-Cell Limited & NISPV Limited

Col. M. Sani Bello (Retired 2 September 2019) One Africa Investment Limited

Mr. Babatunde. Folawiyo (Retired 2 September 2019) Universal Communications Limited & NISPV Limited

Chief Victor Odili, OON (Retired 2 September 2019) Hermitage Overseas Corporation

Mallam Ahmad Dasuki (Retired 2 September 2019) SASPV Limited & NISPV Limited


Directors’ interest in contracts

None of the directors have notified the Group for the purpose of Section 277 of the Companies and Allied Matter Act 2004 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 3,300 67.7340 6,175,022 0.03

10,001 - 50,000 637 13.0747 15,835,982 0.08

50,001 - 100,000 160 3.2841 12,213,472 0.06

100,001 - 500,000 448 9.1954 105,523,270 0.52

500,001 - 1,000,000 102 2.0936 74,013,955 0.36

1,000,001 - 5,000,000 138 2.8325 323,704,864 1.59

5,000,001 - 10,000,000 25 0.5131 180,345,192 0.89

10,000,001 - 50,000,000 49 1.0057 972,433,162 4.78

50,000,001 - 100,000,000 2 0.0411 129,153,950 0.63

100,000,001 - 500,000,000 8 0.1642 1,682,963,081 8.27

500,000,001 - 1,000,000,000 2 0.0411 1,366,607,050 6.71

1,000,000,001 - Above 1 0.0205 15,485,544,050 76.08

4,872 100 20,354,513,050 100

Substantial interest in shares

As at 31 December 2019, 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, Plant and Equipment is given in Note 17 to the consolidated and separate financial statements.

Taxation

Companies Income Tax, Tertiary 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 N87.99 billion (December 2018: N75.66 billion) has been recognised in the consolidated statement of profit or loss covering the period January to December 2019.

Charitable gifts

There was an accrual of N2.0 billion made in the year for donations to MTN Nigeria Foundation Limited by Guarantee (December 2018: N1.45 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 2018: Nil).

In compliance with S38 (2) of CAMA, the Group did not make any donation to any political party, political association or for any political purpose.

Employment of physically challenged persons

The Group has a policy of fair consideration of job applications by physically challenged persons having regard to their abilities and aptitude. The Group’s policy prohibits discrimination of physically challenged 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 2018: six) physically challenged 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.

Auditors

The Nigerian Code of Corporate Governance (NCCG) 2018 provides that audit firms may be retained for no longer than ten years continuously. The external auditors Messrs PricewaterhouseCoopers having served for more than ten years were not re-appointed at the Annual General Meeting (AGM) held on 8 April 2019.

Messrs Grant Thornton Nigeria (Chartered Accountants) were appointed by the Board to fill the casual vacancy to carry out the statutory audit for the financial year ending 31 December 2019.

Statutory Audit Committee

The Companies and Allied Matters Act of Nigeria, Cap C20 LFN 2004 requires every public company to establish a Statutory Audit Committee (SAC) composed of an equal number of its directors and representatives of the shareholders. The Committee’s functions as set out in CAMA are to:

ascertain whether the accounting and reporting policies of the company are in accordance with legal requirements and agreed ethical practices;

review the scope and planning of audit requirements;

review the findings on management matters in conjunction with the external auditor and departmental responses thereon;

keep under review the effectiveness of the company’s system of accounting and internal control;

make recommendations to the Board in regard to the appointment, removal and remuneration of the external auditors of the company; and

authorise the internal auditor to carry out investigations into any activities of the company which may be of interest or concern to the committee.

The Board has nominated the following directors as its representatives to the Statutory Audit Committee:a) Mr. Muhammad K. Ahmad, OONb) Mr. Rhidwaan Gasantc) Mrs. Ifueko M Omoigui Okauru, MFR

At the Company’s first Annual General Meeting post reregistration as a public limited company, three (3) shareholder representatives will be elected in accordance with the provisions of CAMA.

By Order of the Board

Uto Ukpanah Company SecretaryFRC/2014/NBA/0000000574828 February 2020

Directors’ Report - continued


The Companies and Allied Matters Act of Nigeria, Cap C20 LFN 2004 requires the Directors to prepare 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, Cap C20 LFN 2004.

(b) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

(c) prepares its consolidated and separate financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates, which are consistently applied.

The Directors accept responsibility for the consolidated and separate financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act of Nigeria, Cap C20 LFN 2004.

The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of consolidated and separate financial statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least twelve months from the date of this statement.

Dr. Ernest Ndukwe, OFR Mr. Ferdinand Moolman Chairman of the Board of Directors Chief Executive OfficerFRC/2020/003/00000020337 FRC/2016/IODN/00000015147

Statement of Directors’ Responsibilitiesin relation to financial statements

We the members of the Audit Committee of MTN Nigeria Communications PLC hereby report on the financial statements of the Group for the year ended 31 December 2019 as follows:

The scope and plan of the audit for the year ended 31 December 2019 were adequate;

The Group’s systems of accounting and internal controls are in compliance with legal requirements and best practice;

We are of the opinion that the accounting and reporting policies of the Group are in accordance with legal requirements and ethical practices; and

We have reviewed the external auditors’ management letter for the year and are satisfied with the Management’s responses and that Management has taken appropriate steps to address the issues raised by the Auditors.

The external auditors confirmed they received full cooperation from the Group’s management in the course of the statutory audit and that the scope of their work was not restricted in any way.

Rhidwaan Gasant Chairman Audit CommitteeFRC/2020/003/00000020382



OpinionWe have audited the consolidated and separate

financial statements of MTN Nigeria Communications PLC (the “Company”), and its subsidiaries (the “Group”), which comprise of the consolidated and separate

statement of financial position as at 31 December 2019,

the consolidated and separate statement of profit or

loss and other comprehensive income, consolidated

and separate statement of changes in equity and

consolidated and separate statement of cash flows for

the year then ended, and notes to the consolidated and

separate financial statements, including a summary of

significant accounting policies.

In our opinion, the accompanying consolidated and

separate financial statements present fairly, in all

material respects, the consolidated and separate

financial position of the Company and Group as at 31

December 2019, and of its consolidated and separate

financial performance and its consolidated and separate

statement of cash flows for the year then ended in

accordance with International Financial Reporting

Standards (IFRSs), the Financial Reporting Council

of Nigeria Act No. 6, 2011 and the provision of the

Companies and Allied Matters Act, CAP C20 LFN, 2004.

Basis of OpinionWe 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 Company and Group in

accordance with the International Ethics Standards

Board for Accountants’ Code of Ethics for Professional

Accountants (IESBA Code), and we have fulfilled our

other ethical responsibilities in accordance with these

requirements and the IESBA Code. We believe that

the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Key audit mattersKey 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 year. We have communicated

the key audit matters to those charged with governance

(TCWG). The key audit matters are not a comprehensive

reflection of all matters discussed. 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, and we do not provide a

separate opinion on these matters.

We have determined the matters described below to be

the key audit matters to be communicated in our report.

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

Auditor’s responsibilities for the audit of the consolidated

and separate financial statements section of our report,

including in relation to these matters. Accordingly, our

audit included 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.

Report of the Independent Auditorsto the members of MTN Nigeria Communications PLC

How our audit addressed the key audit matter

In evaluating the company’s adoption of the standard, we have:

We have reviewed Management’s impact assessment

of adopting the new standard (IFRS 16).

We evaluated and tested the design and operating

effectiveness of the controls that Management has

established to Identify Contract that is, or contains, a

lease.

We tested Management basis and assumptions for

separating components of a contract into lease and

non-lease components.

We tested non-cancellable operating lease

commitments disclosed at 31 December 2018 and

lease liabilities recognized on 1 January 2019.

We tested the basis for the initial and subsequent

measurement of the ROU Assets and lease liabilities.

We performed procedures to ensure that the

practical expedients elected by the company were

correctly implemented.

Based on the above procedures performed, the result

of our substantive testing did not identify any material

misstatements on the adoption of IFRS 16 and

recognition of ROU Assets and lease liabilities.

Key audit matter

Right of Use (ROU) Asset – Adoption of IFRS 16 Leases

MTN Nigeria Communications PLC implemented IFRS 16

on leases as a first adoption which took effect from 1

January 2019.

Under IFRS 16, the standard allows the lessee to

recognize a right of use asset and a lease liability at the

date of commencement. The standard thus removed

the distinction between operating lease and finance

leases as previously required under IAS 17, with the only

optional exemptions being applied for certain short-term

leases and leases of low-value assets.

The company recognized a carrying amount on ROU asset

of N500 billion (leases on Network Towers accounted for

97%) and a total financial liability of N516.54 billion as at

31 December 2019, which contributed to the percentage

of ROU (carrying amount) to the total asset of 33%.

We considered this as a key audit matter given the

significance of the amount, the complexity involved in

the split between the lease and non-lease component

and in determining the lease liabilities, financial charges

and incremental borrowing rate.

Chartered Accountants

Grant Thornton Nigeria3rd & 4th Floors

294 Herbert Macaulay Way

Sabo – Yaba

P.O. Box 5996

Surulere, Lagos

Nigeria.

T +2348167149350

T +2349071259650

T +2348057849477

www.grantthornton.com.ng

Report of the Independent Auditors - continued


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

Other InformationThe directors are responsible for the other information.

The other information comprises of the Report of

the Directors, Audit Committee’s Report, Statement

of Directors’ Responsibilities 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 financial statements and our

auditor’s report thereon. Our opinion on the 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 financial statements, our responsibility is

to read the other information 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. When we read the Annual Report, if we conclude

that there is material misstatement therein, we are

required to communicate the matter to those charged

with governance.

Responsibilities of Management and those Charged with Governance for the Consolidated and Separate Financial StatementsManagement is responsible for the preparation and

fair presentation of the consolidated and separate

financial statements in accordance with IFRSs, and

for such internal control as Management determines

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, Management is responsible for assessing

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

Management either intends to liquidate the Company or

to cease operations, or has no realistic alternative but

to do so.

Those charged with governance are responsible for

overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated and separate Financial StatementsOur 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.

As part of an audit in accordance with ISAs, we exercise

professional judgment and maintain professional

skepticism throughout the audit. We also:

i) Identify and assess the risks of material misstatement

of the consolidated and separate financial

statements, 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 misstatement

resulting from fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the

override of internal control.

ii) Obtain an understanding of internal control relevant

to the audit in order to design audit procedures

that are appropriate in the circumstance, but not

for the purpose of expressing an opinion on the

effectiveness of the Company’s internal control.

iii) Evaluate the appropriateness of accounting policies

used and the reasonableness of accounting

estimates and related disclosures made by

Management.

iv) Conclude on the appropriateness of Management’s

use of the going concern of accounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions

that may cast significant doubt on the Company’s

ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to

draw attention in our auditor’s report to the related

disclosures in the consolidated and separate

financial statements or, if such disclosures are

inadequate, to modify our opinion. Our 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 Company to cease to

continue as a going concern.

v) 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 transaction and events in

a manner that achieves fair presentation.

We communicate with those charged with governance

regarding, among other matters, the planned scope

and timing of the audit and significant audit findings,

including any significant deficiencies in internal control

that we identify during our audit.

Report on Other Legal and Regulatory RequirementsThe Companies and Allied Matters Act, CAP C20, LFN

2004 requires that in carrying out our audit we consider

and report to you on the following matters. We confirm

that:

i) We have obtained all the information and

explanations which to the best of our knowledge

and belief were necessary for the purpose of our

audit.

ii) In our opinion, proper books of account have been

kept by the Company; and

iii) The Consolidated and separate Statement of

Financial Position and Consolidated and Separate

Statement of Profit or Loss and Other Comprehensive

Income are in agreement with the books of account.

Uchenna OkigboFRC/2016/ICAN/00000015653For: GRANT THORTON(Chartered Accountants)28 February 2020Lagos, Nigeria.

92 93MTN Nigeria Communications PLC Annual Report and Financial Statements 2019

FinancialsStatement of Profit or Loss

Statement of Other Comprehensive Income

Statement of Financial Position

Statement of Changes In Equity - Group

Statement of Changes In Equity - Company

Statement of Cash Flows

Notes to the Consolidated and Separate Financial Statements

Other National Disclosures

Value Added Statements

Five-Year Financial Summaries

94

95

96

97

98

99

100

176

178

Turn It Up...Empowering people with a range of products and services and connecting this generation with next gen technologies.


Group Company 2019 2018 2019 2018 Note(s) N ‘000 N ‘000 N ‘000 N ‘000

Revenue 9 1,169,734,682 1,039,117,810 1,167,418,643 1,037,067,731

Other income 10 96,920 2,225,066 96,920 2,225,066

Direct network operating costs 15 (242,012,147) (305,519,088) (241,958,015) (305,244,580)

Value added services (12,459,255) (16,643,563) (12,462,084) (16,627,876)

Cost of handsets and accessories (12,765,784) (6,191,729) (12,765,784) (6,176,000)

Interconnect costs (105,249,627) (95,630,222) (105,249,914) (95,617,279)

Roaming costs (4,037,863) (4,173,205) (4,020,515) (4,182,265)

Transmission costs (5,553,286) (5,508,549) (5,688,202) (5,508,549)

Discounts and commissions (56,585,622) (51,287,375) (56,568,993) (51,287,375)

Advertisements, sponsorships and

sales promotions (19,848,271) (16,274,390) (18,829,997) (16,274,390)

Employee costs 13 (30,705,957) (27,152,445) (30,705,957) (27,152,445)

Depreciation of property, plant

and equipment 17 (147,807,719) (141,162,479) (147,807,719) (141,162,479)

Amortisation of intangible assets 19 (29,996,820) (26,700,181) (24,642,891) (21,346,862)

Depreciation of right of use assets (56,817,341) - (56,817,341) -

Notional reversal difference payment to CBN 46 - (19,192,309) - (19,192,309)

Other operating expenses 14 (50,694,682) (59,793,564) (50,182,898) (58,566,309)

Operating profit 395,297,228 266,113,777 399,815,253 270,954,079

Finance income 11 20,132,082 22,568,339 20,205,463 21,910,265

Finance costs 12 (125,325,277) (67,339,468) (125,325,277) (67,339,468)

Profit before taxation 290,104,033 221,342,648 294,695,439 225,524,876

Taxation 16 (87,993,059) (75,656,747) (89,385,210) (76,894,322)

Profit for the year 202,110,974 145,685,901 205,310,229 148,630,554

Earnings per share - basic/diluted (N)* 41 9.93 7.16 10.09 7.30

* The comparative figures have been restated to reflect the changes in the number of shares.

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

Statement of profit or lossfor the year ended 31 December 2019

Group Company 2019 2018 2019 2018 Note(s) N ‘000 N ‘000 N ‘000 N ‘000

Profit for the year 202,110,974 145,685,901 205,310,229 148,630,554

Other comprehensive income:

Items that may be reclassified to profit or loss:

Net fair value gain/(loss) on financial assets

held at FVOCI 275,672 (490,575) 275,672 (490,575)

Other comprehensive income for the year

net of taxation 275,672 (490,575) 275,672 (490,575)

Total comprehensive income 202,386,646 145,195,326 205,585,901 148,139,979

Total comprehensive income attributable to:

Owners of the parent 202,386,646 145,195,326 205,585,901 148,139,979

202,386,646 145,195,326 205,585,901 148,139,979

Financial assets classified as fair value through other comprehensive income are Federal Government treasury bills,

which are exempted from company income tax.


Statement of other comprehensive incomefor the year ended 31 December 2019


Group Company Note(s) 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

AssetsNon-current assets Property, plant and equipment 17 625,095,789 607,023,544 625,095,789 606,962,868Right of use assets 500,067,655 - 500,067,655 -Intangible assets 19 120,946,914 119,368,123 84,072,042 77,107,651Investments in subsidiaries 20 - - 45,578,000 43,828,000Contract acquisition costs 32 4,851,490 3,766,048 4,851,490 3,766,048Prepayments 23 12,145,236 15,726,985 12,145,236 15,726,985 1,263,107,084 745,884,700 1,271,810,212 747,391,552Current assetsInventories 22 909,577 1,538,766 909,577 1,545,496Trade and other receivables 23 52,400,096 38,617,124 53,594,201 38,485,289Current investments 24 54,826,569 65,468,259 54,826,569 65,468,259Restricted cash 25 38,049,589 37,219,023 37,999,589 37,169,023Cash and cash equivalents 26 116,277,629 53,011,748 114,301,003 52,806,185 262,463,460 195,854,920 261,630,939 195,474,252Total assets 1,525,570,544 941,739,620 1,533,441,151 942,865,804

Equity and liabilities Equity Share capital 27 407,090 646,510 407,090 646,510Share premium 28 17,216,293 64,498,466 17,216,293 64,498,466Other reserves 27 521,161 6,069 521,161 6,069Retained profit 126,541,015 154,201,270 143,118,853 167,579,860 144,685,559 219,352,315 161,263,397 232,730,905

LiabilitiesNon-current liabilities Borrowings 29 380,088,780 31,438,349 380,088,780 31,438,349Derivatives 21 264,573 14,152 264,573 14,152Lease liabilities 35 481,434,369 - 481,434,369 -Deferred tax 36 120,586,575 109,266,019 113,039,867 100,191,396Provisions 34 71,424 65,934 71,424 65,934Share based payment liability 45 744,591 654,791 744,591 654,791 983,190,312 141,439,245 975,643,604 132,364,622

Current liabilities Trade and other payables 30 190,440,496 213,715,209 189,641,572 211,055,001Borrowings 29 32,453,044 143,875,889 32,453,044 143,875,889Lease liabilities 35 35,099,787 - 35,099,787 -Contract liabilities 33 46,806,355 42,738,547 46,745,269 42,684,874Current tax payable 38 65,625,921 54,131,436 65,325,408 53,667,534Provisions 34 27,269,070 21,359,196 27,269,070 21,359,196Regulatory fine liability 31 - 105,127,783 - 105,127,783 397,694,673 580,948,060 396,534,150 577,770,277Total liabilities 1,380,884,985 722,387,305 1,372,177,754 710,134,899Total equity and liabilities 1,525,570,544 941,739,620 1,533,441,151 942,865,804

The consolidated and separate financial statements were approved by the Board of Directors on the 28 February 2020 and were signed on its behalf by:

Dr. Ernest Ndukwe, OFR Mr. Ferdinand Moolman Mrs. Omolara Michael-NwaduChairman of the Board of Directors Chief Executive Officer Ag. Chief Financial OfficerFRC/2020/003/00000020337 FRC/2016/IODN/00000015147 FRC/2014/ICAN/00000009692


Statement of financial positionas at 31 December 2019 as at 31 December 2019

Share Share Total share Other Retained Total capital premium capital reserves profit equity N ‘000 N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Balance at 1 January 2018 646,510 64,498,466 65,144,976 496,644 47,127,950 112,769,570

Profit for the year - - - - 145,685,901 145,685,901

Other comprehensive income - - - (490,575) - (490,575)

Total comprehensive income for the year - - - (490,575) 145,685,901 145,195,326

Dividends - - - - (38,612,581) (38,612,581)

Balance at 31 December 2018 646,510 64,498,466 65,144,976 6,069 154,201,270 219,352,315



Other comprehensive income - - - 275,672 - 275,672

Total comprehensive income for the year - - - 275,672 202,110,974 202,386,646

Redemption of preference shares* (239,420) (47,282,173) (47,521,593) 239,420 (96,725,416) (144,007,589)

Dividends - - - - (133,045,813) (133,045,813)


Note(s) 27 28 27.1

*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 the Companies and Allied Matters Act, 2004 (CAMA).


Statement of changes in equity

Group


Group Company

Note(s) 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

Cash flows from operating activitiesCash generated from operations 39 604,904,165 437,487,847 604,505,568 438,105,835Interest received 16,058,162 19,604,317 16,131,543 18,946,243Finance costs paid - lease liability (62,858,726) - (62,858,726) -Finance costs paid - borrowings (46,995,768) (42,024,438) (46,995,768) (42,024,438)Dividends paid (133,045,813) (38,612,581) (133,045,813) (38,612,581)Regulatory fine paid (110,000,000) (110,000,000) (110,000,000) (110,000,000)Income tax paid (62,082,381) (21,607,434) (61,783,228) (21,254,921)Net cash generated from operating activities 205,979,639 244,847,711 205,953,576 245,160,138

Cash flows from investing activitiesAcquisition of property, plant and equipment (181,685,416) (201,195,215) (181,685,416) (201,195,215)Proceeds from sale of property, plant and equipment 1,023,031 652,516 1,023,031 652,516Purchase of contract acquisition costs (3,761,690) (2,830,395) (3,761,690) (2,830,395)Acquisition of right of use assets (4,570,620) - (4,570,620) -Purchase of intangible assets (21,040,667) (10,119,300) (21,035,667) (10,119,300)Movement in restricted cash (830,566) 4,398,611 (830,566) 4,448,611Movement in investment in subsidiaries - - (1,750,000) (50,000)Disposal of treasury bills and foreign deposits 13,875,683 5,484,257 13,875,683 5,484,257Net cash used in investing activities (196,990,245) (203,609,526) (198,735,245) (203,609,526)

Cash flows from financing activitiesRedemption of preference shares (148,189,489) - (148,189,489) -Proceeds from borrowings 381,701,421 136,339,156 381,701,421 136,339,156Repayment of borrowings (146,123,670) (216,275,998) (146,123,670) (216,275,998)Repayment of lease liability (33,265,495) - (33,265,495) -Net cash flow generated from/(used in) financing activities 54,122,767 (79,936,842) 54,122,767 (79,936,842)

Net increase/(decrease) cash and cash equivalents 63,112,161 (38,698,657) 61,341,098 (38,386,230)Cash and cash equivalents at the beginning of the year 53,011,748 89,564,964 52,806,185 89,046,974Effect of exchange rate movement on cash balances 153,720 2,145,441 153,720 2,145,441Cash and cash equivalents at end of the year 26 116,277,629 53,011,748 114,301,003 52,806,185


Statement of cash flowsas at 31 December 2019as at 31 December 2019

Share Share Total share Other Retained Total capital premium capital reserves profit equity N ‘000 N ‘000 N ‘000 N ‘000 N ‘000 N ‘000



Other comprehensive income - - - (490,575) - (490,575)

Total comprehensive income for the year - - - (490,575) 148,630,554 148,139,979

Dividends - - - - (38,612,581) (38,612,581)




Other comprehensive income - - - 275,672 - 275,672

Total comprehensive income for the year - - - 275,672 205,310,229 205,585,901

Redemption of preference shares* (239,420) (47,282,173) (47,521,593) 239,420 (96,725,423) (144,007,596)

Dividends - - - - (133,045,813) (133,045,813)


Note(s) 27 28 27.1

*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 the Companies and Allied Matters Act, 2004 (CAMA).


Statement of changes in equity

Company


1 General Information

MTN Nigeria Communications PLC (formerly MTN Nigeria Communications Limited) was incorporated on 8 November 2000 as a private limited liability company under the Companies and Allied Matters Act of Nigeria, Cap C20 LFN 1990. 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, Cap C20 LFN 2004.

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 except for those standards stated in note 5.

The 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.

The prior year comparatives relate to the period commencing 1 January 2018 and ending 31 December 2018. Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year. Figures shown throughout this report may not precisely add up due to rounding effect of total figures presented.

Amounts are rounded to the nearest thousands, except where stated otherwise.

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 consolidated and separate financial statements.

4 Significant accounting policies

The significant accounting policies applied in the preparation of these consolidated and separate financial statements are set out below and in the related notes to the consolidated and separate financial statements. The policies applied are consistent with those adopted in the prior year unless otherwise stated.

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

Items included in the consolidated and separate financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The 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 items denominated in foreign currencies are translated at the closing rates at the reporting date. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the year end translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of 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.

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.

Notes to the consolidated and separate financial statements


4.4.3 Goodwill (continued)

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, plant 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, plant 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.

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).

4.6 Property, plant and equipment (continued)

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, plant 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.

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.

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


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 in 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).

The Group included the renewal period as part of the lease term for leases of office equipment due to the significance 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.

4.9.3 Post employment benefits

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.

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; andii. 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.

4.12 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 Nigerian Police Trust Fund Act 2019 was signed during the year. 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.

4.13 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.

4.14 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.

4.15 Share capital

Ordinary and preference 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. The preference shares are redeemable cumulative preference shares and have been classified as equity instruments because there is no contractual obligation to deliver cash or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group.

4.16 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.

4.17 Revenue

The Group principally generates revenue from providing mobile telecommunications services, such as network services (comprising data, voice and 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.

4.17.1 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. Network services are, therefore viewed as a single performance obligation represented by capacity on the MTN network.

Digital revenue is any value added service that involves an 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.

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.



4.17 Revenue (continued)

Mobile devices

The Group sells a range of mobile devices (handsets and accessories). 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.

4.17.2 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 acquisition costs are assessed for impairment in line with IAS 36 Impairment of Assets when there is an indication of impairment.

4.17.3 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.

4.18 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.

4.19 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.

4.19.1 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.

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



4.19 Financial instruments (continued)

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.

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

4.19 Financial instruments (continued)

4.19.2 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.

4.19.3 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.

4.20 Impairment of non-financial assets

4.20.1 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.

4.21 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.

4.22 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. Changes in accounting policy

The consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards on a basis consistent with the prior year except for the adoption of the following new standards.

The Group has adopted IFRS 16 Leases (IFRS 16) with effect from 1 January 2019.

IFRS 16: Leases

IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments. After the adoption of IFRS 16, the Group recognised depreciation expense on the right-of use assets and an interest expense accruing on the lease liabilities and no longer recognises operating lease expense for these leases. Cash generated from operations increased as lease costs are no longer included in this category; interest paid increased, as it includes the interest portion of the lease liability payments and the capital portion of lease liability repayments is included in cash used in financing activities. Lessor accounting remains similar to previous accounting policies.

The Group adopted IFRS 16 retrospectively from 1 January 2019, but has not restated comparatives for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the adoption of IFRS 16 are therefore recognised in the opening statement of financial position on 1 January 2019.

The Group’s leasing activities and significant accounting policies

The Group’s leases include network infrastructure (including tower space and land), land, buildings, motor vehicles and office equipment. Lease contracts are typically made for fixed periods varying between three to eleven years but may have renewal periods.

As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.

From 1 January 2019, the Group recognises right-of-use assets and lease liabilities at the lease commencement date for most leases. However, the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low- value assets and for short-term leases, i.e. leases that at commencement date, have lease terms of twelve (12) months or less. The Group defines low-value leases as leases of assets for which the value of the underlying asset when it is new is N1.8 million or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

The recognised right-of-use assets relate to the following types of assets:

31 December 2019 1 January 2019 N ‘000 N ‘000 Network infrastructure 488,763,508 505,583,125 Buildings 5,102,905 1,189,730 Land 5,873,573 6,091,470 Motor vehicles 49,396 - Office equipment 278,273 417,388 500,067,655 513,281,713

Renewal and termination options

A number of lease contracts include the option to renew the lease for a further period or terminate the lease earlier. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The Group applies judgement in assessing whether it is reasonably likely that options will be exercised. Factors considered include how far in the future an option occurs, the Group’s business planning cycle of three to five years and history of terminating/ not renewing leases.

5. Changes in accounting policy (continued)

The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.

Lease and non-lease components

A number of lease contracts include both lease and non-lease components. The Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone selling prices. The stand-alone selling prices of each component are based on available market prices. The Group has not elected the practical expedient to account for non-lease components as part of its lease liabilities and right-of-use assets. Therefore, non-lease components are accounted for as operating expenses and are recognised in profit or loss as they are incurred.

Transition

At transition, for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the incremental borrowing rate, for the remaining lease terms, as at 1 January 2019. Right-of-use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.

The Group used the following practical expedients as permitted by the standard, when applying IFRS 16 to leases previously classified as operating leases under IAS 17:

applied a single discount rate to a portfolio of leases with reasonably similar characteristics; accounted for leases with a remaining lease term of less than twelve (12) months as at 1 January 2019 as

short-term leases; excluded initial direct costs from measuring the right-of-use asset at the date of initial application; used hindsight when determining the lease term if the contract contains options to extend or terminate the

lease.

The Group has also elected not to reassess whether a contract is, or contains a lease, at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease.

Impact on financials

On transition to IFRS 16, the Group recognised right-of-use assets and liabilities. The impact on transition is summarised below:

1 January 2019 N ‘000 Right-of-use assets* (Note 18) 513,281,713

Lease liabilities - current 26,835,610

Lease liabilities - non-current 479,164,904 506,000,514

* Right-of-use assets includes N7.2 billion reclassified from prepayments

When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 January 2019. The weighted average rate applied is 18.82% for Naira denominated liabilities and 10.49% for US Dollar denominated liabilities. A reconciliation of the operating lease commitments disclosed as at 31 December 2018, discounted using the incremental borrowing rate to the lease liability recognised on 1 January 2019 is disclosed below:



5. Changes in accounting policy (continued)

N’000 Operating lease commitments disclosed at 31 December 2018 2,638,323,804

Discounted using the incremental borrowing rate on 1 January 2019 1,406,196,847 Less: non-lease components (895,480,379) Add: extension options reasonably certain to be exercised 24,392,428 Less: variable lease payments based on an index or rate (29,108,382) 506,000,514

As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognised N500.1 billion of right-of-use assets (see note 18) and N516.5 billion of lease liabilities (see note 35) as at 31 December 2019 .

Also in relation to those leases under IFRS 16, the Group has recognised depreciation and interest costs, instead of operating lease expense of N105.5 billion that would have been recognised under IAS 17. During the year ended 31 December 2019, the Group recognised N56.8 billion of depreciation charges and N68.1 billion of interest costs from these leases. Foreign exchange losses of N15.6 million were recognised on foreign denominated lease liabilities.

Earnings Per Share (EPS) decreased for the year ended 31 December 2019 by 65kobo per share as a result of the IFRS 16 adoption. Due to the impact of the reducing finance charges over the life of the lease, the impact of adopting IFRS 16 is initially dilutive, before being accretive in later periods.

Cash from operating activities includes interest paid on lease liabilities of N62.8 billion, cash used in financing activities includes N33.3 billion for the capital portion of lease liability repayments.

6. New standards and interpretations

6.1 Standards and interpretations effective for the first time for 31 December 2019 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:

Plan amendment, curtailment or settlement - amendments to IAS 19

The amendment deals with the determination of past service cost and gains or losses on settlement, when a plan is amended, curtailed or settled (“the event”). Specifically, when determining the past service cost or gain or loss on settlement, the net defined benefit liability (asset) shall be remeasured using the current fair value of plan assets and current actuarial assumptions reflecting the benefits offered under the plan and plan assets both before and after the event. The effect of the asset ceiling shall not be considered in this exercise. The effect of the asset ceiling shall be determined after the event.

The amendment also specifies that when determining current service costs and net interest on the defined benefit liability (asset) in a period in which an amendment, curtailment or settlement occurs, to apply inputs at the beginning of the reporting period for the current service cost and interest up to the date of the event, and to apply inputs as at the date of the event to determine current service costs and interest for the remainder of the period.

The effective date of the amendment is for years beginning on or after 1 January 2019.

The amendment did not have a material impact on the Group’s consolidated and separate financial statements.

Long-term interests in joint ventures and associates - amendments to IAS 28

The amendment now requires that an entity also applies IFRS 9 to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture.



Prepayment features with negative compensation - amendment to IFRS 9

The amendment to Appendix B of IFRS 9 specifies that for the purpose of applying paragraphs B4.1.11(b) and B4.1.12(b), irrespective of the event or circumstance that causes the early termination of the contract, a party may pay or receive reasonable compensation for that early termination.



Amendments to IFRS 3 business combinations: annual improvements to IFRS 2015 - 2017 cycle

The amendment clarifies that when a party to a joint arrangement obtains control of a business that is a joint operation, and had rights to the assets and obligations for the liabilities relating to that joint operation immediately before the acquisition date, the transaction is a business combination achieved in stages. The acquirer shall therefore apply the requirements for a business combination achieved in stages.



Amendments to IFRS 11 joint arrangements: annual improvements to IFRS 2015 - 2017 cycle

The amendment clarifies that if a party participates in, but does not have joint control of, a joint operation and subsequently obtains joint control of the joint operation (which constitutes a business as defined in IFRS 3) that, in such cases, previously held interests in the joint operation are not remeasured.





6. New standards and interpretations (continued)

Amendments to IAS 12 income taxes: annual improvements to IFRS 2015 - 2017 cycle

The amendment specifies that the income tax consequences on dividends are recognised in profit or loss, other comprehensive income or equity according to where the entity originally recognised the events or transactions which generated the distributable reserves.



Amendments to IAS 23 borrowing costs: annual improvements to IFRS 2015 - 2017 cycle

The amendment specifies that when determining the weighted average borrowing rate for purposes of capitalising borrowing costs, the calculation excludes borrowings which have been made specifically for the purposes of obtaining a qualifying asset, but only until substantially all the activities necessary to prepare the asset for its intended use or sale are complete.



Uncertainty over income tax treatments

The interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. Specifically, if it is probable that the tax authorities will accept the uncertain tax treatment, then all tax related items are measured according to the planned tax treatment. If it is not probable that the tax authorities will accept the uncertain tax treatment, then the tax related items are measured on the basis of probabilities to reflect the uncertainty. Changes in facts and circumstances are required to be treated as changes in estimates and applied prospectively.

The effective date of the interpretation is for years beginning on or after 1 January 2019.

The interpretation did not have a material impact on the consolidated and separate financial statements.

IFRS 16 Leases

IFRS 16 was issued in January 2016. It will result in almost all leases being recognised on the statement of financial position by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. Practical expedients are available for short-term and low-value leases. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17 Leases.

The effective date of the standard is for years beginning on or after 1 January 2019. The Group has adopted the standard for the first time in the 2019 consolidated and separate financial statements.

The impact of the standard is set out in note 5 Changes in Accounting Policy.

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 1 January 2020 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 consolidated and separate financial statements.

IFRS 17 insurance contracts

The IFRS establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts issued.

The effective date of the standard is for years beginning on or after 1 January 2021.

It is unlikely that the standard will have a material impact on the Group’s consolidated and separate financial statements.



7. Segment information

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

Mass segments. All MTN customers are assumed to fall within 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 2019 and 31 December 2018 respectively. There were no intersegment transactions during the year.

Information about reportable segments

CBU EBU WBU Total N ‘000 N ‘000 N ‘000 N ‘000

31 December 2019 Segment revenue 990,961,986 132,761,023 46,011,673 1,169,734,682Direct costs (205,633,663) (12,147,459) (992,987) (218,774,109)Gross margin 785,328,323 120,613,564 45,018,686 950,960,573

31 December 2018 Segment revenue 897,070,104 110,368,666 31,679,040 1,039,117,810Direct costs (179,295,415) (18,847,495) (791,976) (198,934,886)Gross margin 717,774,689 91,521,171 30,887,064 840,182,924

7. Segment information (continued)

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.

Profit or loss 31 December 31 December 2019 2018 N ‘000 N ‘000

Segment gross margin 950,960,573 840,182,924 Unallocated items: - Other income (96,920) (2,225,066) - Operating expenses (320,944,545) (403,981,421) - Depreciation & amortisation (234,621,880) (167,862,660) - Finance income 20,132,082 22,568,339 - Finance expense (125,325,277) (67,339,468) Profit before taxation 290,104,033 221,342,648

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.



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 “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.

8.3 Impairment of trade 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 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.

8.5 Timing of satisfaction of performance obligations

The Group uses the output method to recognise revenue over a period of time. The output method 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.

8. Critical accounting judgements, estimates and assumptions (continued)

8.6 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.

8.7 Impairment on current investments

The Group applies the general approach to estimate impairment of the current investments measured at amortised cost. 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).

8.8 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.

8.9 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.



Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

9. Revenue

Revenue from contracts with customers Voice 725,448,243 681,911,412 723,922,579 680,329,848 Data 219,397,299 154,134,275 218,686,620 153,763,750 SMS 13,505,415 14,306,527 13,467,016 14,270,357 Interconnect and roaming 125,042,270 102,568,907 125,066,454 102,568,246 Handset and accessories 2,208,282 2,200,757 2,208,207 2,193,232 Digital 35,939,581 40,706,066 35,922,184 40,706,066 Value added services 37,167,612 32,275,869 37,158,127 32,223,193 Other revenue 11,025,980 11,013,997 10,987,456 11,013,039 Total revenue from contract with customers 1,169,734,682 1,039,117,810 1,167,418,643 1,037,067,731

Subsequent to the publication of interim results for the nine months ended 30 September 2019, the Group updated its definitions for data, value added services and other revenue. This resulted in a reclassification of revenue from data and other revenue into value added services, handsets and accessories, interconnect and roaming. 2018 comparatives have been updated to reflect this reclassification.

Data revenue excludes roaming data, roaming data is reported under interconnect and roaming.

Other revenue comprises revenue from cloud and infrastructure services, information and communication technology (ICT) revenue.

10. Other income

Other income 96,920 2,225,066 96,920 2,225,066

Other income in 2019 relates to lease rental income from sites leased to other telecom operators (2018: N96.92 million).

In 2018, the ultimate holding company (MTN Group Limited) entered into a Settlement Agreement for compensation in respect of losses arising from breach of contract with Zhongxing Telecommunications Equipment (ZTE). In the terms of the agreement, ZTE agreed to provide specific discounts and free goods to the value US$26.7 million to the MTN Group Limited and its operating companies. MTN Nigeria (the Company) accounted for its share of this transaction US$5.83 million (N2.13 billion) as other income measured at the fair value of the free and discounted goods.

11. Finance income

Interest income on bank deposits 7,949,262 8,184,500 8,022,643 7,526,426 Interest income on amortised cost investments 10,212,003 10,514,417 10,212,003 10,514,417 Net gain on FVTPL investments 955,295 1,716,135 955,295 1,716,135 Net gain on FVOCI investments 281,237 1,384,163 281,237 1,384,163 Interest income on intercompany receivables 16,469 20,101 16,469 20,101 Currency swap gain 27,521 - 27,521 - Foreign exchange gain 690,295 749,023 690,295 749,023 Total finance income 20,132,082 22,568,339 20,205,463 21,910,265

12. Finance costs Interest expense - borrowings 46,967,357 36,375,324 46,967,357 36,375,324 Interest expense - lease liability 68,146,724 - 68,146,724 - Interest expense - banking fees 2,180,683 4,123,004 2,180,683 4,123,004 Time value accretion on regulatory fine 4,872,217 22,352,019 4,872,217 22,352,019 Foreign exchange loss 3,158,296 4,419,296 3,158,296 4,419,296 Currency swap loss - 69,825 - 69,825 Total finance costs 125,325,277 67,339,468 125,325,277 67,339,468


13. Employee costs

Salaries and wages 25,791,881 21,980,917 25,791,881 21,980,917 Post-employment benefits - pension - defined contribution plan 1,729,571 1,561,762 1,729,571 1,561,762 Other staff costs 3,184,505 3,609,766 3,184,505 3,609,766 30,705,957 27,152,445 30,705,957 27,152,445

Other staff costs comprise 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 2019 2018 2019 2018

N1,900,001 - N2,500,000 - 109 - 109 N2,500,001 - N3,500,000 218 35 218 35 N3,500,001 - N4,500,000 62 113 62 113 N4,500,001 - N5,500,000 67 214 67 214 N5,500,001 - N6,500,000 162 194 162 194 N6,500,001 - N7,500,000 313 174 313 174 N7,500,001 - N8,500,000 114 90 114 90 N8,500,001 - N9,500,000 128 101 128 101 N9,500,001 - N10,500,000 116 97 116 97 N10,500,001 - N11,500,000 98 108 98 108 N11,500,001 - N12,500,000 105 69 105 69 Over - N12,500,000 487 394 487 394 1,870 1,698 1,870 1,698

Group Company 2019 2018 2019 2018

13.2 The year end number of full time persons employed by the Group was as follows:

CEO’s Office 54 41 54 41 Corporate Services 66 41 66 41 Customer Relations 271 270 271 270 Digital Services* 12 - 12 - Finance 294 288 294 288 Human Resources 60 59 60 59 Information Systems 127 105 127 105 Marketing 103 104 103 104 Network Group 379 364 379 364 Sales and Distribution 301 211 301 211 Enterprise Solutions 145 147 145 147 Legal Services** - 18 - 18 Internal Audit & Fraud Management 23 19 23 19 Risk & Compliance 35 31 35 31 1,870 1,698 1,870 1,698

* Digital Services division was created in the year.

** Legal Services division has been merged with Corporate Services division.




13.3 Remuneration was paid in respect of directors of the Group as follows: Directors’ emoluments: Fees (non-executive directors) 69,570 60,923 69,570 60,923 Other emoluments (non-executive directors) 164,711 278,261 164,711 278,261 Emoluments (executive directors) 585,936 571,430 585,936 571,430 820,217 910,614 820,217 910,614

The directors’ remuneration shown above includes: Chairman’s remuneration 32,736 34,065 32,736 34,065 Highest paid director 585,936 571,430 585,936 571,430

The emoluments of all other directors fall within the following ranges: Nil 6 6 6 6 Above N5,000,000 14 7 14 7

14. Other operating expenses Profit on disposal of property, plant and equipment (960,235) (456,858) (960,235) (456,858) Loss on disposal of assets held for sale - 7,169 - 7,169 Bad debt written off 9,367,203 7,746,898 9,367,203 7,746,898 Directors’ emoluments 820,217 910,614 820,217 910,614 Fixed assets written off 3,041,030 447 3,041,030 447 Writeback of impairment of assets held for sale* - (6,996) - (6,996) (Reversal)/impairment of property and equipment* (3,000,307) 758,926 (3,011,885) 758,926 Impairment reversal on contract with customers* (9,066,233) (8,757,923) (8,907,023) (8,962,844) Information Technology Development Levy and MTN Foundation 4,999,893 3,737,082 4,999,893 3,737,082 Insurance cost 1,496,323 1,641,847 1,496,323 1,641,847 Audit fees 303,750 270,992 288,750 255,992 Professional fees 19,890,165 29,475,146 19,586,635 28,590,457 Maintenance costs 14,726,934 13,123,184 14,669,635 13,123,184 Rent, rates, utilities and other office running cost 2,760,408 6,469,475 2,736,502 6,449,060 Trainings, travels and entertainment cost 4,792,492 2,570,701 4,574,554 2,570,501 Trading inventory write off 190,292 1,350,954 190,292 1,350,954 Other expenses 1,332,750 951,906 1,291,007 849,876 50,694,682 59,793,564 50,182,898 58,566,309

*In 2018, these expense lines were initially disclosed on the statement of profit or loss.

Other expenses include bank charges, subscriptions, office refreshments, security costs, etc.

Included in professional fees is the sum of N525,000 for the certification of MTN’s retained earnings done by Grant Thornton during the year (2018: N53.1 million to PricewaterhouseCoopers for professional and tax advisory services in relation to the initial public offering). These non-audit services did not impair the independence and objectivity of the external auditor.


15. Direct network operating costs

Regulatory fees 30,273,271 27,203,234 30,202,163 27,138,856 Annual numbering plan 983,353 1,164,030 977,025 977,025 BTS leases* 165,519,304 233,223,823 165,519,304 233,222,153 Network maintenance 45,236,219 43,928,001 45,259,523 43,906,546 242,012,147 305,519,088 241,958,015 305,244,580

*Due to the adoption of IFRS 16 Leases, BTS lease expense for 2019 relates to the non-lease components (power and maintenance) of the tower lease contracts which are recognised as an expense in profit or loss as they are incurred. The Group has not elected the practical expedient to account for non-lease components as part of its lease liabilities and right-of-use assets. The comparatives include the full lease expense (lease and non-lease components) as required by IAS 17 Leases.

16. Taxation Analysis of tax expense for the year

Current Company income tax 67,813,183 46,659,079 67,677,420 46,403,534 Education tax 8,844,585 6,908,057 8,844,585 6,891,950 Capital gains tax - 38 - 38 Nigerian Police Trust Fund 14,734 - 14,734 - Penalty for late filing - 115 - - 76,672,502 53,567,289 76,536,739 53,295,522

Deferred Deferred tax 11,320,557 22,089,458 12,848,471 23,598,800 87,993,059 75,656,747 89,385,210 76,894,322

The Nigeria Police Trust Fund Act 2019 was signed during the year. The Act imposes a levy of 0.005% on the Group’s operating business in Nigeria. The levy is calculated based on the 0.005% of profit before tax.

There was a late filing penalty of N115,000 which relates to the late submission of Visafone Communication Limited’s financial statements in 2018.

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% (2018: 30%) and the Company’s total tax expense for each year.

Profit before tax 290,104,033 221,342,648 294,695,439 225,524,876 Taxation (87,993,059) (75,656,747) (89,385,210) (76,894,322) Actual tax rate 30.33 % 34.18 % 30.33 % 34.10 % Applicable tax rate 30.00 % 30.00 % 30.00 % 30.00 %

Exempt income (1.06)% (1.43)% (1.04)% (1.40)% Prior year tax under/(over) provision 0.17 % (1.10)% 0.27 % (1.09)% Investment allowance (2.16)% (2.48)% (2.13)% (2.43)% Expenses not allowed 0.28 % 5.50 % 0.19 % 5.40 % Education tax 3.09 % 3.69 % 3.03 % 3.62 % Police Trust Fund 0.01 % - 0.01 % - Effective tax rate 30.33 % 34.18 % 30.33 % 34.10 %

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.



17. Property, plant and equipment

Group

Land & Buildings Leasehold Information Motor Network Capital Total

improvements systems, vehicles infrastructure work-in-

furniture progress

and office

equipment

N’000 N’000 N’000 N’000 N’000 N’000 N’000

Cost Balance at 1 January 2018 29,937,611 15,885,026 59,055,933 4,827,826 1,138,509,076 75,930,563 1,324,146,035 Additions 69,479 1,399,925 7,185,314 1,918,470 14,751,175 148,960,658 174,285,021 Disposal - - (2,192,010) (767,800) (447,778) - (3,407,588) Reallocation 99,743 3,234,583 2,869,025 (3,400) 141,650,975 (155,429,661) (7,578,735) Reclassification - - (3,995) - - (143) (4,138) Write-off - - (28,793,458) - (250,319,311) - (279,112,769)

Balance at 31 December 2018 30,106,833 20,519,534 38,120,809 5,975,096 1,044,144,137 69,461,417 1,208,327,826 Additions 821,392 1,047,990 4,544,436 - 6,144,094 169,127,503 181,685,415 Other movement (2,948) - (182,357) (10,744) (9,225,843) (676,252) (10,098,144) Disposal - (4,302) (3,623,530) (2,555) (24,154,919) - (27,785,306) Reallocation 718,276 277,900 6,071,364 - 188,384,144 (201,055,360) (5,603,676) Write-off - - - - (3,041,030) - (3,041,030)

Balance at 31 December 2019 31,643,553 21,841,122 44,930,722 5,961,797 1,202,250,583 36,857,308 1,343,485,085

Accumulated depreciation Balance at 1 January 2018 16,986,992 4,347,478 43,354,038 3,473,231 673,545,412 - 741,707,151 Charge for the year 1,505,081 1,763,433 10,248,818 712,033 126,933,114 - 141,162,479 Write-off - - (28,781,636) - (250,330,708) - (279,112,344) Disposal - - (2,130,408) (700,959) (380,563) - (3,211,930) Impairment of asset - - - - 758,926 - 758,926

Balance at 31 December 2018 18,492,073 6,110,911 22,690,812 3,484,305 550,526,181 - 601,304,282 Charge for the year 1,577,014 976,135 9,445,999 537,394 135,271,177 - 147,807,719 Disposal - (4,302) (3,583,474) (2,427) (23,776,053) - (27,366,256) Impairment - - - - (3,000,307) - (3,000,307) Other movement - - (19,517) (10,745) (325,880) - (356,142)

Balance at 31 December 2019 20,069,087 7,082,744 28,533,820 4,008,527 658,695,118 - 718,389,296

Carrying amount Balance as at 31 December 2019 11,574,466 14,758,378 16,396,902 1,953,270 543,555,465 36,857,308 625,095,789

Balance as at 31 December 2018 11,614,760 14,408,623 15,429,997 2,490,791 493,617,956 69,461,417 607,023,544

17. Property, plant and equipment (continued)

Company

Land & Buildings Leasehold Information Motor Network Capital Total

improvements systems, vehicles infrastructure work-in-

furniture progress

and office

equipment

N’000 N’000 N’000 N’000 N’000 N’000 N’000

Cost Balance at 1 January 2018 29,934,662 15,885,026 59,033,367 4,817,082 1,138,128,556 75,930,563 1,323,729,256 Additions 69,478 1,399,925 7,185,314 1,918,470 14,751,175 148,960,658 174,285,020 Disposal - - (2,192,010) (767,800) (447,778) - (3,407,588) Reallocation 99,744 3,234,583 2,869,025 (3,400) 141,650,975 (155,429,661) (7,578,734) Reclassification - - (3,995) - - (143) (4,138) Write-off - - (28,793,457) - (250,319,311) - (279,112,768)

Balance at 31 December 2018 30,103,884 20,519,534 38,098,244 5,964,352 1,043,763,617 69,461,417 1,207,911,048 Additions 821,392 1,047,990 4,544,436 - 6,144,094 169,127,503 181,685,415 Disposal - (4,302) (3,623,530) (2,555) (24,154,919) - (27,785,306) Other movement - - (159,791) - (8,845,323) (676,252) (9,681,366) Reallocation 718,277 277,900 6,071,363 - 188,384,144 (201,055,360) (5,603,676) Write-off - - - - (3,041,030) - (3,041,030)

Balance at 31 December 2019 31,643,553 21,841,122 44,930,722 5,961,797 1,202,250,583 36,857,308 1,343,485,085

Accumulated depreciation Balance at 1 January 2018 16,986,992 4,347,478 43,334,522 3,462,487 673,219,570 - 741,351,049 Charge for the year 1,505,081 1,763,433 10,248,818 712,033 126,933,114 - 141,162,479 Disposal - - (2,130,408) (700,959) (380,563) - (3,211,930) Impairment - - - - 758,926 - 758,926 Reallocation - - - - - - - Write-off - - (28,781,636) - (250,330,708) - (279,112,344)

Balance at 31 December 2018 18,492,073 6,110,911 22,671,296 3,473,561 550,200,339 - 600,948,180 Charge for the year 1,577,014 976,135 9,445,999 537,394 135,271,178 - 147,807,720 Disposal - (4,302) (3,583,475) (2,428) (23,764,514) - (27,354,719) Impairment - - - - (3,011,885) - (3,011,885)

Balance at 31 December 2019 20,069,087 7,082,744 28,533,820 4,008,527 658,695,118 - 718,389,296

Carrying amount Balance as at 31 December 2019 11,574,466 14,758,378 16,396,902 1,953,270 543,555,465 36,857,308 625,095,789

Balance as at 31 December 2018 11,611,811 14,408,623 15,426,948 2,490,791 493,563,278 69,461,417 606,962,868



17. Property, plant and equipment (continued)

17.1 Land and buildings Included in land and buildings, is land of N5.57 billion not depreciated.

17.2 Reallocation Reallocation relates to assets moved from capital work in progress to network infrastructure and other

categories of property, plant and equipment and assets reclassified from property, plant and equipment to intangible assets.

17.3 Reclassification Reclassifications relate to tangible assets initially capitalised but later expensed in the statement of profit or loss

due to materiality threshold.

17.4 Write-off This relates to obsolete network inventory written off during the year.

17.5 Capital work-in-progress These are various capital work-in-progress projects relating to network sites under construction in the Group.

17.6 Impairment losses recognised in the year There was a write-off on obsolete network inventory during the year. The write off led to the reversal of

impairment charged in previous years. The impairment reversal of N3 billion was recognised in the statement of profit or loss (2018: impairment reversal of N0.76 billion).

17.7 Other movement This relates to the reversal of prior year accruals no longer required.

17.8 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.

17.9 Capitalised borrowing costs No borrowing costs were capitalised during the year (2018: Nil).

18. Right of use assets

Group & Company

Network Base Buildings Office Motor Total infrastructure station equipment vehicles land N’000 N’000 N’000 N’000 N’000 N’000

Cost Balance at 1 January 2019 - - - - - - Opening balance adjustment 505,583,125 6,091,470 1,189,730 417,388 - 513,281,713 - 1 January 2019* Additions 35,874,283 2,325,950 5,339,002 - 64,048 43,603,283

Balance as at period end 541,457,408 8,417,420 6,528,732 417,388 64,048 556,884,996

Depreciation Balance at 1 January 2019 - - - - - - Depreciation for the period 52,693,900 2,543,847 1,425,827 139,115 14,652 56,817,341

Balance as at period end 52,693,900 2,543,847 1,425,827 139,115 14,652 56,817,341

Carrying amounts At 1 January 2019 505,583,125 6,091,470 1,189,730 417,388 - 513,281,713

At 31 December 2019 488,763,508 5,873,573 5,102,905 278,273 49,396 500,067,655

*Opening balance adjustment relates to the adoption of IFRS 16 on 1 January 2019 (see Note 5).



19. Intangible assets

Group Goodwill Software Licences Capital Total work-in- progress N’000 N’000 N’000 N’000 N’000

Cost Balance at 1 January 2018 10,016,039 78,467,043 178,587,355 - 267,070,437 Additions - 9,887,584 - - 9,887,584 Reallocation - 7,578,735 - - 7,578,735 Write-off - (44,579,406) (400,001) - (44,979,407) Disposal - (1,004) - - (1,004)

Balance at 31 December 2018 10,016,039 51,352,952 178,187,354 - 239,556,345 Additions - 11,354,421 6,236,370 9,064,668 26,655,459 Disposal - (9,475,416) - - (9,475,416) Other movement - (651,854) - - (651,854) Reallocation - 9,471,137 - (3,867,461) 5,603,676

Balance at 31 December 2019 10,016,039 62,051,240 184,423,724 5,197,207 256,491,003

Accumulated amortisation Balance at 1 January 2018 - 59,704,026 78,764,402 - 138,468,428 Charge for the year - 11,432,779 15,267,402 - 26,700,181 Write-off - (44,579,382) (400,001) - (44,979,383) Disposal - (1,004) - - (1,004)

Balance at 31 December 2018 - 26,556,419 93,631,803 - 120,188,222 Charge for the year - 14,304,977 15,691,843 - 29,996,820 Disposal - (9,443,746) - - (9,443,746)

Balance at 31 December 2019 - 31,417,650 109,323,646 - 140,741,296

Carrying amount Balance as at 31 December 2019 10,016,039 30,633,590 75,100,078 5,197,207 120,946,914

Balance as at 31 December 2018 10,016,039 24,796,533 84,555,551 - 119,368,123

19. Intangible assets (continued)

Company Software Licences Capital Total work-in- progress N’000 N’000 N’000 N’000

Cost Balance at 1 January 2018 78,467,043 129,431,276 - 207,898,319 Additions 9,887,584 - - 9,887,584 Disposal (1,004) - - (1,004) Reallocation 7,578,735 - - 7,578,735 Write-offs (44,579,406) - - (44,579,406)

Balance at 31 December 2018 51,352,952 129,431,276 - 180,784,228 Additions 11,354,421 6,236,370 9,064,668 26,655,459 Disposal (9,340,321) - - (9,340,321) Other movements (651,854) - - (651,854) Reallocation 9,471,137 - (3,867,461) 5,603,676

Balance at 31 December 2019 62,186,335 135,667,646 5,197,207 203,051,188

Accumulated amortisation Balance at 1 January 2018 59,704,026 67,206,075 - 126,910,101 Charge for the year 11,432,779 9,914,083 - 21,346,862 Disposal (1,004) - - (1,004) Write-offs (44,579,382) - - (44,579,382)

Balance at 31 December 2018 26,556,419 77,120,158 - 103,676,577 Charge for the year 14,304,977 10,337,914 - 24,642,891 Disposal (9,340,322) - - (9,340,322)

Balance at 31 December 2019 31,521,074 87,458,072 - 118,979,146 Carrying amount Balance as at 31 December 2019 30,665,261 48,209,574 5,197,207 84,072,042

Balance as at 31 December 2018 24,796,533 52,311,118 - 77,107,651



19. Intangible assets (continued)

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 items reclassified from property, plant and equipment to 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 The goodwill relates to the acquisition of Visafone Communications Limited. 19.6 Goodwill impairment assessment Goodwill arising on the acquisition of Visafone was tested for impairment in accordance with IAS 36. For this

purpose, the entire goodwill was allocated to Visafone cash generating unit (CGU). The recoverable amount of the CGU was determined based on fair value less costs to sell obtained from an independent valuer.

The fair value was estimated using the market approach. This entailed estimating spectrum values based on international average spectrum holdings per operator in other countries. The valuation method includes the spectrum auctions in active markets. A spectrum auction will provide an indication of market prices in a competitive market, and will provide an indication of market value of the auction prices of the spectrum range of 800 MHz.

The results were also benchmarked against worldwide auction results adjusted by Gross Domestic Product Purchasing Power Parity (GDP PPP) to provide comparable results to the valuations produced.

The calculated fair value exceeded the carrying amount of cash generating unit and no impairment was recognized in the financial statements.

The level of the valuation within the fair value hierarchy is Level 3.

19.7 Details of Network Licences

Network Licences Type Date Term Renewable Licence Initiation Annual Future Granted/ (Years) Term Fee Fee Licence Fees/ Renewed Currency Fees Obligations

900MHz & 1800MHz 1 September 5 As may be NGN 18.6 billion Annual None 2016 determined operating by NCC levy - 2.5% of net revenue

3G Spectrum Licence 1 May 2007 15 As may be US$ 150 million Annual None(Receive Frequency 1920 determined operating- 1930 MHz) (Transmit by NCC levy - 2.5%Frequency 2110 - of net2120 MHz) revenue

Universal Access Service 1 September 15 5 NGN 114.6 million Annual NoneLicence (Including 2006 operatingInternational Gateway) levy - 2.5% of net revenue

International Submarine 1 January 20 20 US$ 220.5 million Annual NoneCable Infrastructure and 2010 operatingLanding Station (WACS) levy - 2.5% of net revenue 700 MHz spectrum 16 January To be To be US$ but $171 million None NoneLicence 2018 commun- commun- paid in (N34.1 icated icated Naira at billion) by the by the the prev- NCC NCC ailing interbank rate

Unified Access Service 1 July 2017 10 years 10 years NGN 349.6 million None NoneLicense (Visafone)

800MHz Spectrum 1 January 10 Renewal fees NGN 2.87 billion None None(Visafone) 2015 will be based on the frequency fees and pricing regulation in force at the time of renewal

2.6GHz Spectrum 1 August 2016 To be To be NGN 18.9 billion None None (effective date commun- commun- for the spectr- ciated ciated um has been by the by the suspended by NCC NCC the NCC till all interferences have been cleared)


(effective date for the spectrum has been suspended by the NCC till all interferences have been cleared)


20. Investments in subsidiaries

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

Company

Name of company % % Carrying Carrying Holding Holding amount amount 2019 2018 2019 2018 N ‘000 N ‘000

Visafone Communications Limited 100.00 % 100.00 % 43,778,000 43,778,000 XS Broadband Limited 100.00 % 100.00 % 500,000 500,000 Yello Digital Financial Services Limited 100.00 % 100.00 % 1,800,000 50,000 46,078,000 44,328,000 Impairment of investment in subsidiary (XS Broadband) (500,000) (500,000) 45,578,000 43,828,000

All subsidiary undertakings are included in the consolidation. The proportion of the voting rights in the subsidiary undertakings held directly by the parent company do not differ from the proportion of ordinary shares held. All the subsidiaries have the same year-end as the parent company.

In 2018, the Group established a new subsidiary Yello Digital Financial Services Limited to provide mobile financial services. During the year, there was an additional capital injection of N1.75 billion to fund business operations.

The investment in XS Broadband Limited was impaired following service delivery issues experienced with the subsidiary’s fixed wireless access network in line with IAS 36 - Impairment of Assets.

Investment in subsidiary impairment assessment

The investment in Visafone was tested for impairment in accordance with IAS 36. For this purpose, Visafone is regarded as a cash generating unit (CGU). The recoverable amount of the CGU was determined based on fair value less cost to sell calculations performed by an independent valuer.

The fair value was estimated using the market approach. This entailed estimating spectrum values based on international average spectrum holdings per operator in other countries. The valuation method includes the spectrum auctions in active markets. A spectrum auction will provide an indication of market prices in a competitive market, and will provide an indication of market value of the auction prices of the spectrum range of 800 MHz.

Adjustments were made to the international benchmark to normalize the prices and improve the benchmark’s relevance to the Nigerian market by adjusting the GDP (PPP Adjusted) to simulate results to a Nigerian GDP which is different from the auctions in the foreign markets.

No impairment was recognised in the financial statements for Visafone.

Significant restrictions

There are no significant regulatory restrictions to movement of capital from the subsidiaries.


21. Derivatives Currency swap (264,573) (14,152) (264,573) (14,152)

Split between non-current and current portions Non-current liabilities (264,573) (14,152) (264,573) (14,152)

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 financial liabilities when the fair value is negative. All gains and losses from changes in the fair value of derivatives that do not qualify for hedge accounting are recognised immediately in profit or loss as finance income or cost.

22. Inventories Handsets and accessories 658,172 1,472,329 658,172 1,479,059 Starter packs 436,140 1,600,467 436,140 1,600,467 1,094,312 3,072,796 1,094,312 3,079,526 Inventories (write-downs) (Note 22.1) (184,735) (1,534,030) (184,735) (1,534,030) 909,577 1,538,766 909,577 1,545,496

22.1 Reconciliation of inventory write-down At beginning of year (1,534,030) (2,973,166) (1,534,030) (2,973,166) Additions 1,349,296 (2,277,878) 1,349,296 (2,277,878) Utilised 190,292 1,350,954 190,292 1,350,954 Unused reversed (190,293) 2,366,060 (190,293) 2,366,060 At end of year (184,735) (1,534,030) (184,735) (1,534,030)

23. Trade and other receivables Financial instruments: Trade receivables 30,813,196 32,790,123 29,663,338 32,110,907 Trade receivables - related parties 12,490,278 6,821,267 14,384,864 6,821,267 Allowance for expected credit losses (Note 23.1) (6,272,506) (15,338,739) (5,854,719) (14,761,742) Trade receivables at amortised cost 37,030,968 24,272,651 38,193,483 24,170,432 Sundry receivables and advances 217,438 268,265 217,438 268,288 Other receivables* 9,995,588 4,721,131 10,029,024 4,692,691

Non-financial instruments: Prepayments** 17,301,338 25,082,062 17,299,492 25,080,863 Less: non current prepayments (12,145,236) (15,726,985) (12,145,236) (15,726,985) Total trade and other receivables - current 52,400,096 38,617,124 53,594,201 38,485,289

*Other 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 44.6.2 and 44.4 respectively.

The carrying value of trade and other receivables materially approximates the fair value because of the short period to maturity.




23.1 Reconciliation of loss allowances

The following table shows the movement in the loss allowance (lifetime expected credit losses) for trade and other receivables:

1 January 2019 opening balance (15,338,739) (24,126,687) (14,761,742) (23,754,611) Increase in loss allowance recognised in profit or loss (9,066,233) (2,461,352) (8,907,023) (2,256,431) Receivables written off during the year as uncollectible 9,367,203 7,746,898 9,367,203 7,746,898 Unused reversed 8,765,263 3,502,402 8,446,843 3,502,402 Closing balance (6,272,506) (15,338,739) (5,854,719) (14,761,742)

Impairment loss/(reversal) of N9.07 billion (31 December 2018: N8.76 billion) for Group and N8.91 billion (31 December 2018: N8.96 billion) for Company was recognised in the statement of profit or loss.

24. Current investments

Treasury bills at fair value through profit or loss 3,634,024 1,302,198 3,634,024 1,302,198 Treasury bills at fair value through other comprehensive income 6,135,782 434,066 6,135,782 434,066 Treasury bills at amortised cost 33,204,013 56,080,918 33,204,013 56,080,918 US dollar deposits with interest rates of 3.3% to 5.25% at amortised cost 11,852,750 7,651,077 11,852,750 7,651,077 54,826,569 65,468,259 54,826,569 65,468,259

25. Restricted cash

Restricted cash deposits 38,049,589 37,219,023 37,999,589 37,169,023

Restricted cash represents deposits with banks to secure Letters of Credit, collateral against repayment on borrowings and bank guarantees against court judgements. Also included in restricted cash is the retention fee on purchase of Visafone Communications Limited.

26. Cash and cash equivalents

Cash and cash equivalents consist of: Bank balances 40,477,629 25,811,748 38,501,003 25,606,185 Short-term deposits 75,800,000 27,200,000 75,800,000 27,200,000 116,277,629 53,011,748 114,301,003 52,806,185


27. Share capital Authorised 500,000,000 ordinary shares of N1 each - 500,000 - 500,000 4,500,000 ‘’B’’ ordinary shares of N1 each - 4,500 - 4,500 402,590,263 preference shares of US$0.005c each - 239,420 - 239,420 27,850,000,000 ordinary shares of N0.02 each 557,000 - 557,000 - 557,000 743,920 557,000 743,920

At an Extraordinary General Meeting of the Company on 31 January 2019, an ordinary resolution was passed to sub- divide 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 (December 2018: 402,590,263 of N1 each) 407,090 402,590 407,090 402,590 ordinary shares of N0.02 each 4,500,000 (December 2018: 4,500,000 ) ‘’B’’ ordinary shares of N 1 each - 4,500 - 4,500 402,590,263 (December 2018: 402,590,263) preference shares of US$ 0.005c each - 239,420 - 239,420 407,090 646,510 407,090 646,510

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, the Board of Directors on 24 April 2019 approved the redemption of the preference shares as required in the Group’s Memorandum and Articles of Association. The par and premium 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. The redeemable preference shares of $399.59 million (N148.19 billion) were redeemed on 30 December 2019.

In line with the Companies and Allied Matters Act, 2004 (CAMA), a sum equal to the nominal amount of the par value of the redeemable preference shares N239.4 million was reclassified out of retained earnings to a Capital Redemption Reserve Fund (CRRF). (See Note 27.1)

Movement As at 1 January 646,510 646,510 646,510 646,510 Redemption of preference shares (239,420) - (239,420) - As at 31 December 407,090 646,510 407,090 646,510




27.1. Other reserves Opening reserves 6,069 - 6,069 - Other comprehensive income 275,672 6,069 275,672 6,069 Capital Redemption Reserve Fund (CRRF) 239,420 - 239,420 - Closing reserves 521,161 6,069 521,161 6,069

Other comprehensive income are Federal Government treasury bills investments which are exempted from company income tax.

Capital Redemption Reserve Fund (CRRF) relates to the nominal amount transferred from retained earnings in line with the requirement of Companies and Allied Matters Act, 2004 (CAMA) on redemption of 402,590,263 redeemable preference shares.

28. Share premium

4,500,000 ‘’B’’ ordinary shares of N 3,779.89 each - 17,009,500 - 17,009,500 4,500,000 ordinary shares of N 3,779.89 each 17,009,500 - 17,009,500 - 138,960 ordinary shares at N 1,488.15 each 206,793 206,793 206,793 206,793 402,590,263 US$ 0.005c Preference shares at $0.987c each - 47,282,173 - 47,282,173 17,216,293 64,498,466 17,216,293 64,498,466

Movement As at 1 January 64,498,466 64,498,466 64,498,466 64,498,466 Redemption of preference shares (47,282,173) - (47,282,173) - As at 31 December 17,216,293 64,498,466 17,216,293 64,498,466

27. Share capital (continued) 29. Borrowings

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

31 December 31 December 2019 2019 N ‘000 N ‘000 %

199,186,453 199,186,453 NGN Local Floating 14.85 11 semi-annual Syndicated equal Facility (M) installments

179,436,404 179,436,404 NGN New Local Floating 14.85 11 semi-annual Syndicated equal Facility (N) installments

14,374,324 14,374,324 US$ KFW/ Floating 3.19 5 semi-annual Citibank equal (Buyer’s installments Credit) Facility

6,725,649 6,725,649 US$ Credit Suisse Floating 7.58 5 semi-annual (Buyer equal Credit) instalments

Bilateral Facility

12,818,994 12,818,994 US$ Credit Suisse Floating 7.42 5 semi-annual (Buyer Credit equal Facility) instalments Syndicated Facility

Total unsecured borrowings 412,541,824 412,541,824



29. Borrowings (continued)

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

31 December 31 December 2018 2018 N ‘000 N ‘000 %

85,289,168 85,289,168 NGN Local Floating 14.95 2 equal semi- Syndicated annual Facility instalments

9,007,985 9,007,985 US$ Chinese Floating 5.56 3 equal semi- Syndicated annual equipment instalments finance (G)

9,885,306 9,885,306 US$ RMB foreign Floating 5.63 1 equal semi- currency annual facility (E) instalments

8,919,616 8,919,616 US$ KFW Floating 3.56 2 equal semi- equipment annual

finance instalments (F1 & F3)

5,946,411 5,946,411 US$ KFW Fixed 1.67 2 equal semi- equipment annual finance (F2) instalments

26,973,939 26,973,939 US$ Credit Suisse Floating 8.38 8 equal semi- (Buyer’s annual Credit instalments Facility)

21,152,327 21,152,327 US$ KfW/Citibank Floating 3.71 7 equal semi- (Buyer’s annual Credit instalments Facility)

8,139,486 8,139,486 US$ Import and Floating 6.50 6 months Trade revolving Finance (Usance) line with local banks

Total unsecured borrowings 175,314,238 175,314,238

29. Borrowings (continued) Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N‘000

The maturity of the loan is as follows: Payable within one year (included in current liabilities) 32,453,044 143,875,889 32,453,044 143,875,889

More than one year but not exceeding two years 82,210,970 12,762,693 82,210,970 12,762,693 More than two years but not exceeding five years 212,666,964 18,675,656 212,666,964 18,675,656 More than five years 85,210,846 - 85,210,846 -

Amounts included in non-current liabilities 380,088,780 31,438,349 380,088,780 31,438,349 Total borrowings 412,541,824 175,314,238 412,541,824 175,314,238

The Company has the following undrawn facilities: Floating rate 20,000,000 14,573,480 20,000,000 14,573,480

The carrying amounts of the Company’s borrowings are denominated in the following currencies:

US Dollar 33,918,967 85,289,168 33,918,967 85,289,168 Nigerian Naira 378,622,857 90,025,070 378,622,857 90,025,070 412,541,824 175,314,238 412,541,824 175,314,238

29.1 Borrowings reconciliation

Balance at 1 January 175,314,238 255,365,143 175,314,238 255,365,143 Drawdown 381,701,421 136,339,156 381,701,421 136,339,156 Repayment (144,619,047) (216,275,998) (144,619,047) (216,275,998) Prepaid borrowing cost 1,693,239 512,722 1,693,239 512,722 Accrued interest (1,099,002) (1,237,813) (1,099,002) (1,237,813) Revaluation loss (449,025) 611,028 (449,025) 611,028 Balance at 31 December 412,541,824 175,314,238 412,541,824 175,314,238

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.



29. Borrowings (continued)

As at 31 December 2019, the outstanding principal balance on the facility is N200 billion (31 December 2018: Nil).

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 2019, a total amount of N180 billion has been drawn under the facility (31 December 2018: Nil).

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 tranches (H1, H2 and H3) of US$103 million, US$106 million and US$120 million, respectively:

A total drawdown of US$87.6 million has been made on H1 as at 31 December 2019. The availability periods for drawing on both H2 and H3 have expired and the amount on both tranches were undrawn. Facility H1 has 10 equal semi-annual principal repayments which commenced September 2017. It was a floating interest loan linked to the 6- Month LIBOR plus a 1.15% margin.

The outstanding balance as at 31 December 2019 is US$42.7 million (31 December 2018: US$59.9 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.

As at 31 December 2019, both J and J1 have a combined outstanding balance of US$54.6 million (31 December 2018: US$76.4 million).

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.

30. Trade and other payables

Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N‘000

Trade payables 27,462,998 18,607,919 27,293,296 17,698,675 Trade payables - related parties 16,383,546 39,652,033 16,383,546 39,652,033 Sundry payables 1,092,159 1,229,176 1,092,159 1,121,150 Other accrued expenses 132,960,025 140,869,024 132,352,060 139,927,596 Other payables* 12,541,768 13,357,057 12,520,511 12,655,547 190,440,496 213,715,209 189,641,572 211,055,001

*Other payables include withholding and value added tax liabilities.

31. Regulatory fine liability

Balance at 1 January 105,127,783 192,775,764 105,127,783 192,775,764 Time value accretion 4,872,217 22,352,019 4,872,217 22,352,019 Payment (110,000,000) (110,000,000) (110,000,000) (110,000,000) Balance at 31 December - 105,127,783 - 105,127,783

Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N‘000

32. Contract acquisition costs

Opening balance 3,766,048 3,411,568 3,766,048 3,411,568 Additions 3,761,690 2,830,395 3,761,690 2,830,395 Amortised in the year (2,676,248) (2,475,915) (2,676,248) (2,475,915) Net book value 4,851,490 3,766,048 4,851,490 3,766,048

33. Contract liabilities

Contract liabilities 46,806,355 42,738,547 46,745,269 42,684,874 46,806,355 42,738,547 46,745,269 42,684,874

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 (2018 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.

34. Provisions Reconciliation of provisions - Group - 2019

At beginning Additions Utilised Reversed At end of year of year during the during the year year N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Decommissioning provision 65,934 5,490 - - 71,424 Litigation provision 7,177,482 11,225,992 (1,564,424) (400,937) 16,438,112 Bonus provision 3,424,777 5,953,062 (4,766,595) (400,000) 4,211,244 Other provisions 10,756,937 3,969,120 (2,089,280) (6,017,063) 6,619,714 21,425,130 21,153,664 (8,420,300) (6,818,000) 27,340,494

Reconciliation of provisions - Group - 2018 At beginning Additions Utilised Reversed At end of year of year during the during the year year N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Restructuring provision 116,502 9,349 (122,664) (3,187) - Decommissioning provision 70,048 - - (4,114) 65,934 Litigation provision 3,161,624 5,754,285 (1,277,676) (460,751) 7,177,482 Bonus provision 3,211,004 3,769,511 (3,555,738) - 3,424,777 Other provisions 6,703,779 10,031,673 (4,343,683) (1,634,832) 10,756,937 13,262,957 19,564,818 (9,299,761) (2,102,884) 21,425,130



34. Provisions (continued)

Reconciliation of provisions - Company - 2019


Decommissioning provision 65,934 5,490 - - 71,424 Litigation provision 7,177,482 11,225,992 (1,564,424) (400,937) 16,438,112 Bonus provision 3,424,777 5,953,062 (4,766,595) (400,000) 4,211,244 Other provisions 10,756,937 3,969,120 (2,089,280) (6,017,063) 6,619,714 21,425,130 21,153,664 (8,420,300) (6,818,000) 27,340,494

Reconciliation of provisions - Company - 2018


Restructuring provision 116,502 9,349 (122,664) (3,187) - Decommissioning provision 70,048 - - (4,114) 65,934 Litigation provision 3,161,624 5,754,285 (1,277,676) (460,751) 7,177,482 Bonus provision 3,211,004 3,769,511 (3,555,738) - 3,424,777 Other provisions 6,703,779 10,031,673 (4,343,683) (1,634,832) 10,756,937 13,262,957 19,564,818 (9,299,761) (2,102,884) 21,425,130


Non-current liabilities 71,424 65,934 71,424 65,934 Current liabilities 27,269,070 21,359,196 27,269,070 21,359,196 27,340,494 21,425,130 27,340,494 21,425,130

34.1 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.

34.2 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.

34.3 Restructuring provision

This provision relates to pay-off to staff due to managed services initiative. The timing of settlement is dependent on when the Group eventually exits the staff.

34. Provisions (continued)

34.4 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.

34.5 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 expenses and other strategic advisory services are payable to various consultants and legal advisers.

35 Lease liabilities

The Group’s leases include network infrastructure (including tower space and land), 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 N806.5 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:

By maturity Network Buildings Office Motor Total infrastructure equipment vehicles N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Under 1 year 34,948,897 - 136,928 13,962 35,099,787 1 to 2 Years 36,806,317 - 170,484 16,960 36,993,761 2 to 5 Years 128,905,618 - 22,507 - 128,928,125 Over 5 Years 315,512,483 - - - 315,512,483 516,173,315 - 329,919 30,922 516,534,156



36. Deferred tax

Group At beginning Recognised Prior year Arising on At end of year in income reclass consolidation of year statement N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Non-current assets 31 December 2018 Temporary difference from provisions and unrealised foreign exchange losses 25,653,339 (25,653,339) - - - Total deferred tax asset 25,653,339 (25,653,339) - - -

Non-current liabilities 31 December 2018 Arising due to fair value adjustment on business combination (10,565,391) - - 1,509,341 (9,056,050)

Temporary differences from fixed asset (102,264,507) 2,054,538 - - (100,209,969) Total deferred tax liability (112,829,898) 2,054,538 - 1,509,341 (109,266,019)

31 December 2019 Arising due to fair value adjustment on business combination (9,056,050) - - 1,509,341 (7,546,709)

Temporary differences from fixed asset (100,209,969) (12,829,897) - - (113,039,866) Total deferred tax liability (109,266,019) (12,829,897) - 1,509,341 (120,586,575)

Net deferred tax liability 31 December 2018 (87,176,559) (23,598,801) - 1,509,341 (109,266,019) 31 December 2019 (109,266,019) (12,829,897) - 1,509,341 (120,586,575)

Company

Non-current assets 31 December 2018 Temporary difference from provisions and unrealised foreign exchange losses 25,653,339 (25,653,339) - - - Total deferred tax asset 25,653,339 (25,653,339) - - -

Non-current liabilities 31 December 2018 Temporary differences from fixed asset (102,245,935) 2,054,539 - - (100,191,396) Total deferred tax liability (102,245,935) 2,054,539 - - (100,191,396)

31 December 2019 Temporary differences from fixed asset (100,191,396) (12,848,471) - - (113,039,867) Total deferred tax liability (100,191,396) (12,848,471) - - (113,039,867)

Net deferred tax liability 31 December 2018 (76,592,596) (23,598,800) - - (100,191,396)

31 December 2019 (100,191,396) (12,848,471) - - (113,039,867)

The deferred tax assets and liabilities have been offset because the Group has a legally enforceable right to set off current tax assets against current tax liabilities. They also relate to income taxes levied by the same taxation authority. Prior year balances have been restated to reflect a net deferred tax liability position.


37. Capital commitments Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

Commitments for the acquisition of property, plant, equipment Contracted but not provided for 53,340,085 89,119,572 53,340,085 89,119,572 Authorised but not contracted for 145,262,725 86,251,509 145,262,725 86,251,509 Total commitments for property, plant, equipment 198,602,810 175,371,081 198,602,810 175,371,081

Commitments for the acquisition of software* Contracted but not provided for 1,010,049 1,838,478 1,010,049 1,838,478 Authorised but not contracted for 19,320,771 16,528,838 19,320,771 16,528,838 Total commitments for software 20,330,820 18,367,316 20,330,820 18,367,316

*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 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

Opening balance 54,131,436 25,996,641 53,667,534 25,451,993 Provisions for the year - company income tax 67,813,183 46,659,079 67,677,420 46,403,534 Provisions for the year - education tax 8,844,585 6,908,057 8,844,585 6,891,950 Provisions for the year - capital gains tax - 38 - 38 Nigerian Police Trust Fund 14,734 - 14,734 - Penalty for late filing - 115 - - Tax paid (44,068,636) (21,269,927) (43,769,484) (20,955,224) Income tax on dividend (18,013,744) - (18,013,744) - Withholding tax credit (3,095,637) (3,825,060) (3,095,637) (3,825,060) Reclassification - (337,507) - (299,697) Closing balance 65,625,921 54,131,436 65,325,408 53,667,534


39. Cash generated from operations Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000

Profit before taxation 290,104,033 221,342,648 294,695,439 225,524,876 Adjustments for: Finance costs 125,325,277 67,339,468 125,325,277 67,339,468 Interest income (20,132,082) (22,568,339) (20,205,463) (21,910,265) Depreciation of property, plant and equipment 147,807,719 141,162,479 147,807,719 141,162,479 Depreciation of right of use assets 56,817,341 - 56,817,341 - Amortisation of intangible assets 29,996,820 26,700,181 24,642,891 21,346,862 Amortisation of contract cost 2,676,248 2,475,915 2,676,248 2,475,915 Fixed assets written off 3,041,030 447 3,041,030 447 Profit on disposals of property, plant and equipment (960,235) (456,858) (960,235) (456,858) (Reversal of impairment)/impairment of property, plant and equipment (3,000,307) 758,926 (3,011,885) 758,926 Impairment losses recognised on initial application of IFRS 9 - (82,348) - (82,348) Bad debts written off 9,367,203 7,746,898 9,367,203 7,746,898 Movement of impairment of contracts with customers (9,066,233) (8,757,923) (8,907,023) (8,962,844) Writeback of impairment of other receivables - (268,139) - (268,139) (Reversal)/Impairment of trading inventory (1,349,296) 2,277,878 (1,349,296) 2,277,878 Loss on sale of assets held for sale - 174 - 174 Other movement in intangible assets 31,670 - 31,670 - Movements in provisions (322,675) 8,164,582 (322,675) 8,164,582 Loss on fair valuation of derivative 250,421 69,825 250,421 69,825 Share based payment 89,800 (774) 89,800 (774) Changes in working capital: Decrease in inventories 1,978,484 1,913,255 1,978,484 1,913,259 Increase in trade and other receivables (14,668,759) (4,426,546) (14,828,306) (4,894,151) Increase in prepayments (4,001,294) (2,043,769) (4,001,294) (2,043,769) Decrease in trade and other payables (13,148,808) (11,066,587) (12,692,173) (9,252,263) Increase in contract liabilities 4,067,808 7,206,454 4,060,395 7,195,657 604,904,165 437,487,847 604,505,568 438,105,835

40. Contingent liabilities

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.

The Group has N16 billion (2018: N22.7 billion) contingent liabilities arising from claims and litigations in the ordinary course of business and the Group is defending these actions. These matters are currently being considered by various courts and the timing of the judgements are unknown. In the opinion of the Directors, which is based on advice from the legal counsels, no material loss is expected to arise from these claims and litigations.


41. Earnings per share

Basic earnings per share

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.


Profit attributable to equity holders 202,110,974 145,685,901 205,310,229 148,630,554 Weighted average number of ordinary shares* 20,354,513 20,354,513 20,354,513 20,354,513 Basic/diluted EPS (N) 9.93 7.16 10.09 7.30

*The EPS for December 2018 was restated as a result of the sub-division of ordinary shares of N1.00 each (407,090,263 ordinary shares) to 2 kobo each (20,354,513,050 ordinary shares) in 2019.

Dividend per share

The interim dividend represents N2.95 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 2019.

The Board of Directors recommend the payment of a final dividend of N4.97 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 2019 will be N7.92 per share of 2 kobo each. Withholding tax would be deducted at the point of payment.


42. 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 31 December 2019 United States British Euro South Total Dollar Pound African Sterling Rand N ‘000 N ‘000 N ‘000 N ‘000 N ‘000 Assets Current assets Trade and other receivables 7,094,838 - - - 7,094,838 Current investments 11,852,750 - - - 11,852,750 Restricted cash 19,013,105 - - - 19,013,105 Cash and cash equivalents 4,597,742 7,438 505 6 4,605,691 42,558,435 7,438 505 6 42,566,384

Liabilities Current liabilities Trade and other payables 72,108,143 29,249 819,306 41,833 72,998,531 Borrowings 14,222,503 - - - 14,222,503 Lease liabilities 8,425,714 - - - 8,425,714 94,756,360 29,249 819,306 41,833 95,646,748

Non-current liabilities Borrowings 21,269,809 - - - 21,269,809 Lease liabilities 155,604,330 - - - 155,604,330 176,874,139 - - - 176,874,139 Total liabilities 271,630,499 29,249 819,306 41,833 272,520,887

31 December 2018

Assets Current assets Trade and other receivables 7,243,240 - 1,593,810 - 8,837,050 Current investments 7,651,077 - - - 7,651,077 Restricted cash 24,933,524 - - - 24,933,524 Cash and cash equivalents 1,291,585 6,949 - - 1,298,534 41,119,426 6,949 1,593,810 - 42,720,185

Liabilities Current liabilities Trade and other payables 87,873,489 37,648 3,846,617 54,932 91,812,685 Borrowings 57,488,582 - - - 57,488,582 145,362,071 37,648 3,846,617 54,932 149,301,268 Non-current liabilities Borrowings 32,536,488 - - - 32,536,488 32,536,488 - - - 32,536,488

Total liabilities 177,898,559 37,648 3,846,617 54,932 181,837,756


42. Foreign exchange exposure (continued)

Company 31 December 2019 United States British Euro South Total Dollar Pound African Sterling Rand N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Current assets Trade and other receivables 7,094,838 - - - 7,094,838 Current investments 11,852,750 - - - 11,852,750 Restricted cash 19,013,105 - - - 19,013,105 Cash and cash equivalents 4,597,742 7,438 505 6 4,605,691 42,558,435 7,438 505 6 42,566,384 Liabilities Current liabilities Trade and other payables 72,108,143 29,249 819,306 41,833 72,998,531 Borrowings 14,222,503 - - - 14,222,503 Lease liabilities 8,425,714 - - - 8,425,714 94,756,360 29,249 819,306 41,833 95,646,748

Non-current liabilities Borrowings 21,269,809 - - - 21,269,809 Lease liabilities 155,604,330 - - - 155,604,330 176,874,139 - - - 176,874,139

Total liabilities 271,630,499 29,249 819,306 41,833 272,520,887

31 December 2018

Assets Current assets Trade and other receivables 7,243,240 - 1,593,810 - 8,837,050 Current investments 7,651,077 - - - 7,651,077 Restricted cash 24,933,524 - - - 24,933,524 Cash and cash equivalents 1,291,585 6,949 - - 1,298,534 41,119,426 6,949 1,593,810 - 42,720,185

Liabilities Current liabilities Trade and other payables 87,873,489 37,648 3,846,617 54,932 91,812,685 Borrowings 57,488,582 - - - 57,488,582 145,362,071 37,648 3,846,617 54,932 149,301,268

Non-current liabilities Borrowings 32,536,488 - - - 32,536,488 32,536,488 - - - 32,536,488

Total liabilities 177,898,559 37,648 3,846,617 54,932 181,837,756


43. 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 were 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 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.

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.

Key management compensation


Executive directors and EXCOM members Salaries and other short-term employee benefits 1,842,171 1,758,469 1,842,171 1,758,469 Post-employment benefits 130,905 192,388 130,905 192,388 Other benefits 475,386 362,838 475,386 362,838 Share based payment - 619 - 619 Bonuses 1,132,733 916,474 1,132,733 916,474

Non-executive directors Fees 69,570 60,923 69,570 60,923 Other emoluments 164,711 278,262 164,711 278,262 Total 3,815,476 3,569,972 3,815,476 3,569,972

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.

Non-executive directors’ emoluments comprise: Directors’ emoluments: This includes sitting allowance for attending Board and Board Committee Meetings

paid after each meeting. It also includes travel and accommodation related expenses. Directors fees: These are board and committee member appointment fees paid quarterly to non-executive

directors.


43. Related party transactions (continued)

The following is a summary of transactions between the Group and its related parties during the year and balances due at year end:

Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000 Parent company: MTN International (Mauritius) Limited Dividends paid (excluding withholding tax): 93,628,636 27,172,920 93,628,636 27,172,920 Redemption of preference shares 112,345,104 - 112,345,104 -

Subsidiaries Visafone Communications Limited Purchases - - 33,860 764,351 Cost charged for hosting its customers on the network - - 704,355 857,339 Intercompany receivable - - 178,813 894,149

Yello Digital Financial Services Limited Transactions Intercompany receivable - - 1,102,719 -

XS Broadband Limited Transactions Intercompany receivable - - 613,054 668,101

Other related entities

Access Bank PLC The bank provides loans (along other consortium of banks) to MTN Nigeria. Dr. Ernest Ndukwe is a non-

executive director in Access Bank PLC.

Pascal Dozie is a shareholder in Access Bank PLC and Babatunde Folawiyo is a also a shareholder and a director in Access Bank PLC. Both retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Aluko & Oyebode Aluko & Oyebode is one of the external legal counsels to MTN Nigeria. Gbenga Oyebode is a principal partner of

Aluko & Oyebode. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Brawal Line Limited Brawal Line Limited leases properties to MTN Nigeria PLC. Victor Odili is a director and shareholder in Brawal

Line Limited. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Celtelcom Investment Ltd Celtelcom Investment Ltd has direct interest in shares of MTN Nigeria. Pascal Dozie is a director and a

shareholder in Celtelcom Investment Ltd. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

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.



Hermitage Overseas Corporation Limited Hermitage Overseas Corporation Limited has direct interest in shares of MTN Nigeria. Victor Odili is a director

and a shareholder in Hermitage Overseas Co. Limited. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Main One Cable Company Nigeria Limited MTN Nigeria Communications PLC purchases capacity from Main One Cable Company. Karl Toriola is a minority

shareholder in Main One Cable Company Nigeria Limited.

N - Cell Limited N-Cell Ltd has direct interest in shares of MTN Nigeria. Gbenga Oyebode is a director and a shareholder in

N-Cell Ltd. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

NISPV Ltd NISPV Ltd has direct interest in shares of MTN Nigeria. Ahmed Dasuki is a director and a shareholder in NISPV

Ltd. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

One Africa Investment Limited One Africa Investment Limited has direct interest in shares of MTN Nigeria. Sanni Bello is a Director and a

shareholder in One Africa Investment Limited. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

SASPV Limited SASPV Limited has direct interest in shares of MTN Nigeria. Ahmed Dasuki is a director and a shareholder in

SASPV Limited. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

The Temple Management Co. Ltd The Temple Management Co. Ltd provides events management agency services to MTN Nigeria. Babatunde

Folawiyo is a shareholder and a Director in Temple Management Co. Ltd. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Union Bank of Nigeria PLC The bank provides loans (along other consortium of banks) to MTN Nigeria. Sanni Bello is a Director in Union

Bank of Nigeria PLC. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.

Universal Communications Ltd Universal Communications Ltd has direct interest in shares of MTN Nigeria. Babatunde Folawiyo is a director

and a shareholder in Universal Communications Ltd. He retired from MTN Nigeria’s Board of Directors effective 2 September 2019.


43. Related party transactions (continued) Group Company 2019 2018 2019 2018 N ‘000 N ‘000 N ‘000 N ‘000 Related party balances

The Group is related to other entities in the MTN Group by virtue of common shareholding.

The transactions with related parties during the year are as follows:

Amounts due to related parties MTN Sudan 76,121 34,027 76,121 34,027 MTN Swaziland - 23 - 23 MTN Uganda 1,824 16,750 1,824 16,750 MTN Zambia 5,473 8,182 5,473 8,182 MTN Dubai 361,547 286,193 361,547 286,193 Global Trading Company 371,308 2,795,104 371,308 2,795,104 MTN Management Services Co 1,064,037 - 1,064,037 - MTN Benin 1,194,963 2,625,094 1,194,963 2,625,094 MTN Cameroon 627,568 557,781 627,568 557,781 MTN Congo 8,690 782 8,690 782 MTN Cote d’Ivoire 168,431 426,926 168,431 426,926 IHS Towers - 12,319,273 - 12,319,273 MTN Ghana 770,212 1,135,802 770,212 1,135,802 MTN Guinea Bissau 262 2,056 262 2,056 MTN Namibia 87 - 87 - MTN Congo Brassaville - 3,794 - 3,794 MTN Rwanda 2,220 7,201 2,220 7,201 MTN South Africa 588,751 174,122 588,751 174,122 Interserve Overseas Ltd 2,023,424 10,762,382 2,023,424 10,762,382 MTN Global Connect 613,240 - 613,240 - MTN International (Mauritius) Limited 8,491,775 8,483,323 8,491,775 8,483,323 MTN Holdings 13,612 13,218 13,612 13,218 Total 16,383,546 39,652,033 16,383,546 39,652,033

Amounts due from related parties

MTN Sudan 87,377 54,904 87,377 54,904 MTN Uganda - 11,314 - 11,314 MTN Zambia 17,593 17,691 17,593 17,691 MTN South Sudan - 635 - 635 MTN Global Connect 6,292,182 162,463 6,292,182 162,463 Lonestar Communications Corporations (Liberia) 15,720 14,155 15,720 14,155 MTN Afghanistan 259 259 259 259 MTN Benin 274,404 1,120,783 274,404 1,120,783 MTN Cameroon 1,688,173 1,479,451 1,688,173 1,479,451 MTN Congo 18,724 7,346 18,724 7,346 MTN Cote d’Ivoire 339,711 757,745 339,711 757,745 MTN Ghana 719,235 946,703 719,235 946,703 MTN Guinea Bissau 8,769 5,162 8,769 5,162 MTN Guinea Conakry 13,576 12,947 13,576 12,947 MTN Namibia - 14 - 14 MTN Rwanda - 5,372 - 5,372 MTN South Africa 749,613 634,016 749,613 634,016 MTN Group Management Services 2,264,945 814,428 2,264,945 814,428 INT Towers Limited - 775,880 - 775,880 Total 12,490,278 6,821,267 12,490,278 6,821,267




Related party transactions

Purchases from related parties MTN Sudan 3,500 92,552 3,500 92,552 MTN Swaziland 324 159 324 159 MTN Syria 472 411 472 411 MTN Uganda 4,387 20,512 4,387 20,512 MTN Yemen 51 39 51 39 MTN Zambia 799 5,304 799 5,304 MTN Dubai 2,388,054 10,080,752 2,388,054 10,080,752 MTN South Sudan 708 451 708 451 Global Trading Company 1,106,047 5,009,354 1,106,047 5,009,354 MTN Global Connect 17,144 - 17,144 - Lonestar Communications Corporations (Liberia) 4,236 3,859 4,236 3,859 MTN Namibia 401 - 401 - MTN Benin 48,146 16,601,877 48,146 16,601,877 MTN Cameroon 35,133 1,806,406 35,133 1,806,406 MTN Congo 1,045 4,802 1,045 4,802 MTN Cote d’Ivoire 9,968 763,845 9,968 763,845 MTN Cyprus 1,645 522 1,645 522 MTN Ghana 96,111 3,734,487 96,111 3,734,487 MTN Guinea Bissau 813 - 813 - MTN Guinea Conakry 912 636 912 636 MTN Irancell 339 304 339 304 MTN Rwanda 5,449 4,005 5,449 4,005 Mobile Telephone Networks (Pty) Ltd 35,156 3,972,116 35,156 3,972,116 IHS Towers - 75,491,544 - 75,491,544

Sales to related parties MTN Sudan 34,828 166,189 34,828 166,189 MTN Swaziland 264 93 264 93 MTN Syria 57 92 57 92 MTN Uganda 12,693 89,477 12,693 89,477 MTN Yemen 11 - 11 - MTN Zambia 17,410 86,178 17,410 86,178 MTN Dubai - 44,077 - 44,077 MTN South Sudan 3,176 17,740 3,176 17,740 MTN Namibia 1,230 - 1,230 - MTN Global Connect 6,292,182 - 6,292,182 - Lonestar Communications Corporations (Liberia) 2,753 13,800 2,753 13,800 MTN Benin 926,984 8,581,415 926,984 8,581,415 MTN Cameroon 518,852 5,138,451 518,852 5,138,451 MTN Congo 9,655 13,329 9,655 13,329 MTN Cote d’Ivoire 168,799 2,201,551 168,799 2,201,551 MTN Cyprus 369 64 369 64 MTN Ghana 4,000,391 4,752,964 4,000,391 4,752,964 MTN Guinea Bissau 364 204 364 204 MTN Guinea Conakry 5,748 6,329 5,748 6,329 MTN Irancell 29 64 29 64 MTN Rwanda 1,340 1,094 1,340 1,094 Mobile Telephone Networks (Pty) Ltd 516,972 7,238,744 516,972 7,238,744

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. No provisions are held against receivables from related parties.



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.

Other related party transactions


Names of related entity Dividends paid Preference shares redeemed

Hermitage Overseas Corporation 4,746,742 1,377,600 5,940,142 - NISPV Limited 304,740 88,442 381,356 - Celtelecom Investment Limited 1,961,757 569,341 2,454,970 - N-Cell Limited 961,762 279,123 1,203,563 - Universal Communications Limited 1,179,654 342,359 1,476,236 - SASPV Limited 849,645 246,584 1,063,258 - One Africa Investment Limited 1,559,480 452,593 1,951,556 -

Names of related entity Purchases from Amounts due to

Eventful Ltd 300,513 131,878 87,556 - Aluko & Oyebode 967,966 292,428 113,868 1,355 Ecart Internet Service Nigeria Ltd (Jumia) 491,153 767,600 215,399 - Brawal Line Limited 30,477 254,926 - - The Temple Management Co. Ltd 13,741 54,060 1,480 - Main One Cable Company Nigeria Limited 268,560 245,366 46,103 7,588

Total 2,072,410 1,746,258 464,406 8,943


44. Financial instruments and risk management

Introduction

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. The Group classifies its financial instruments into the following categories depending on the purpose for which the financial instruments were acquired:

Financial assets: Amortised cost, fair value through OCI (FVOCI) and fair value through profit or loss (FVTPL);

Financial liabilities: fair value through profit or loss and amortised cost.

Financial instruments comprise trade and other receivables, cash and cash equivalents, restricted cash, current investments, borrowings, derivatives, trade and other payables.

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, the Group’s 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.

Risk profile

The Group’s overall risk management programme focuses on the unpredictability of its markets and seeks to minimize potential adverse effects on the performance of the Group and its subsidiaries.

Risk management is carried out under policies approved by the Board of Directors of the Group. The Directors’ identify, evaluate and manage the enterprise risks in line with the MTN Group Risk Management Framework. 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.

The carrying value of financial instruments materially approximate their fair values.


44.1 Accounting classes and fair values

Group 31 December 2019 Amortised Fair value Fair value Total carrying cost through profit through other amount or loss comprehensive income N’000 N’000 N’000 N’000

Current financial assets Trade and other receivables 47,243,994 - - 47,243,994 Current investments 45,056,763 3,634,024 6,135,782 54,826,569 Cash and cash equivalents 116,277,629 - - 116,277,629 Restricted cash 38,049,589 - - 38,049,589 246,627,975 3,634,024 6,135,782 256,397,781

Non-current financial liabilities Borrowings 380,088,780 - - 380,088,780 Derivatives - 264,573 - 264,573 Lease liabilities 481,434,369 - - 481,434,369 861,523,149 264,573 - 861,787,722 Current financial liabilities Trade payables 27,462,995 - - 27,462,995 Borrowings 32,453,044 - - 32,453,044 Accrued expenses 113,411,051 - - 113,411,051 Other payables 428,660 - - 428,660 Amounts due to related parties 16,383,546 - - 16,383,546 Lease liabilities 35,099,787 - - 35,099,787 225,239,083 - - 225,239,083 Total financial liabilities 1,086,762,232 264,573 - 1,087,026,805

31 December 2018 Amortised Fair value Fair value Total carrying cost through profit through other amount or loss comprehensive income N’000 N’000 N’000 N’000 Current financial assets Trade and other receivables 29,262,047 - - 29,262,047 Current investments 63,731,995 1,302,198 434,066 65,468,259 Cash and cash equivalents 53,011,748 - - 53,011,748 Restricted cash 37,219,023 - - 37,219,023 183,224,813 1,302,198 434,066 184,961,077

Non-current financial liabilities Borrowings 31,438,349 - - 31,438,349 Derivatives - 14,152 - 14,152 31,438,349 14,152 - 31,452,501 Current financial liabilities Trade payables 18,607,924 - - 18,607,924 Borrowings 143,875,889 - - 143,875,889 Accrued expenses 121,315,900 - - 121,315,900 Other payables 630,022 - - 630,022 Amounts due to related parties 39,652,033 - - 39,652,033 Regulatory fine liability 105,127,783 - - 105,127,783 429,209,551 - - 429,209,551 Total financial liabilities 460,647,900 14,152 - 460,662,052

44. Financial instruments and risk management (continued)



Company 31 December 2019 Amortised Fair value Fair value Total carrying cost through profit through other amount or loss comprehensive income N’000 N’000 N’000 N’000

Current financial assets Trade and other receivables 48,439,945 - - 48,439,945 Current investments 45,056,763 3,634,024 6,135,782 54,826,569 Cash and cash equivalents 114,301,003 - - 114,301,003 Restricted cash 37,999,589 - - 37,999,589 245,797,300 3,634,024 6,135,782 255,567,106 245,797,300 3,634,024 6,135,782 255,567,106 Non-current financial liabilities Borrowings 380,088,780 - - 380,088,780 Derivatives - 264,573 - 264,573 Lease liabilities 481,434,369 - - 481,434,369 861,523,149 264,573 - 861,787,722 Current financial liabilities Trade payables 27,293,297 - - 27,293,297 Borrowings 32,453,044 - - 32,453,044 Accrued expenses 112,902,813 - - 112,902,813 Other payables 428,660 - - 428,660 Amounts due to related parties 16,383,546 - - 16,383,546 Lease liabilities 35,099,787 - - 35,099,787 224,561,147 - - 224,561,147 1,086,084,296 264,573 - 1,086,348,869

31 December 2018 Amortised Fair value Fair value Total carrying cost through profit through other amount or loss comprehensive income N’000 N’000 N’000 N’000 Current financial assets Trade and other receivables 29,131,411 - - 29,131,411 Current investments 63,731,995 1,302,198 434,066 65,468,259 Cash and cash equivalents 52,806,185 - - 52,806,185 Restricted cash 37,169,023 - - 37,169,023 182,838,614 1,302,198 434,066 184,574,878 182,838,614 1,302,198 434,066 184,574,878

Non-current financial liabilities Borrowings 31,438,349 - - 31,438,349 Derivatives - 14,152 - 14,152 31,438,349 14,152 - 31,452,501 Current financial liabilities Trade payables 17,698,676 - - 17,698,676 Borrowings 143,875,889 - - 143,875,889 Accrued expenses 120,374,470 - - 120,374,470 Other payables 630,022 - - 630,022 Amounts due to related parties 39,652,033 - - 39,652,033 Regulatory fine liability 105,127,783 - - 105,127,783 427,358,873 - - 427,358,873 458,797,222 14,152 - 458,811,374


44.2 Fair value estimation

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 to measure fair value maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Where a financial asset or liability is carried on the statement of financial position at fair value, additional disclosure is required. In particular, the fair values need to be classified in accordance with the fair value hierarchy. This fair 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).

The Group’s financial instruments measured at fair value are presented on the next page.



Group 31 December 2019 Level 1 Level 2 Level 3 Total N’000 N’000 N’000 N’000

Assets Treasury bills at fair value through profit and loss 3,634,024 - - 3,634,024 Treasury bills at fair value through other comprehensive income 6,135,782 - - 6,135,782 9,769,806 - - 9,769,806 Liabilities Derivatives - 264,573 - 264,573 - 264,573 - 264,573

31 December 2018

Assets Treasury bills at fair value through profit and loss 1,302,198 - - 1,302,198 Treasury bills at fair value through other comprehensive income 434,066 - - 434,066 1,736,264 - - 1,736,264

Liabilities Derivatives - 14,152 - 14,152 - 14,152 - 14,152

Company 31 December 2019 Level 1 Level 2 Level 3 Total N’000 N’000 N’000 N’000

Assets Treasury bills at fair value through profit and loss 3,634,024 - - 3,634,024 Treasury bills at fair value through other comprehensive income 6,135,782 - - 6,135,782 9,769,806 - - 9,769,806


31 December 2018 Assets Treasury bills at fair value through profit and loss 1,302,198 - - 1,302,198 Treasury bills at fair value through other comprehensive income 434,066 - - 434,066 1,736,264 - - 1,736,264


Financial asset at amortised cost and financial liabilities at amortised cost – The carrying value of current receivables and liabilities measured at amortised cost approximates their fair value.

The fair values of the majority of the non-current liabilities measured at amortised cost are also not significantly different from their carrying values.


44. Financial instruments and risk management (continued) 44. Financial instruments and risk management (continued)

44.3 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 partners 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 31 December 2019 Gross Amount Net amount offset amount N’000 N’000 N’000

Current financial assets Interconnect receivables 24,618,126 10,348,523 14,269,603 24,618,126 10,348,523 14,269,603 Current financial liabilities Interconnect payables 13,915,264 10,348,523 3,566,741 13,915,264 10,348,523 3,566,741

31 December 2018

Current financial assets Interconnect receivables 21,129,283 10,149,839 10,979,444 21,129,283 10,149,839 10,979,444

Current financial liabilities Interconnect payables 13,908,787 10,149,839 3,758,948 13,908,787 10,149,839 3,758,948

Company 31 December 2019

Gross Amount Net amount offset amount N’000 N’000 N’000

Current financial assets Interconnect receivables 24,618,126 10,348,523 14,269,603 24,618,126 10,348,523 14,269,603


31 December 2018 Current financial assets Interconnect receivables 21,129,283 10,149,839 10,979,444 21,129,283 10,149,839 10,979,444




44.4 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.


The following instruments give rise to credit risk Trade receivables 47,243,994 29,262,047 48,439,945 29,131,411 Cash and cash equivalents 116,277,629 53,011,748 114,301,003 52,806,185 Restricted cash 38,049,589 37,219,023 37,999,589 37,169,023 Current investments 54,826,569 65,468,259 54,826,569 65,468,259 256,397,781 184,961,077 255,567,106 184,574,878

Cash and cash equivalents, restricted cash and current investments.

Cash and cash equivalents, restricted cash and current investments. The Group’s exposure and the credit ratings of its counter parties are continuously monitored and the aggregate values of investment portfolio is spread 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 credit ratings of the counterparty financial institutions where we have bank deposits and restricted cash range from B- to B+.

The credit ratings of the counterparty financial institutions where we have current investments range from B- to B.

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 ngA to CCC. A total of N4.75 billion was held as collateral for same value of receivables as at 31 Dec 2019 (2018: N4.57 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.



Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix.

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 % 5.06 % 7.08 % 100.00 % Gross carrying amount 16,949,812 3,898,496 4,375,414 5,589,474 30,813,196 Loss allowance 175,771 197,294 309,967 5,589,474 6,272,506 Credit impaired No No No Yes

Group 31 December 2018 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 2.30 % 30.81 % 73.26 % 100.00 % Gross carrying amount 15,074,028 3,218,821 1,861,050 12,636,224 32,790,123 Loss allowance 347,407 991,652 1,363,456 12,636,224 15,338,739 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 % 1.15 % 3.78 % 100.00 % Gross carrying amount 16,754,243 3,791,175 3,546,333 5,571,587 29,663,338 Loss allowance 105,508 43,495 134,129 5,571,587 5,854,719 Credit impaired No No No Yes

Company 31 December 2018 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 2.30 % 30.81 % 78.76 % 100.00 % Gross carrying amount 15,074,028 3,218,821 1,861,060 11,956,998 32,110,907 Loss allowance 347,407 991,652 1,465,685 11,956,998 14,761,742 Credit impaired No No No Yes

Credit impaired financial assets for the year ended 31 December 2019 stood at N4.3 billion (31 December 2018 N4.4 billion)



Current 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 circulation of money in the country or borrow from international sources to pay off its local debt. In line with 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 international 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. The computed ECL resulted in an immaterial impairment on current investments.

44.5 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.


The following are the liquid resources: Cash and cash equivalents 116,277,629 53,011,748 114,301,003 52,806,185 Trade and other receivables 47,243,994 29,262,047 48,439,945 29,131,411 Current investments 54,826,569 65,468,259 54,826,569 65,468,259 218,348,192 147,742,054 217,567,517 147,405,855



The following are the 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 2019 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

Trade payables 27,462,995 12,351,986 15,111,009 - - - - 27,462,995 Accrued expenses 113,411,051 89,561,895 23,849,156 - - - - 113,411,051 Other payables 428,660 428,660 - - - - - 428,660 Amounts due to related parties 16,383,546 - 16,383,546 - - - - 16,383,546 Current lease liability 35,099,787 - 28,244,842 73,552,857 - - - 101,797,699 Current borrowings 32,453,044 - 19,905,271 71,338,523 - - - 91,243,795 Non-current lease liability 481,434,369 - - - 99,396,747 285,118,485 435,727,955 820,243,187 Non-current borrowings 380,088,780 - - - 132,766,674 310,052,477 94,044,438 536,863,589 Derivatives 264,573 264,573 - - - - - 264,573 1,087,026,805 102,607,113 103,493,824 144,891,381 232,163,420 595,170,962 529,772,393 1,708,099,095

31 December 2018

Trade payables 18,607,914 17,932,860 675,054 - - - - 18,607,914 Accrued expenses 121,315,900 112,236,563 9,079,337 - - - - 121,315,900 Other payables 1,196,006 1,196,006 - - - - - 1,196,006 Amounts due to related parties 39,652,033 11,789,647 27,862,386 - - - - 39,652,033 Current regulatory fine liability 105,127,783 55,000,000 55,000,000 - - - - 110,000,000 Current borrowings 143,875,889 3,410,063 16,788,921 129,118,855 - - - 149,317,839 Non-current borrowings 31,438,349 - - - 15,977,537 23,436,517 - 39,414,054 Derivatives 14,152 - - - 14,152 - - 14,152 461,492,599 201,829,712 109,405,698 129,118,855 15,991,689 23,436,517 - 479,782,471



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 2019 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

Trade payables 27,293,297 12,351,986 14,941,311 - - - - 27,293,297 Accrued expenses 112,921,386 89,072,230 23,849,156 - - - - 112,921,386 Other payables 428,660 428,660 - - - - - 428,660 Amounts due to related parties 16,383,546 - 16,383,546 - - - - 16,383,546 Derivatives 264,573 264,573 - - - - - 264,573 Current borrowings 32,453,044 - 19,905,271 71,338,523 - - - 91,243,795 Non-current Borrowings 380,088,780 - - - 132,766,674 310,052,477 94,044,438 536,863,589 Current lease liability 35,099,787 - 28,244,842 73,552,857 - - - 101,797,699 Non-current lease liability 481,434,369 - - - 99,396,747 285,118,485 435,727,955 820,243,187 1,086,367,442 102,117,448 103,324,126 144,891,381 232,163,420 595,170,962 529,772,393 1,707,439,732

31 December 2018

Trade payables 17,698,676 17,023,621 675,055 - - - - 17,698,676 Accrued expenses 120,374,470 111,295,134 9,079,336 - - - - 120,374,470 Other payables 630,022 630,022 - - - - - 630,022 Amounts due to related parties 39,652,033 12,319,273 27,332,760 - - - - 39,652,033 Current regulatory fine liability 105,127,783 55,000,000 55,000,000 - - - - 110,000,000 Current borrowings 143,875,889 3,410,063 16,788,921 129,118,855 - - - 149,317,839 Derivatives 14,152 - - - 14,152 - - 14,152 Non-current borrowings 31,438,349 - - - 15,977,537 23,436,517 - 39,414,054 458,811,374 199,678,113 108,876,072 129,118,855 15,991,689 23,436,517 - 477,101,246



44.6 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.

44.6.1 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 reprising 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 2019 31 December 2018 Group Fixed rate Variable rate Non interest Fixed rate Variable rate Non interest instruments instruments bearing instruments instruments bearing N’000 N’000 N’000 N’000 N’000 N’000

Financial assets Cash and cash equivalents 116,277,629 - - 53,011,748 - - Current investments 54,826,569 - - 65,468,259 - - Restricted cash - - 38,049,589 - - 37,219,023 Trade and other receivables - - 47,243,994 - - 29,262,047 171,104,198 - 85,293,583 118,480,007 - 66,481,070

Financial liabilities Trade payables - - 27,462,995 - - 18,607,924 Accrued expenses - - 113,429,624 - - 121,315,900 Other payables - - 428,147 - - 1,196,006 Amounts due to related parties - 16,383,546 - - 39,652,033 - Current Regulatory fine liability - - - - - 105,127,783 Current Borrowings - 32,453,044 - - 143,875,889 - Non-current Borrowings - 380,088,780 - - 31,438,349 - - 428,925,370 141,320,766 - 214,966,271 246,247,613



31 December 2019 31 December 2018 Group Fixed rate Variable rate Non interest Fixed rate Variable rate Non interest instruments instruments bearing instruments instruments bearing N’000 N’000 N’000 N’000 N’000 N’000

Financial assets Cash and cash equivalents 114,301,003 - - 52,806,185 - - Current investments 54,826,569 - - 65,468,259 - - Restricted cash - - 37,999,589 - - 37,169,023 Trade and other receivables - - 48,439,945 - - 29,131,411 169,127,572 - 86,439,534 118,274,444 - 66,300,434

Financial liabilities Trade payables - - 27,293,297 - - 17,698,676 Accrued expenses - - 112,902,813 - - 120,374,470 Other payables - - 428,147 - - 630,022 Amounts due to related parties - 16,383,546 - - 39,652,033 - Current Regulatory fine liability - - - - - 105,127,783 Current Borrowings - 32,453,044 - - 143,875,889 - Non-current Borrowings - 380,088,780 - - 31,438,349 - - 428,925,370 140,624,257 - 214,966,271 243,830,951

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 instruments 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 below.

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 31 December 2019 31 December 2018 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’000 N’000 % N’000 N’000

LIBOR 1 (325,418) 325,418 1 (808,831) 808,831 NIBOR 1 (3,800,000) 3,800,000 1 (862,917) 862,917

Company 31 December 2019 31 December 2018 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’000 N’000 % N’000 N’000

LIBOR 1 (325,418) 325,418 1 (808,831) 808,831 NIBOR 1 (3,800,000) 3,800,000 1 (862,917) 862,917

44.6.2 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.

Sensitivity analysis

The Group is mainly exposed to fluctuations in foreign exchange rates in respect of the US Dollar, being the 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.



Transactions in foreign currencies other than US Dollars were not significant.

Group 31 December 2019 31 December 2018 Increase/(decrease) in profit before tax Increase/(decrease) in profit before tax

10% weakening 5% strengthening 10% weakening 5% strengthening in Naira, resulting in Naira, resulting in Naira, resulting in Naira, resulting in a decrease in an increase in a decrease in an increase in profit before tax in profit before tax in profit before tax in profit before tax

Denominated: N’000 N’000 N’000 N’000 Functional US$:NGN (2,470,117) 1,235,058 (10,553,811) 5,276,905

Company 31 December 2019 31 December 2018 Increase/(decrease) in profit before tax Increase/(decrease) in profit before tax

10% weakening 5% strengthening 10% weakening 5% strengthening in Naira, resulting in Naira, resulting in Naira, resulting in Naira, resulting in a decrease in an increase in a decrease in an increase in profit before tax in profit before tax in profit before tax in profit before tax

Denominated: N’000 N’000 N’000 N’000 Functional US$:NGN (2,470,117) 1,235,058 (10,553,811) 5,276,905



44.7 Capital risk management

The Group seeks to optimise its capital structure by ensuring adequate gearing levels taking into consideration working capital, cash flow, existing loan covenants, operational requirements, business plan and broader macroeconomic conditions.

It maximizes external borrowings on the back of its strong cash generating capacity. In line with its funding policy, the Group diversifies funding sources across local and international markets and ensures that new facility conditions comply with existing loan covenants.

Management monitors net debt to EBITDA and EBITDA to net interest in line with the financial covenants in the loan agreement while it seeks to limit refinancing risk by controlling the concentrations of maturing obligations in the short end of maturity profile. Equity approximates share capital and reserves. EBITDA is defined as earnings before interest, tax, depreciation, amortisation and goodwill impairment/losses.

Gross debt relates to MTN Nigeria syndicated medium term loan, net debt is the gross debt less cash and cash equivalents and total funding is gross debt plus equity.


Revenue 1,169,734,682 1,039,117,810 1,167,418,643 1,037,067,731 Operating expenses excluding depreciation and amortisation. (539,815,574) (605,141,373) (538,335,439) (603,604,311) EBITDA 629,919,108 433,976,437 629,083,204 433,463,420

Gross debt 412,541,824 175,314,238 412,541,824 175,314,238 Cash and cash equivalents (116,277,629) (53,011,748) (114,301,003) (52,806,185) Net debt 296,264,195 122,302,490 298,240,821 122,508,053

Gross debt 412,541,824 175,314,238 412,541,824 175,314,238 Equity 144,685,560 219,352,315 161,263,397 232,730,905 Total funding 557,227,384 394,666,556 573,805,221 408,045,145

Gross debt :Total funding 74 % 44 % 72 % 43 % Net debt: Total funding 53 % 31 % 52 % 30 % Net debt : EBITDA 47 % 28 % 47 % 28 %

45. Share based payments

45.1 Share based payment liability


Non-current 744,591 654,791 744,591 654,791 744,591 654,791 744,591 654,791


45.2 Share appreciation rights

The share based payment liability above relates to the following notional share scheme.

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 based payment scheme. The vesting period is 100% on the third anniversary after the grant date. Options expire after 10 years from grant date.

Offerdate

2019

Naira strike price

Number outstanding at1 January 2019

Offered During 2019

Expired\ForfeitedDuring 2019

Number outstanding at 31 December 2019

Exercised During 2019

LAN

-

2,916

2,916

3,726

4,991

6,067

6,100

5,009

5,313

5,299

4,747

4,207

3,820

4,797

LAN

-

-

-

-

6,680

47,600

108,600

252,852

57,000

145,200

165,300

340,100

563,700

-

1,687,032

LAN

-

-

-

-

-

-

-

-

-

-

-

-

-

541,800

541,800

LAN

-

-

-

-

-

-

2,300

1,500

400

1,500

4,400

-

15,500

11,600

37,200

LAN

-

-

-

-

6,680

47,600

106,300

251,352

56,600

143,700

160,900

340,100

548,200

530,200

2,191,632

LAN

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

GAN

-

2,160

1,291

1,570

2,288

3,123

2,780

2,781

3,367

3,354

1,787

2,810

3,619

2,189

GAN

-

-

-

-

5,660

21,550

66,680

196,040

38,800

99,000

187,800

212,000

248,200

-

1,075,730

GAN

-

-

-

-

-

-

-

-

-

-

-

-

-

511,900

511,900

GAN

-

-

-

-

-

-

2,100

1,200

200

1,000

5,000

-

6,900

10,900

27,300

GAN

-

-

-

-

5,660

21,550

64,580

194,840

38,600

98,000

182,800

212,000

241,300

501,000

1,560,330

GAN

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

01-Apr-2008

01-Nov-2008

01-Apr-2009

01-Apr-2010

01-Apr-2011

01-Apr-2012

01-Apr-2013

01-Apr-2014

01-Apr-2015

01-Apr-2016

01-Apr-2017

01-Apr-2018

01-Apr-2019

Offerdate

2018

Naira strike price

Number outstanding at1 January 2018

Offered During 2018

Expired\ForfeitedDuring 2018

Number outstanding at 31 December 2018

Exercised During 2018

LAN

-

-

2,916

2,916

3,726

4,991

6,067

6,100

5,009

5,313

5,299

4,747

4,207

3,820

-

LAN

-

-

-

1,960

-

6,680

48,600

113,000

267,712

63,500

154,200

168,800

347,300

-

-

1,171,752

LAN

-

-

-

-

-

-

-

-

-

-

-

-

-

571,200

-

571,200

LAN

-

-

-

1,960

-

-

1,000

4,400

14,860

6,500

9,000

3,500

12,700

7,500

-

61,420

LAN

-

-

-

-

-

6,680

47,600

108,600

252,852

57,000

145,200

165,300

334,600

563,700

-

1,681,532

LAN

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

GAN

-

-

2,160

1,291

1,570

2,288

3,123

2,780

2,781

3,367

3,354

1,787

2,810

3,619

-

GAN

-

-

-

1,030

-

5,660

21,790

69,200

207,320

43,200

105,200

191,800

223,100

-

-

868,300

GAN

-

-

-

-

-

-

-

-

-

-

-

-

-

251,600

-

251,600

GAN

-

-

-

1,030

-

-

240

2,520

11,280

4,400

6,200

4,000

8,200

3,400

-

41,270

GAN

-

-

-

-

-

5,660

21,550

66,680

196,040

38,800

99,000

187,800

214,900

248,200

-

1,078,630

GAN

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

01-Apr-2007

01-Oct-2007

01-Apr-2008

01-Nov-2008

01-Apr-2009

01-Apr-2010

01-Apr-2011

01-Apr-2012

01-Apr-2013

01-Apr-2014

01-Apr-2015

01-Apr-2016

01-Apr-2017

01-Apr-2018

The weighted average price of the LAN options granted during the year is N4,797; 541,800 options (2018: N3,820; 571,200 options) while the weighted average price of GAN options granted during the year is N2,188.91; 511,900 options (2018: N3,619.00; 251,600 options)


46. Notional reversal difference payment to CBN

During the year, the Central Bank of Nigeria (CBN) alleged that MTN Nigeria (the Company) had improperly repatriated circa US$8.1 billion between 2007 and 2015 based on invalidly issued Certificates of Capital Importation (CCIs), and was required by the CBN to reverse the historical dividend that had been distributed to the shareholders of the Company.

Without admission of liability, MTN Nigeria held various engagements with CBN, in order to make its case and reach an equitable resolution of the matter. In particular, series of meetings were held in Lagos with CBN officials during November 2018. At these meetings, MTN Nigeria provided additional material documentation which satisfactorily clarified its remittances. Upon review of the additional documentation, the CBN concluded that MTN Nigeria is no longer required to reverse the historical dividend payments made to MTN Nigeria’s shareholders. However, the CBN reached a conclusion that the externalization of the proceeds of the preference shares in MTN Nigeria’s private placement transaction of 2008 of circa US$1 billion were irregular having been based on CCIs that had an approval- in-principle, but not a final regulatory approval of CBN.

As part of the Resolution Agreement with the CBN, MTN Nigeria was required to implement a notional reversal of the proceeds that were externalised from the 2008 private placement of shares in MTN Nigeria at a net cost of circa N19.2 billion - equivalent to US$52.6 million (the notional reversal amount). This is on the basis that certain CCIs utilised in the private placement were not properly issued. MTN Nigeria and the CBN agreed to resolve the matter on the basis that MTN Nigeria would pay the notional reversal amount without admission of liability while the CBN will regularise all the CCIs that have been issued to MTN Nigeria based on the investment by its shareholders of circa $402.6 million without regard to any historical disputes relating to those CCIs, thereby bringing to a final resolution all incidental disputes arising from this matter. The Resolution Agreement between MTN Nigeria and CBN was filed in court and has been adopted and entered as a consent judgment between the parties. The CCIs have subsequently been regularised.

47. Events after the reporting period

On 20 May 2018, MTN Nigeria received a letter from the Office of the Attorney General of the Federation (AGF) and Minister for Justice notifying the Company of an asset recovery/investigation exercise conducted with respect to outstanding revenue due to the Federal Government of Nigeria in the sum of N242 billion and US$1.3 billion from MTN Nigeria.

The Company conducted a self-audit as advised by the AGF in its letter of 20 May 2018 and submitted the relevant documents used to remit all statutory fees to Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) from 2012 to 2017 as specified by the AGF

By another letter dated 20 August 2018, the AGF made a demand on MTN Nigeria to effect payment of the said NGN242 billion and US$1.3 billion into an asset recovery account of the Federal Government within 14 days of the receipt of the said letter.

The Company challenged this demand by filing a suit at the Federal High Court Lagos on 10 September 2018.

On 8 January 2020, the AGF formally withdrew his demand notice of N242 billion and US$1.3 billion alleged revenue indebtedness by MTN Nigeria to the Federal Government and referred the matter to Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) for resolution.

Consequently, MTN Nigeria withdrew the case and the matter was struck out by the Court on 30 January 2020. MTN Nigeria therefore intends to engage the FIRS and NCS on the matter in due course.

The FIRS has audited MTN Nigeria up till 2017 financial year, we are currently undergoing reconciliation and resolution of the last two years (2016 and 2017). MTN Nigeria has equally been issued a clearance letter by the NCS in respect of taxes and duties on Forms M and A transactions for 2007 - 2018.

MTN Nigeria remains committed to meeting its fiscal responsibilities and contributing to the social and economic development of Nigeria.

GAN – Group Aligned Notional Options | LAN- Local Aligned Notional Options

GAN – Group Aligned Notional Options | LAN- Local Aligned Notional Options

177MTN Nigeria Communications PLC Annual Report & Financial Statement 2019176 MTN Nigeria Communications PLC

2019 2019 2018 2018 N ‘000 % N ‘000 %

Group

Value addedRevenue 1,169,734,682 1,039,117,810

Other income 96,920 2,225,066

- Local (467,910,205) (523,866,124)

- Foreign (21,183,915) (41,778,528)

Total value added 680,737,482 100 475,698,224 100

Value distributed

To pay employees

Salaries and other benefits 30,705,957 27,152,445

30,705,957 5 27,152,445 6

To pay providers of capital

Finance costs 125,325,277 67,339,468

125,325,277 18 67,339,468 14

To pay government

Income tax 87,993,059 75,656,747

87,993,059 13 75,656,747 16

To be retained in the business for expansion and future wealth creation:

Depreciation and impairment 204,605,395 133,163,482

Amortisation 29,996,820 26,700,181

234,602,215 34 159,863,663 34

Value retainedRetained profit for the year 202,110,974 145,685,901

202,110,974 30 145,685,901 31

Total value distributed 680,737,482 100 475,698,224 100

Other national disclosures Value added statements

2019 2019 2018 2018 N ‘000 % N ‘000 %

Company

Value addedRevenue 1,167,418,643 1,037,067,731

Other income 96,920 2,225,066

- Local (466,356,694) (514,933,996)

- Foreign (21,183,915) (50,036,589)

Total value added 679,974,954 100 474,322,212 100

Value distributed

To pay employees

Salaries and other benefits 30,705,957 27,152,445

30,705,957 5 27,152,445 6

To pay providers of capital

Finance costs 125,325,277 67,339,468

125,325,277 18 67,339,468 14

To pay government

Income tax 89,385,210 76,894,322

89,385,210 13 76,894,322 16

To be retained in the business for expansion and future wealth creation:

Depreciation and impairment 204,605,390 132,958,561

Amortisation 24,642,891 21,346,862

229,248,281 34 154,305,423 33

Value retainedRetained profit for the year 205,310,229 148,630,554

205,310,229 30 148,630,554 31

Total value distributed 679,974,954 100 474,322,212 100

Value added statements

179MTN Nigeria Communications PLC Annual Report & Financial Statement 2019178 MTN Nigeria Communications PLC

2019 2018 1 January 2016 2015 2018 Restated* N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Group

Statement of financial position

AssetsProperty, plant and equipment 625,095,789 607,023,544 582,438,885 494,670,217 450,873,469

Intangible assets 120,946,914 119,368,123 128,602,009 141,488,116 136,327,243

Other non-current assets 517,064,381 19,493,033 17,150,457 31,177,636 26,882,566

Net current liabilities (135,231,213) (385,093,140) (300,235,897) (132,937,960) (62,342,053)

Assets of disposal groups held for sale - - 174 7,229 -

Non-current liabilities (983,190,312) (141,439,245) (315,103,710) (452,794,464) (562,698,201)

Net assets/(liabilities) 144,685,559 219,352,315 112,851,918 81,610,774 (10,956,976)

Equity

Share capital 407,090 646,510 646,510 646,510 646,510

Share premium 17,216,293 64,498,466 64,498,466 64,498,466 64,498,466

Other Reserves 521,161 6,069 496,644 325,721 (76,101,952)

Retained profit/(loss) 126,541,015 154,201,270 47,210,298 16,140,077 -

Total equity 144,685,559 219,352,315 112,851,918 81,610,774 (10,956,976)

Statement of profit or loss

Revenue 1,169,734,682 1,039,117,810 887,180,480 793,672,969 807,448,831

Profit/(loss) before taxation 290,104,033 221,342,648 107,889,668 126,651,204 (12,334,936)

Taxation (87,993,059) (75,656,747) (26,819,447) (37,850,862) (67,954,967)

Profit/(loss) for the year 202,110,974 145,685,901 81,070,221 88,800,342 (80,289,903)

Per share dataEarnings/(loss) per share

- basic/diluted (N)** 9.93 7.16 3.98 4.36 (3.94)

Net assets/(liabilities) per share (N)** 7.11 10.78 5.54 4.01 (0.54)

*The comparative prior year figures have been restated to reflect the changes in the number of shares. It was also

restated for the impact of IFRS 15 Revenue from contracts with customers.

**Net assets per share and earnings per share have been restated to reflect the changes in number of shares.

Other national disclosures Five-year financial summaries

2019 2018 1 January 2016 2015 2018 Restated* N ‘000 N ‘000 N ‘000 N ‘000 N ‘000

Company

Statement of financial position

AssetsProperty, plant and equipment 625,095,789 606,962,868 582,378,208 494,609,541 450,812,792

Intangible assets 84,072,042 77,107,651 80,988,218 88,870,605 78,356,414

Other non-current assets 562,642,381 63,321,033 60,928,457 74,955,636 70,660,566

Net current liabilities (134,903,211) (382,296,025) (296,489,455) (128,138,976) (60,787,324)

Non-current liabilities (975,643,604) (132,364,622) (304,519,747) (440,701,159) (549,095,554)

Assets of disposal groups held for sale - - 174 7,229 -

Net assets/(liabilities) 161,263,397 232,730,905 123,285,855 89,602,876 (10,053,106)

EquityShare capital 407,090 646,510 646,510 646,510 646,510

Share premium 17,216,293 64,498,466 64,498,466 64,498,466 64,498,466

Other Reserves 521,161 6,069 496,644 325,721 (75,198,082)

Retained profit /(loss) 143,118,853 167,579,860 57,644,235 24,132,179 -

Total equity 161,263,397 232,730,905 123,285,855 89,602,876 (10,053,106)

Statement of profit or loss

Revenue 1,167,418,643 1,037,067,731 885,807,704 789,891,899 807,448,831


Taxation (89,385,210) (76,894,322) (27,813,601) (39,183,768) (67,954,967)


Per share dataEarnings/(loss) per share

- basic/diluted (N)** 10.09 7.30 4.10 4.71 (3.94)

Net assets/(liabilities) per share (N)** 7.92 11.43 6.06 4.40 (0.49)

*The comparative prior year figures have been restated to reflect the changes in the number of shares. It was also

restated for the impact of IFRS 15 Revenue from contracts with customers.

**Net assets per share and earnings per share have been restated to reflect the changes in number of shares.

Five-year financial summaries


Additional information

Share Capital History

Request of Change of Address




Proxy Form

List of Unclaimed Dividends

182

185

187

189

191

193

195

mPulse - Learn, Play, Watch Videos,Shine!mPulse is an exciting service from MTN which equips students between the ages of 9 and 15 with the resources they need to maximize their potential and be all they want to be.


Share capital history

MTN Nigeria Communications PLC, (previously called MTN Nigeria Communications Limited) was incorporated as a private limited liability company on November 8, 2000. On April 18, 2019, MTN Nigeria Communications Limited re-registered as a public limited liability company, MTN Nigeria Communications PLC.

MTN Nigeria was incorporated with an authorised share capital of N10,000,000, divided into 10,000,000 Ordinary Shares of N1 each. The Company subsequently increased its share capital as follows:

(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 resolution of the Company dated March 9, 2001 and evidenced by a certificate of registration of increase in share capital dated May 9, 2001 issued by the CAC;

(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 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;

(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 a resolution of the Company dated November 9, 2006 and evidenced by a certificate of registration of increase in share capital dated November 22, 2006 issued by the CAC;

(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 registration of increase dated November 29, 2007 issued by the CAC;

(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 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;

(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

(vii) By a notice of redemption dated April 25, 2019, the Company redeemed all the preference shares in its share capital”.

As of the date of this annual report, the authorised share capital of MTN Nigeria is made up of N557,000,000 divided into 27,850,000,000 Ordinary Shares of N0.02 each. The issued share capital of the Company is made up of N407,090,261 divided into 20,354,513,050 Ordinary Shares of N0.02 each.

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 approvals. Pursuant to the aforementioned resolution of the Board, the Company issued to holders of the Preference Shares a redemption notice to redeem all of the Preference Shares on such date(s) and on such other terms and conditions as the Board deems appropriate; in accordance with the Articles of Association of the Company, the terms of 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 nominal value of the Preference Share capital continues to form part of the Company’s authorized share capital.

The changes in the authorised ordinary share capital of the Company since incorporation are reflected in tabular form as follows:

The historical changes in the Preference Shares of the Company since incorporation are as follows:

1 Prior to payment of Redemption Proceeds by the Company.

Year

2000

2001

2001

2001

2002

2002

2003

2003

2005

2006

2006

2018

2019

Consideration/Method of Issue

Subscribed at incorporation

Allotment

Surrender

Allotment

Allotment

Allotment

Allotment

Allotment

Allotment

Allotment

Allotment

Sub-division of Ordinary Shares/reclassification of 4,500,000 B Shares

Sub-division of Ordinary Shares/reclassification of 4,500,000 B Shares

Increase

-

340,000,000

-

150,000,000

-

-

-

-

-

-

4,500,000 (B Shares)

52,500,000

-

Increase

-

298,000,000

(500,000)

37,500,000

25,210,528

3,000,000

1,270,118

34,867,459

603,196

138,960

4,500,000 (B Shares)

-

-

Cumulative

10,000,000

350,000,000

-

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

504,500,000

557,000,000

557,000,000

Cumulative

2,500,000

300,500,000

300,000,000

337,500,000

362,710,528

365,710,528

366,980,646

401,848,105

402,451,301

402,590,261

402,590,2614,500,000 (B Shares)

402,590,2614,500,000 (B Shares)

20,354,513,050

Par Value of each share

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N1.00

N0.02

Number of shares

10,000,000

350,000,000

350,000,000

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

500,000,000

504,500,000

557,000,000

27,850,000,000

Authorized Share Capital (N) Issued and Fully Paid Up (N)

Year

2000 - 2006

2007

2019

20191

December 2019

Increase

-

US$2,012,951.31

-

-

-

Increase

-

US$2,012,951.31

-

-

-

Cumulative

-

US$2,012,951.31

US$2,012,951.31

US$2,012,951.31

-

Cumulative

-

US$2,012,951.31

US$2,012,951.31

-

Redemption of preference

shares in issue

Par Value of each share

-

US$0.005

US$0.005

US$0.005

US$0.005

Number of shares

-

402,590,263

402,590,261

402,590,261

-

Authorized Share Capital (US$) Issued and Fully Paid Up (N)

Share capital history


Request for Change of Address

To: New Address (Please indicate P.O Box of PMB Number if applicable)

Kindly return the duly completed form to the Registrar, United Securities Limited at the address stated below

United Securities Limited, RC 126257

9, Amodu Ojikutu Street, Victoria Island, P.M.B 12753 Lagos, Nigeria. Tel: +234 (1) 271-4566, 271-4567Website: www.unitedsecuritieslimited.com ; Email: [email protected]

“UNITED SECURITIES LIMITED hereby disclaims liability or responsibility for any errors/omissions in any document transmitted electronically”

*** These fields are COMPULSORY, failure to comply with this instruction means your form will not be processed

Request Made By: (Shareholder’s name - Surname First)

Kindly effect a change of my contact address in the above named company as stated below:

From: Old Address

Re- Shareholding in (Name of company)

*** Shareholder’s Signature Date

*** AFFIX YOUR

MOST RECENT

PASSPORT

PHOTOGRAPH

HERE

dd mm yyyy

184



Kindly return the duly completed form to the Registrar, United Securities Limited at the address stated below

United Securities Limited, RC 126257

9, Amodu Ojikutu Street, Victoria Island, P.M.B 12753 Lagos, Nigeria. Tel: +234 (1) 271-4566, 271-4567Website: www.unitedsecuritieslimited.com ; Email: [email protected]


Stockbroker’s Declaration:

We hereby declared that the investor’s details as stated above are authentic and also further confirm that the information given relates strictly to the investor.

*** These fields are COMPULSORY, failure to comply with this instruction means your form will not be processed

E-mail

CSCS CHN

CSCS Account Number

Telephone No.

Security Symbol/Name

Name of Stockbroking Firm:

Stockbroker’s Signature & Stamp

I/We____________________________________________________________________hereby requested that all future Bonus shares allotted to me/us on my/our shareholding as indicated below be processed and transferred electronically to my/our CSCS account also as indicated below.

By so requesting, I/we hereby waive my/our rights to share certificate issuance on all my/our future bonuses.

Company Name:

Preferred Stock Broking Firm Details:

*** Shareholder’s Signature

Shareholder’s Name

Date

dd mm yyyy

*** AFFIX YOUR

MOST RECENT

PASSPORT

PHOTOGRAPH

HERE

186



Surname / Company’s Name

Address (Previous & New)

Previous Address (If any)

CHN (If any) Mobile Telephone 1

Mobile Telephone 2

Signature(s)

Joint Company Signatories

For inquiries, please call 01-2714566-7 or send e-mail to [email protected]

UNITED SECURITIES LIMITEDWebsite: www.unitedsecuritieslimited.com; E-mail: [email protected] or the completed update form can also be submitted through any Access Bank PLC nearest to you.

“UNITED SECURITIES LIMITED hereby disclaims liability or responsibility for errors/omissions/misstatements in any document transmitted electronically”

E-mail Address

Gender City State Country

First Name Other Names

Shareholder Account Information

I\We hereby request that henceforth, all my\our Dividend Payment(s) due to me\us from my\our holdings in all the companies ticked at the right-hand column be credited directly to my \ our bank detailed below:

Please write your name at the back of your passport photograph

InstructionPlease complete all sections of this form to make it eligible for processing and return to the address below

The Registrar,UNITED SECURITIES LIMITED RC 126257 9, Amodu Ojikutu Street, Victoria Island, P.M.B 12753 Lagos, Nigeria.

Only Clearing Banks are acceptable

Kindly quote your shareholder account no in the box below

Name of Company

MTN Nigeria Communication PLC

Shareholder Number

Bank Verification Number (BVN)

Bank Account Number

Bank Name

Account Opening Date

Company Seal (If applicable)

dd mm yyyy

M F

188

AFFIX CURRENT PASSPORT

PHOTOGRAPH (To be stamped by bankers)



PLEASE NOTE THAT THE SECTION FOR YOUR BANK ACCOUNT DETAILS HAS TO BE COMPLETED BY YOUR BANK Kindly return the duly completed form to the Registrar, United Securities Limited at the address stated below

United Securities Limited. RC 126257 9, Amodu Ojikutu Street, Victoria Island, P.M.B 12753 Lagos, Nigeria. Tel: +234 (1) 271-4566, 271-4567 Website: www.unitedsecuritieslimited.com; Email: [email protected]


The Registrar, United Securities Limited 9, Amodu Ojikutu Street Victoria Island Lagos

Dear Sir/Madam

Kindly find below my /our bank details for the purpose of electronic payments of dividends due to me / us. I / We confirm that all information supplied is to the best of my / our knowledge correct and hereby indemnify United Securities Limited against any loss that may arise from their adoption of the details as supplied hereunder.

DateShareholder Account No

Bank Account No

Bank Account No

Company Seal / Incorporation Number (Corporate Shareholder)

BVN

BVN

Shareholder’s Signature or Thumbprint

Shareholder’s Signature or Thumbprint

I/We hereby request that from now, all dividend warrant (s) due to me /us from my /our holdings in all the companies indicated above should be mandated to my / our Bank named above.

Other Names (for Individual Shareholder)

Surname / Company’s Name:

Present Postal Address

City

Email Address:

OLD Bank Details: BANK

NEW Bank Details: BANK

Mobile (GSM) Phone Number

State

AUTHORISED SIGNATURE & STAMP OF BANKERS

dd mm yyyy

190


MTN Nigeria Communications PLC RC: 395010

The Annual General Meeting (AGM) of MTN Nigeria Communications PLC will be held at 11.00 a.m. on Friday, May 15 2020 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos.

I/We

of

being a shareholder of MTN Nigeria Communications PLC hereby appoint Dr. Ernest Ndukwe OFR (Chairman) or Mr. Ferdinand Moolman (Managing Director/Chief Executive Officer) or Mrs. Uto Ukpanah (Company Secretary) as my/our Proxy to act and vote for me/us on my/our behalf at the Annual General Meeting to be held on May 15 2020 and at any adjournment thereof.

Dated the 2020

Proxy FormShareholder Account No

dd mm

192

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.

Number of Shares

I/We desire this proxy to be used in favourof/or against the resolution as indicatedalongside (strike out whichever isnot applicable)

RESOLUTION

ORDINARY BUSINESS

To receive the audited Financial Statements for the year ended December 31, 2019 and the Reports of the Directors, Auditors and the Audit Committee thereon.

To declare a dividend1

To elect/re-elect DirectorsElection of Directors appointed since the last Annual General Meeting:i. Mr. Michael Onochie Ajukwuii. Mr. Muhammad K. Ahmad, OONiii. Mr. Andrew Alliiv. Dr. Omobola Johnsonv. Mr. Abubakar B. Mahmoud SAN, OONvi. Mrs. Ifueko M. Omoigui Okauru, MFRvii. Mr. Modupe Kadri

Re-election of Directors Retiring by Rotationi. Mr. Paul Normanii. Mr. Ferdinand Moolmaniii. Mr. Karl Toriola

To appoint Auditors2

To authorize the Directors to fix the remuneration of the Auditors

To elect members of the Statutory Audit Committee

No.

1.

2.

3.

4.

5.

6.

FOR AGAINST ABSTAIN

Shareholder’s signature

1 N4.97K for every 2 Kobo Ordinary Share; 2 Ernst and Young LP will be presented for appointment as Auditors

Before posting this form, please tear off this part and retain it for admission to the meeting.

Note: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 at the Registered Office of the Company or sent via email to [email protected]. Alternatively executed proxy forms may be deposited with the Registrars, United Securities Limited, 9 Amodu Ojikutu Street, Victoria Island, Lagos or sent via email to [email protected]; 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 some officers or an

attorney duly authorized. iv. The proxy must produce the admission card sent with the notice of the meeting to gain entrance to the meeting. v. It is a legal requirement that all instruments of proxy to be used for the purpose of voting by any person entitled to vote at any

meeting of the shareholders must bear appropriate stamp duty from the Stamp Duties office (not adhesive postage stamps).

Please be advised that to enable a Proxy entrance to the meeting, the Proxy Form is to be duly completed and delivered to the Registrar; United Securities Limited at No 9 Amodu Ojikutu Street, Victoria Island, Lagos not later than 48 hours before the time fixed for the meeting.

NAME AND ADDRESS NUMBER OF SHARES HELD: NUMBER OF SHAREHOLDER(S):

Please admit to the Annual General Meeting of MTN Nigeria Communications PLC to be held on May 15 2020, at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos, at 11.00 a.m.Signature of person attending:

• Thisadmissioncardshouldbeproducedbytheshareholderorhis/herproxyinordertoobtain entrance to the Annual General Meeting.

• You are requested to sign this card at the entrance in the presence of the CompanySecretary or her Nominee on the day of the Annual General Meeting.


List of unclaimed dividends

Serial Number Registrar Account Number Beneficiary Name

1 794 A. B. KASUNMU CHAMBERS

2 3420 A.P.T. SECURITIES & FUNDS LTD.

3 2154 AAML NOMINEE 1

4 2156 AAML NOMINEE 5

5 3343 ABAGHA UCHE DIVINE

6 3434 ABAH BENJAMIN MONDAY

7 4263 ABANG LUCY E

8 3760 ABANIMU OFURE

9 1288 ABARA ZIK-ZION CHUKS

10 2742 ABARIKWU CHIEDOZIE CHIADIKOBI IBEJI

11 4128 ABARIKWU OGBONNA

12 1253 ABATCHA IBRAHIM ALHAJI

13 2412 ABAYOMI VINCENT OLAWALE

14 3047 ABBA MARK TERLUMUN

15 1510 ABBAS MAHMUD ONORUOIZA

16 3664 ABDUL RASHEED SOBURA OLAMIDE

17 1553 ABDULAZIZ DAYYAB YUSHAU

18 894 ABDULHAFEEZ ABIOLA KEKERE-EKUN

19 3743 ABDULKAREEM NURUDEEN

20 4562 ABDULKAREEM SURAJU TUNDE

21 3001 ABDULLAHI ABUBAKAR DUTSIN-MA

22 4359 ABDULLAHI GUMEL FATIMA

23 1544 ABDULLAHI IBRAHIM

24 1550 ABDULLAHI IBRAHIM HABIB (ALH.)

25 4064 ABDULLAHI MASUD

26 4045 ABDULLAHI UMAR IBRAHIM

27 3832 ABDULRAZAQ ABDULRASHEED

28 4194 ABDULRAZAQ ZULAIFAT MOSUNMOLA

29 4566 ABDULSALAM ABDULLAHI

30 773 ABDULWAHAB ADEBAYOIBRAHEEM

31 3472 ABEGUNDE OMOWUMI MARY

32 892 ABHULIME USIFO OMOFUMA

33 2831 ABHULIMHEN JOSHUA ITUA

34 2634 ABIDOYE OLUWAFEMI ISAAC

35 1216 ABIFARIN OMOKOLADE O.

36 4660 ABIJOH BALIKIS ADESOLA

37 2503 ABIKIAJE GIDEON OJOAROME

38 3717 ABIODUN OLADAPO ISREAL

39 3555 ABIODUN OWOEYE

40 1581 ABODERIN OLAJUMOKE

41 4138 ABODUNRIN REUBEN ADESOLA

42 1536 ABOKI ABDU

43 1291 ABOLUDE OLANIKE OMOYIOLA

44 1373 ABRAHAM CHUKWUNEDUM MARTINS

45 3362 ABRAHAM UMAH ISAAC

46 3671 ABU GODWIN UNDIYAUNDEYE (DR.)

47 1393 ABUBAKAR HAUWA JUMMAI

48 2989 ABUBAKAR IBRAHIM KATURU

49 1542 ABUBAKAR MOHD SANI

50 2788 ABUBAKAR MUHAMMAD FATIMA

51 3045 ABUGO ONOME ADEDAMOLA

52 3639 ACHARA OBIOMA EJIKE

53 2965 ACHI MARCEL ONYEKACHI

54 4576 ACHINIKE JUSTIN CHIMA

194


55 4491 ADAIGBE JOHN MOKWUYE

56 3370 ADAJA FELIX OLADUNJOYE

57 1279 ADAJI NUHU

58 1979 ADAMEJI KOLADE EMMANUEL

59 3139 ADAMS BODE THOMAS

60 1667 ADAMS IDUNG ADAM

61 2379 ADAMU ISMAIL

62 2581 ADARE THOMAS OLASEHINDE

63 3042 ADEBAJO ADEKUNLE SUNDAY

64 2794 ADEBAMBO ADEMOLA OLUWAKEMI

65 3913 ADEBANJO ABIOLA FOLORUNSO

66 2214 ADEBANJO AYO

67 2883 ADEBAYO ABAYOMI ADEOLU

68 2360 ADEBAYO OLUWASEUN RACHEAL

69 4024 ADEBISI ADEIFE

70 870 ADEBISI ADEOLA MARIAM

71 4023 ADEBISI ADEYIMIKA SOFIA

72 1746 ADEBISI KAYODE EMMANUEL

73 1832 ADEBIYI ADEBAYO HAMMED

74 4551 ADEBIYI BABAJIDE ADESOLA

75 1858 ADEBIYI OLUSEYE JOSHUA

76 3266 ADEBIYI OMOLARA ATINUKE

77 3625 ADEBIYI YETUNDE JOLAADE

78 3508 ADEBO MARK IRIVEMI

79 4140 ADEBOLU ADEREMI OMOLOLU

80 4233 ADEBOWALE ADEBAYO VICTOR

81 3288 ADEBOWALE EBENEZER ADEBISI (PROF)

82 2651 ADEBOYE HAKEEM

83 2174 ADEBOYE OLUWOLE MOSES

84 3484 ADEBOYEJO FATAI ADEBAYO

85 990 ADEBUSOYE ADEDEJI MOROUNFOLUWA

86 3707 ADEDAYO OTUNSANYA

87 3027 ADEDEJI NOSIRU ADIGUN

88 1769 ADEDIPE PATRICIA OMOWUNMI

89 3339 ADEDIRAN GBOTEMI ABRAHAM

90 1576 ADEDO HAIRAT BOLA

91 1583 ADEDOTUN OLUWAYEMISI REBECCA

92 2443 ADEDUGBE JEROME ADELOYE

93 2211 ADEDUNMOLA ADEWOLE DANIEL

94 1917 ADEFUYE ADEBAYO ANTHONY

95 1114 ADEGBAMIYE JOHNSON ADEKUNLE

96 805 ADEGBAYI ADETOLA

97 1351 ADEGBE OJOGBANE

98 1404 ADEGBE OLUBUKOLA

99 4307 ADEGOKE FRANCIS ADEBO

100 3706 ADEGOKE JESUTOMI DURODOLUWA

101 3720 ADEGOKE SAKA ADEGBOLA

102 3120 ADEJEMILUA FEMI

103 3403 ADEJORO OLUSEGUN FOLORUNSO OLUFUNSO

104 1075 ADEKANMBI OLADIPUPO

105 1578 ADEKANYE EMMANUEL ADEOLA

106 2274 ADEKOLA BABATUNDE SURAJUDEEN

107 2127 ADEKUAJO CHARLES

108 3374 ADEKUNLE KAFARU OMONIYI

109 3079 ADELAGUN OYEREYI ADETOUN

110 3952 ADELAKUN LUKMON ADESOLA

111 4014 ADELE-AKINTAYO ADEROJU WASILAT

112 3584 ADELEKE ADEBISI SHOLA

113 4266 ADELEKE OLADIMEJI B

114 3218 ADELEKUN TEJUMADE TOLULOPE

115 4150 ADELEYE ALEXANDER AIKU

116 1109 ADELEYE JOSEPH OLUWABUNMI

117 2204 ADELEYE KAYODE FREDERICK

118 2480 ADELEYE SOLOMON BAYO

119 2835 ADELOWOKAN ADEJIMI GLORY

120 3460 ADEMOLA IDUNNU MERCY OLAMIJI

121 3741 ADENEYE JAPHET ADEKAYODE (PROF)

122 2198 ADENIJI AZEEZ ABIODUN

123 1729 ADENIJI IFEYINWA NDIDIAMAKA OBIOMA

124 2953 ADENIRAN ADETUNJI ABRAHAM

125 2300 ADENIRAN MOJISHOLA MOSES OLUKAYODE

126 4478 ADENIYI FATIMO ADEBUKOLA

127 2715 ADENOWO OLUMUYIWA ADEOYE

128 1022 ADENUGA FATAI IDOWU

129 1077 ADENUGA OLATUNJI PETERS

130 2963 ADENUSI OMOWUNMI OLUSEYI

131 4605 ADE-OJO OLAKUNLE ADEBOLA

132 4217 ADEOLA ADEDOTUN ADERINOLA

133 640 ADEOSUN FOLAKEMI

134 1617 ADEOTI OLATUNDE OLUWAFEMI

135 4426 ADEOYE ADEDEJI DAVID

136 1425 ADEOYE ADEREMI OLUFEMI

137 4537 ADEOYE ADEROGBA ELIJAH

138 3564 ADEOYE DANIEL

139 2109 ADEOYE MORONFOLA IBIYIWKA

140 1982 ADEOYE WAHEED

141 3123 ADEPOJU KOLAWOLE SEUN

142 3127 ADERELE AKINADE OLUWADEMILADE

143 3133 ADERELE KOLADE KEHINDE

144 3058 ADERELE KOREDE TAIWO

145 3428 ADERELE OYINKANSOLA ADEEYE

146 1878 ADEREMI MAKINDE

147 3680 ADEROTOYE ADEYEMI ALEX

148 1788 ADESHINA AKINJIDE ABDULLAH

149 2302 ADESIGBIN AGATHA ENOBONG

150 1646 ADESIGBIN LIZ MODUOPE

151 2335 ADESINA SERIFAT MORENIKE

152 2445 ADESIYAN ADEDAYO OLUDARE

153 2053 ADESIYAN TIMOTHY AYOBAMI A.

154 2830 ADESOKAN AKINTUNDE TAIWO

155 2670 ADESOLA MARY MODUPE (MRS)

156 3808 ADESOLA SELIMOT NIYIOLA

157 1679 ADETIMEHIN AYODELE JANE

158 3102 ADETOLA-OMOTOYE THERESA NWABUDE ANN

159 3526 ADETOMI MUYIWA ZACCHEAUS

160 1507 ADETOYI OLAREWAJU

161 3601 ADETUNJI ADEYEMI SHAMSIDEEN

162 4553 ADETUTU BABAJIDE OLUYINKA

List of unclaimed dividends - continuedList of unclaimed dividends - continued

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


163 2441 ADEWALE AYODELE

164 4163 ADEWALE ISAAC (PASTOR)

165 4437 ADEWUMI (MR & MRS)

166 1156 ADEWUMI OLUFEMI ABAYOMI

167 1690 ADEWUSI ADEKANOLA OLATOYE

168 1953 ADEWUSI DAVID ADEWOLE

169 2180 ADEWUYI CLEMENT ADEDAYO

170 3129 ADEYELU EBENEZER ADEOLA

171 1805 ADEYEMI AKEEM ADEKUNLE

172 2612 ADEYEMI BENJAMIN OLAMIDE

173 1604 ADEYEMI MOSOPE SEGUN

174 4619 ADEYEMI OLUTOPE S.

175 3585 ADEYEMI OLUTOSIN JOSEPH

176 801 ADEYEMI-WILSON AYODEJIOLUYOMI

177 1169 ADEYEMO FEMI

178 3480 ADEYEMO OLUWATOSIN FUNSO

179 3665 ADEYEMO OYEJIDE IDOWU

180 3274 ADEYENI ADELEKE

181 1575 ADEYEYE PHILIP OLUWAPELUMI

182 4584 ADEYINKAONI MAYOWA

183 1260 ADIBE FRANCIS O.

184 3182 ADIGUN MOSES ADEGBOLA

185 2664 ADIGUN OLUFEMI OLADEJO

186 2420 ADIGWE ANTHONY IFEANYI

187 1913 ADIGWE OLISAEMEKA OKECHUKWU

188 2317 ADIO ADEBAYO

189 4522 ADIO ADEMOLA ALEXANDER

190 3790 ADIO OLAOLUWA SIMEON

191 1389 ADISA WAHAB

192 2775 ADOGAH AHMED AZEMOBOR

193 3521 ADOGU IKEMDINACHI CHIKANSO

194 3512 ADOGU OLISAEMEKA KACHINETAM

195 2165 ADOKPAYE OMASANJUWA

196 1524 ADOLE JONATHAN IKWUYATUM

197 1527 ADOLE KANENG DOKOTRI

198 1930 ADOMI UFUOMA

199 2906 ADUBI ADEKOLA ABIMBOLA

200 3522 ADUKU MIRACLE

201 3806 ADUNMO KEHINDE MOSES

202 3505 AFAM UZOH EMMANUEL

203 915 AFINNI MONDIU BABATUNDE

204 2301 AFOLABI DANIEL AKINKUNMI

205 3709 AFOLABI OLUREMILEKUN VICTORIA

206 4657 AFOLABI QUDRAT OMOLAYO

207 829 AFOLABI TEMILOLA AYOTUNDE

208 2802 AFOLAYAN TAIWO OLUWATOYIN

209 1248 AGADA ANTHONY OMALE

210 2560 AGADA CHIDINMA EVIDENCE

211 1944 AGAGU OLUWABUNMI FUNMILOLA

212 1087 AGBABIAKA OLASHENI

213 4420 AGBAKA DESMOND

214 2097 AGBASIERE ROMANUS

215 2435 AGBELUSI JOSEPH BANKOLE

216 2969 AGBO CHIAZOM AND AMOGECHUKWU

217 4336 AGBONHIN ADEDAYO

218 1589 AGBONILE OSARUMWENSE UWAIFIOKUN

219 1856 AGBOOLA ADEMOLA OLUWASEGUN

220 1125 AGBOOLA AHMED AYODELE

221 1696 AGBOOLA FATIMAT BINTU

222 1172 AGBURUGA UCHE TOBY

223 1305 AGHENTA EMMANUEL AIGBOKHAIBHO

224 2941 AGHORIGHOR AARON

225 2050 AGNES OLUWATOYIN OLADELE

226 1311 AGU GERALD CHIBUZO

227 4275 AGU NGOZI MARTHA

228 1224 AGU OLISA MAXWELL

229 4671 AGUA-ONYEKWELU UGOCHI LINDA

230 1492 AGULANA EMEKA EDWARD

231 1697 AGULANNA UCHECHI

232 2705 AGUYE MERCY EFEARUE

233 2710 AGUYE NATHAN MAAFO

234 2703 AGUYE OLIVIA MAADE

235 3395 AGWAONYE MOSES IFEANYI

236 3883 AHIDJO AHMED

237 2579 AHMAD ALIYU ALHAJI

238 1239 AHMAD MUHAMMAD MURTALA

239 1956 AHMED BASHIR TAL

240 4681 AHMED ISLAMITTAH OLUWATOPE

241 1513 AHMED SALEH ZAHARADDEEN

242 3390 AHUA FANEN

243 2991 AHUA NGUTOR

244 3507 AHUA TERNA

245 2298 AHUTU AMINA

246 4010 AIGBE HELEN OMOLEIGHO

247 2944 AIGBODUWA JOSEPH EFOSA

248 1128 AIICO CAPITAL LIMITED

249 3854 AIICO INSURANCE PLC

250 4118 AIKU ADEMIDE AXEL

251 1852 AINA ADEOLA FELICIA

252 1341 AINA OLAMIDE DIEKOLA

253 4410 AJAEFOBI ONYEKA CHRISTOPHER

254 762 AJAEGBU CHIDIONYEUKWU

255 2306 AJAGA BABATUNDE IBRAHIM

256 4434 AJAGUNNA ADEJISOLA OLAMIDE

257 3004 AJALA ANGELA

258 1941 AJALA SAMUEL OLUSEGUN

259 3907 AJAMAGBISO ADEKUNLE LUQMAN

260 3908 AJAMAGBISO OLUWAFUNMILOLA

261 2820 AJANI OLALEKAN E.S

262 3925 AJAO ADEFUNSHO ADEYI

263 1105 AJAO JOHNNY ADELAKUN

264 2607 AJAO LATEEF BABATUNDE

265 3801 AJAYI ABAYOMI EMMANUEL

266 4433 AJAYI AJIBOLA OLUFUNSO

267 2262 AJAYI ALEXANDER OMONIYI

268 1975 AJAYI HENRY AYODEJI

269 4521 AJAYI JAMES OLAWALE

270 4648 AJAYI JAMES OLAWUNMI




271 2258 AJAYI LOIS TEMILOLUWA

272 2845 AJAYI OLADIPO ADELEKE

273 3661 AJAYI OLUSEYE

274 3876 AJAYI OLUWAPELUMI TOBI

275 1010 AJAYI OLUWASEUN SAMSON

276 3109 AJAYI OLUWATOSIN

277 4165 AJAYI RAMOTA TOWOBOLA

278 3795 AJAYI RICHARD SUNDAY

279 3839 AJAYI SAMSON KUNLE

280 2060 AJAYI TAYO JOSEPH

281 2598 AJAYI TOLULOPE JOHN

282 4058 AJENU EKOJA EMMANUEL

283 2212 AJENU STANLEY ABAH

284 1845 AJETOMOBI TEMITOPE OLUMUYIWA

285 4196 AJIBADE GBEMISOLA

286 2751 AJIBOYE FOLUKE MARY

287 1031 AJOSE-ADEOGUN AYOTUNDE OLUWAKANYINSOLA

288 1032 AJOSE-ADEOGUN AYOYIMIKA OMORINSOLA

289 3710 AJUMOBI FISAYO TIWALOLU

290 4264 AJUMOBI GRACE OMONIYI

291 4283 AJUMOBI OLUGBENGA EZEKIEL

292 761 AJUMOGOBIA ODEIN

293 2299 AKAGU OSITADIMMA

294 2679 AKANDE ABDULSALAM BABATUNDE

295 2639 AKANDE MOBOLAJI YUSUF

296 1603 AKANDE MUTIAT BUSAYO

297 3212 AKANDE OLUMIDE ADEMOLA

298 2382 AKANNI TEMITAYO EMMANUEL

299 2463 AKANYI PIUS

300 1139 AKEREDOLU BABAJIDE AYOTOLA

301 3811 AKEREDOLU FERANMI

302 3656 AKERELE DAVID OLUTUMI

303 3654 AKERELE DOMINIC OLUFEMI

304 3647 AKERELE DONAL OLUDARA

305 3657 AKERELE DUARDO OLUTOMI

306 3082 AKHAMIE LADI RHODA

307 969 AKHIDENOR TITILAYO OLUWAKEMI

308 3613 AKHIGBE EDWARD OSIBEMHE

309 4154 AKHIRE NATHANIEL C

310 2365 AKHIROME GODWIN

311 3153 AKIN AKEREDOLU-ALE

312 2120 AKINBI AYODEJI AYOKUNLE

313 4245 AKINBO OLADIMEJI AYINLA

314 2084 AKINBODE OTEGBEYE BAKARE

315 3375 AKINBOLA FUNMILOLA ABOSEDE

316 3633 AKINDAHUNSI-AKERELE ADENIKE

317 3217 AKINDE CHRISTOPHER OLADIPO

318 3092 AKINDE OLUWATOYIN

319 3293 AKINDURO ERIC AKINNIFESI

320 3566 AKINFEMIWA AKINWUNMI AKINTAYO

321 3750 AKINGBADE AKINDAMOLA OLUWATOSIN

322 1990 AKINGBOLA ANTHONIA TOLULOPE OLUFUNLAYO

323 1877 AKINKUGBE KOFOWOROLA

324 3431 AKINKUGBE OLUKAYODE AYODELE

325 2043 AKINLADE DEJI

326 2003 AKINLADE OLADIPO RASAK

327 4406 AKINLADE RASHEED OLASENI

328 2022 AKINLAJA EMMANUEL A

329 1815 AKINLAJA JEDIDIAH OLUWABUKUNMI

330 1814 AKINLAJA JOSE OLUWAPAMILERIN

331 1813 AKINLAJA OYEKEMI OLUBUKOLA

332 3483 AKINLESI OMONIYI ADEOLA

333 2673 AKINLEYE IFEOLUWA OPEYEMI

334 2732 AKINLOYE BABALOLA AKINDELE

335 1269 AKINMADE MORADEKE MARY

336 1676 AKINNUWA TUNDE OLABODE

337 2828 AKINOLA AKINGBOLA

338 2970 AKINOLA OLATUBOSUN AKINNOLA

339 1884 AKINPELUMI VICTOR.O

340 1934 AKINRELERE DAVIDSON AKINOLA

341 2460 AKINSANYA ADEYEMI

342 4465 AKINSANYA IBUKUNOLUWA OLUWASEYI

343 2383 AKINSANYA,O.ADEYEMI & BALOGUN,O.OLUFUNMI

344 2870 AKINSINDE ATANDA SULAIMAN

345 780 AKINSOWON & OLAYINKA DAWODU

346 2871 AKINTOLA AKINWALE

347 1598 AKINTOLA FUNMILOLA OMOWUNMI

348 3627 AKINTOMIDE BOLANLE

349 2886 AKINTUJOYE AYO BANKOLE

350 2684 AKINTUNDE AYOMIDE ZEPHANIAH

351 2683 AKINTUNDE ISAIAH OLADIRAN

352 1157 AKINYANJU O.O (DR)

353 2687 AKINYEMI JOSEPH ADEJARE

354 2638 AKINYEMI OLUTAYO ADEOLA

355 2796 AKINYODE OLUFEMI

356 1339 AKISANYA DAVID

357 2329 AKOH FRIDAY NEHEMIAH

358 1257 AKONGWALE VICTOR

359 3572 AKONI OLADIPUPO OLUYOMBO WESLEY

360 4133 AKOREDE MOROUNMUBO

361 2766 AKOSA OBINNA

362 4337 AKPADAKA OVWE SIMON

363 4360 AKPAN IMAOBONG

364 3919 AKPAN SAMUEL FELIX

365 2743 AKPAREVA ARUORIWO PATRICK

366 4123 AKPATA CHIAGOZIEM IFEATU

367 1741 AKPATA MOJISOLA E. M

368 1300 AKPEDE OGHENETEGA OLUWATOYIN

369 1179 AKPORIAYE DOSEKE

370 2459 AKPOYOMARE IGHO AMBROSE

371 2578 AKUMA IGWE NWANKWO

372 3713 AKUNNE GODSFAVOUR EMEKA

373 1047 ALA BAMIKOLE TAIWO-IMF

374 2897 ALABI ADANI

375 1111 ALABI ANDREA AYODEJI

376 3841 ALABI AYOTUNDE

377 4137 ALABI CHRISTOPHER ADEBAYO

378 1958 ALABI EMMANUEL ABIOYE




379 4428 ALABI GABRIEL OLATUNJI

380 4666 ALADE EMMANUEL ADEBAYO

381 1925 ALADE OLUWASEUN TEMITOPE

382 3037 ALADEWOLU ADEKUNLE ADEBUNMOLA

383 3331 ALAGBE KOYEFOLU MBONU

384 3329 ALAGBE LOTACHI MORAYO

385 4567 ALAGBE OYEBISI OLATUNDE

386 2492 ALAKE OLATUNBOSUN TOJUOLA

387 2642 ALAKIJA SECURITIES LTD

388 3394 ALALADE BEN K.

389 2737 ALALIBO KARIBO DABO-OJU

390 3629 ALANEME CHIKA CLEMENT

391 4199 ALASA ABU HUMPHERY AND MAGDALENE

392 2095 ALAYANDE ELIZABETH AJOKE

393 2063 ALAYANDE JIMMY AJIBOLA

394 1888 ALAYANDE MANAGEMENT SERVICES LIMITED

395 2241 ALAYANDE OLU FOLARIN

396 2088 ALAYO LUTIFAT AYOOLA

397 2934 ALHAJI ADO DANIYA

398 3089 ALI AKEEM OLANREWAJU

399 1106 ALILE OSAYI ORUENE

400 2494 ALIM CHIMEREUCHEYA NKASIOBI

401 3426 ALIU FELICIA RERELOLUWA

402 1899 ALIU GABRIEL TOBA

403 3419 ALIU OLATOMIDE MOTOLANI

404 2594 ALIU OLAYEMI SAMUEL

405 3016 ALIYU ABDULMALIK

406 3878 ALIYU DANSUNAMA AHMED

407 1572 ALIYU GADANGA MUHAMMADU

408 1382 ALIYU HALITA

409 1512 ALIYU K. TURAKI

410 1405 ALIYU KISHIMI JAMILA E

411 1514 ALIYU SHUNOM NATHAN NOMSU

412 4663 ALIYU SULIAT WURAOLA

413 1547 ALIYU UMAR

414 2787 ALIYU-MAITASAMU ABDULLAH

415 4484 ALLI MUFUTAU

416 4582 ALLI-AFOKE OLABISI SHAKIRAT

417 4560 ALLI-AFOKE SHAKIRAT OLABISI

418 2701 ALLISON IBIMINA BENONI

419 4274 ALOFOKHAI LILIAN CHIDINMA

420 4240 ALONGE DAMILOLA EMMANUEL

421 2665 ALUKO ABEL BAYODE

422 78 ALUKO AKINYELE

423 1063 ALUKO PETER AJAYI

424 974 ALUSI ANAETO

425 3401 AMA ROSELYN

426 4256 AMEENAT ABISOLA DINA

427 4116 AMEH CHARLES UGBEDE

428 487 AMEN TRUST FOUNDATION

429 3615 AMIATOR ISEDENU REYNALDO

430 2167 AMINU ABDULLAHI

431 4220 AMINU BELLO ALMUSTAPHA

432 2688 AMINU HARUNA ABDULLAHI

433 2051 AMIOLEMEH OMODIALE ANGUS

434 2668 AMOLE VICTOR ABIMBOLA

435 2809 AMS INVESTMENT LTD

436 4401 AMSHARE INVESTMENTS NIGERIA LIMITED

437 2536 AMU BANKOLE OLUSOLA

438 4487 AMUCHIE STANLEY CHIEDOZIEM

439 2307 AMUSA MORUF AREMU

440 2200 AMUSA SURURAT ADEROJU

441 4568 AMUSA-OSENI AARON ADEKUNLE

442 2728 AMZAT ROTIMI

443 2082 ANAKUDO CHUKWUDI ELLISHENRY

444 2822 ANANYI JANE ONYEKA

445 2320 ANANYI THERESA NWAMAKA

446 3622 ANATSUI EMMANUEL KWAMI

447 3645 ANCHORIA AM/FUNLOLA ABE

448 4614 ANDZENGE KARMEL

449 1238 ANEKWE ERIC UGOCHUKWU

450 2692 ANGA PETER SALAME

451 1687 ANGWE ZION OYISEH

452 4615 ANIELO EBENEZER IKECHUKWU

453 2949 ANIEROBI SUNDAY CHRISTIAN

454 1325 ANIKWE OBINNA NNABUIFE

455 2236 ANJORIN ADEBIMPE ADENIKE

456 2227 ANJORIN JOSEPH ALADESANMI

457 1118 ANNE CHIBUZOR ORAGWU.

458 1026 ANONDE IGNATIUS UCHENNA EST. OF

459 2730 ANOSIKE ENYINNAYA UGOCHUKWU

460 1444 ANOSIKE HUMPHREY IKECHUKWU

461 2774 ANOZIE EMENIKE ALEXANDER

462 1745 ANSA ITA ARCHIBONG

463 3314 ANSELEM UDEOGU ATUANYA

464 3071 ANTHONY-OLOWONIHI KEHINDE FUNMILOLA

465 1207 ANUGBA CHIKWENDU HILLARY

466 4638 ANUMBA ANNE CHINYELU

467 1140 ANUSI EBELE IFEYINWA

468 4356 ANYA EUGENE UCHECHUKWU

469 2247 ANYANWU JOSEPH OKECHUKWU

470 1392 ANYANWU KELECHI GODSON

471 3194 APATA OLUWASEUN TOLULOPE

472 2304 APOLOLA OLADAPO OLAGBAIYE

473 2201 APPAH SHIRLEY CHIKA

474 4581 ARAB NASIRU IBRAHIM

475 1772 ARABA ADEKUNLE O.

476 1580 ARAMIDE OLUWATOSIN OLADAYO

477 4668 ARE OLUWATOMI EFE PRISCILLA

478 2178 AREGBESOLA AKEEM OLU

479 3928 AREGHAN AITEBEREME CECILIA

480 4156 AREKE SEYI ABAYOMI

481 3174 AREMU GEORGE OMOTUNDE

482 2150 AREMU-OLUWOLE OLAKUSIBE ISHOLA

483 3495 ARIBISALA AYODEJI ADEWALE

484 1635 ARINOLA BABAJIDE OLALEYE

485 1307 ARIYO TOLUWALOPE EMMANUEL

486 3730 ARM NOM: AKEREDOLU OLUWAROTIMI ODUNAYO




487 2552 ARM NOM: ARM SECURITIES LIMITED

488 3220 ARM NOMINEES/AMB G.A & MRS A.O FALASE

489 3910 ARM NOMINEES: AFRICAN-RE

490 2192 ARM TRUSTEE LTD:YAHAYA IMAM EDUC TRUST

491 4131 ARM TRUSTEES BLACKSWAN TRUST

492 2190 AROJO CAROLINE ADELEYE

493 4225 AROWOLO YETUNDE ENIOLA

494 2633 ARUBASA ONOME

495 4001 ARUMEMI-JOHNSON ALEXANDER BABAJIDE

496 4032 ARUNA OLADEINDE WASIU

497 2948 ASAKPA JAMES OGHENEFEJIRO

498 862 ASALU JOSHUA AKINTUNDE(EST)AKINPELU/ORS-

499 3990 ASANGANSI EFFIONG OKWONG

500 2322 ASHAYE ABOSEDE ARIYIKE

501 4258 ASHOM MUSA

502 3378 ASHOROBI JAMALDEEN AYOMIKUN

503 3392 ASHOROBI KEHARA

504 1270 ASIBOR ROBERT ENAHOLO

505 4626 ASIEGBU IKENNA EMMANUEL

506 3410 ASIODU GABRIEL NGOZI

507 1436 ASIRU ABAYOMI LATEEF

508 3397 ASIRU-BALOGUN OLUWASEUN

509 3558 ASOGWA CHIJIOKE

510 4445 ASSAN ORIYOMI TOMIWA

511 2798 ASSURED INVESTMENT & SECURITIES LTD

512 2761 ASUQUO UDOH RAPHAEL

513 3944 ATARAIRE GIDEON OVIEMO

514 4203 ATAYERO ADEREMI AARON

515 2992 ATEGO OLUFEMI EMMANUEL

516 3409 ATIMOMO IDIARENO ADELEYE

517 2056 ATOM HEMEN SAMSON

518 1842 ATSEMUDIARA EBISAN

519 3157 ATTAH ENEYE DANIEL

520 1043 ATTE AKUAMA JOHN

521 3504 ATUANYA ONYEKA STELLA

522 4527 ATUMA OKPARA

523 4422 AUDU OLAITAN GIDEON

524 1189 AUSTINE CHUKWUEBUKA NNAMANI

525 3351 AUWALU ABDU

526 1898 AVOSEH MAWUTON VIYON

527 2694 AWE AFOLABI THOMAS

528 3147 AWE TOYEEB ABIODUN

529 2312 AWEDA KAYODE ADETUNJI

530 2323 AWEDA OPEYEMI ADEBOLA

531 2318 AWEDA YETUNDE ADERONKE

532 1666 AWOEYO OLAITAN OLADAPO

533 1452 AWOFESO OLANREWAJU ADEWALE

534 4017 AWOJOBI AFOLABI OTITOLOJU

535 1859 AWOKOYA OREOLUWA OMOWUNMI

536 3993 AWOLADE VICTORIA GBEMISOLA

537 2608 AWOLARAN OLUWOLE OLUSEGUN

538 4051 AWONIYI REBECCA OMOBOLAJOKO

539 977 AWONUSI KEHINDE

540 3686 AWORENI ADEMOLA AKINTUNDE

541 1704 AWORINDE OLUFUNKE ADENIKE

542 2202 AWOSIKA FOLAJOYE CHRISTOPHER

543 1837 AWOSIKA MOSOPEFOLUWA OLAMIDE OLUMOROTI

544 4554 AWOSIKA OLAMIDE OLUBUKUNOLA

545 4550 AWOSIKA OLUBANKOLE

546 2000 AWOSIKA OLUFOLABOMI TEMITOPE M

547 4548 AWOSIKA OLUWANIFEMI OLUWATOBILOBA

548 4547 AWOSIKA OLUWASEMILORE OMORINSAYO

549 2723 AWOTUNDE ADENLE NAJEEM

550 4238 AWUZIE CHIBUZO SAMUEL

551 1330 AYADIUNO CHRISTOPHER BELUCHUKWU

552 1737 AYANBOYE OLUWOLE

553 2685 AYANDELE SOLOMON OLUREMI AYANDIJI

554 1065 AYANGBAYI ABAYOMI BANKOLE

555 2643 AYANLOLA JADESOLA

556 4012 AYANRUOH ELIZABETH DORA D.

557 4211 AYANWAMIDE YINKA GBADEGESIN

558 4520 AYEGBA UGBEDEOJO VICTOR

559 2163 AYENI CHINYERE

560 1893 AYENI OPEYEMI FUNMILAYO

561 2582 AYEOYENIKAN AUGUSTINE ITUNUOLUWA

562 3477 AYILARA SINA YUSUF

563 934 AYINDE AHMED BOLAKALE

564 3095 AYOADE MARIA OLUYEMISI

565 782 AYOBAMBO & AYODUNNI KUNLE-SALAMI

566 2139 AYOBAMI OLOYEDE OYEDELE

567 3201 AYODEJI OLAKUNLE

568 2055 AYODELE EREDOLA OLUBUNMI

569 4574 AYODELE GABRIEL KEHINDE

570 3822 AYODELE OLAJIDE ABAYOMI

571 3150 AYONOTE JUDE AIGBOKHAI

572 1699 AYOOLA ABIODUN AWOLOLA

573 3482 AYOOLA GILBERT OLUFEMI

574 3277 AYOOLA ISMAIL ADESINA

575 964 AYOOLA MORENIKEJI FOLAYEMI&OLATUNDE

576 4261 AYORINDE OMONIYI ELIZABETH

577 1408 AYU DUAKPENMI ANDREW

578 4587 AYU YIMA ODION

579 4603 AZANOR AKINOLA OYEDELE .O.

580 2451 AZEEZ ABDUL-MALIK OLANREWAJU

581 3943 AZEEZ ABOLANLE AYINKE

582 2800 AZEEZ AFOLABI N.

583 2015 AZEEZ MORUFU OLASUNKADE

584 4516 AZEEZ MUHAMMED NASIR

585 2002 AZEEZ OBABIYI ADEWALE

586 4345 AZEEZ SIKIRU OLAWALE

587 1948 AZEEZ WAHEED KOLAWOLE

588 2126 AZEEZ WASIU OLAWALE

589 3032 AZIEGBE INNOCENT EROMOSELE

590 1836 AZIKE CHIBUZO NDUWUEZE ZIGGY

591 1328 AZIKIWE UCHE

592 4646 AZUBUIKE ADANMA MARTINA

593 972 B15IC EQUITY LIMITED

594 1435 BABA SULEIMAN MOHAMMED




595 2452 BABALOLA ABIODUN OLAWOYIN MICHAEL

596 3283 BABALOLA OLUSOLA AKEEB

597 3373 BABALOLA RAFEEQUAT OLUWAKEMI

598 3385 BABARANTI AYANDAYO RASHEED

599 4334 BABATUNDE DANIEL

600 1988 BABATUNDE KAYODE

601 3946 BABATUNDE-DADA ISABELLA AYOMIKUN

602 4222 BADARU OLUSEGUN OLAJIDE

603 3141 BADEJO ADEBOYE OLUGBOYEGA

604 2389 BADEJO ADELEKE

605 4309 BADMUS ABDULRAHMON ABIODUN

606 1630 BADRU OLANIYI NURUDEEN

607 3216 BAILEY OLADIPUPO ABIODUN

608 3265 BAJU IDOWU ABISOLA

609 3855 BAKARE ADEBAYO SAKA A.

610 3073 BAKARE ADEBISI OLUWAYEMISI

611 2125 BAKARE KAYODE

612 4234 BAKARE OLAYEMI KAFILU

613 1995 BAKARE SHERIFAT

614 1915 BAKO GEORGE RT. REV.

615 1381 BALAKEFFI LADI R.

616 3003 BALARABE MOHAMMED

617 3549 BALOGUN AHMID OKANLA

618 2605 BALOGUN LATEEF ADETOKUNBO MABAYOJE

619 3583 BALOGUN MOSHOOD ABODUNRIN

620 2899 BALOGUN OLUWASEGUN AKANDE

621 3597 BALOGUN OLUWATOYIN OLUWABUNMI

622 2265 BALOGUN SEKINAT MOPELOLA

623 4174 BAMGBADE OLABANJI OLUMIDE

624 2321 BAMGBOPA ABDULAZEEZ KAYODE

625 2038 BAMIDELE OLUBUNMI AYODELE

626 3057 BAMIDELE OLUWATOSIN ADEMOLA

627 1093 BAMIGBEYAN OLAMIDE MORENIKE

628 2019 BANJOKO OLADIPUPO ABIODUN

629 1464 BANJOKO OLAKUNLE ADETUNJI

630 1889 BANKOLE ADEYEMI OLUMIDE

631 1113 BANYE OLUCHUKWU MICHAEL

632 820 BAREEK GENERAL ENTERPRISES NIG LTD

633 1901 BARITI INVESTMENTS LIMITED

634 3543 BARNOMA MAHMUD SHEHU

635 2048 BARROW NONYELUM CHIKA

636 4166 BARUWA WASIU ADEKUNLE

637 3780 BASHORUN AYODEJI & OLANREWAJU

638 1016 BASSEY CHARLES

639 2469 BASSEY SUNDAY EKPENYONG

640 4578 BATUBO OWANARI

641 4042 BATULA RISIKAT BOLANLE

642 1053 BAWA IBRAHIM YAHAYA

643 4363 BAYODE OLUFEMI

644 4374 BAYODE OLUFEMI

645 2179 BAYSIK NIGERIA ENTERPRISES

646 2029 BECKLEY ORIYOMI ENITAN

647 4399 BEKEE UCHE RONALD

648 2982 BELLO ABBA MOHAMMED

649 3081 BELLO AZEEZ GBOLAHAN

650 4421 BELLO IBRAHIM MUHAMMED

651 1724 BELLO MUIBAT AINA

652 4431 BELLO OLUFEMI EMMANUEL

653 967 BELLO WAHEED BABATUNDE

654 2168 BEN-OGBEIDE EROMOSE JASON

655 3525 BENTSI-ENCHILL KOBINA NUAMAH

656 1245 BENUE INVESTMENT & PROPERTY CO LTD 1

657 1276 BIAKPARA ALLEN POWEDE

658 3299 BIGGS SUNDAY GARBA

659 2819 BILALA KALIBA

660 3451 BINTAN OYINDAMOLA ASHOROBI(MRS.)

661 1883 BINUS DAUDA YERIMA

662 1024 BISIC 15 ENTERPRISES

663 2704 BLANKSON AMPIM GOGO

664 774 BLUE STRIPES DYNAMIC SOLUTION LTD

665 4561 BOB-MANUEL IBUNGE

666 2437 BOBOYE DANIEL OLUWADARE

667 3195 BOLARINWA A. FAMUYIWA

668 2859 BOLU-OLAOLUWA TEMILOLA ABIODUN

669 3510 BOSEDE OLUWASEGUN ANTHONY

670 3202 BOUKORU HAPPINESS IBINABO

671 1359 BRADFORD & BINGLEY

672 3497 BRAIDE VIVIEN NGOZI (MRS)

673 3988 BRAIMAH OLAJUMOKE AYODEJI

674 4441 BRIDGE HOUSE COLLEGE

675 2739 BRIGGS SOBEREKON SUKI

676 2736 BRIGGS SOBEREKON SUKI

677 947 BRISTOL IJEOMA EUALALIE CHINYERE

678 2980 BRISTOL PIRINYE OGOCHI

679 4546 BROWN IGNATIUS AKPAN

680 2327 BUARI MOHAMMED ADEBAYO

681 1509 BUBA MOHAMMED CHAKALA

682 2005 BUBA MUSA

683 1523 BUHARI MIKAILA

684 4662 BUHARI YUSUF OYEBANJI

685 3687 BUKO ADESHOLA AKINLOLU

686 1504 BULUS DRAMBI KWADA

687 1519 BULUS DRAMBI KWADA (ARC)

688 4514 BUSARI BASIRU OKUNADE

689 1616 CAJETHAN NNABUCHI ANIAKU

690 1429 CAPITAL MARKET RESOURCES LTD

691 2669 CATHOLIC ARCHDIOCESE OF IBADAN

692 1749 CHAPEL HILL DENHAM SECURITIES LTD -IPMA

693 775 CHEVALIER INVESTMENT PARTNERS LIMITED

694 1693 CHIBUEZE OSITA KENNETH

695 4381 CHIBUEZE PATRICK

696 3509 CHIDI MATTHEW ORJI

697 1431 CHIKAMADU FORTUNE PRAISE

698 2729 CHIKE BUDUKA GODSWILL

699 899 CHIKEZIE PROMISE SATURDAY

700 1637 CHILO-OFFIAH ONYEKACHI

701 2080 CHINWUBA NWUDEGO NKEMAKONAM

702 2521 CHIOKE IKECHUKWU PRIMUS




703 3040 CHIRAMA NIGERIA LTD

704 1686 CHIZOBA OKAFOR CHIZOBA ALEXANDER

705 1673 CHIZOBA OKAFOR OGOCHUKWU DANIELLA

706 4675 CHRIST CRUSADES FOUNDATION

707 4458 CHRISTIANA KAYODE

708 2565 CHRISTOPHER ADAOCHE MARGARETH

709 784 CHRISTOPHER FRANCISUGOKWE

710 2497 CHRISTOPHER U. LUCKY

711 1327 CHUKE DANIEL ONYEKA

712 4027 CHUKWU BERNADETTE EKWUTOSILAM

713 3305 CHUKWUDEBELU CHUKWUMA CHRISTIAN

714 1335 CHUKWUEMEKA MARIAM OBIAGELI

715 2081 CHUKWUGHAZIE EMEKA VINCENT

716 1191 CHUKWUKERE NWALOZIE FRANCIS

717 3062 CHUKWUMA EMMANUEL IFEANYI

718 3516 CHUKWUMA-ENEH ONYINYE

719 1030 CHUKWUMAH GEORGE A

720 2417 CHUKWURA FLORENCE EMETAM

721 4485 CITY-LINKS INVESTMENT LTD

722 3250 CLARK MORADEUN

723 1782 CLARKSON ISMAIL ABIODUN

724 2261 CLAUD-ENNIN IMRAN

725 1453 COKER BARNABAS

726 2252 COLE ADEKUNLE ADEBAYO

727 970 COMERCIO PARTNERS ASSET MANAGEMENT LTD

728 4425 COMMERZE 360 VENTURES

729 2483 COMPASS INV & SECURITIES LIMITED

730 2372 CORDCAP NOMINEE LTD - CHIEF S.

731 2054 CORDCAP NOMINEE LTD - ECT ACCOUNT

732 2896 CORDCAP NOMINEE LTD - OIO ACCOUNT

733 995 CORDCAP NOMINEES LIMITED

734 3905 CRANE SECURITIES LIMITED

735 3608 CSL NOMINEE A/C - ‘BUS1’

736 2439 CSL NOMINEES A/C BR

737 2481 CSL NOMINEES LIMITED A/C `OAA’

738 2456 CSL NOMINEES LTD A/C ‘ABA’

739 3609 CSL NOMINEES LTD A/C BZ

740 1955 CSL NOMINEES LTD. A/C DE

741 1730 CYRIACUS CHUKWUDI MAXIMILIAN

742 2806 CYRIACUS UKAMAKA ELIZABETH

743 4272 DABO MURTALA MOHAMMED

744 3568 DADA ADETAYO

745 1406 DADA MICHAEL OLORUNDAMI

746 3295 DAFUR MATHIAS J.

747 4250 DAGULENG ISHAKU LONGYIL

748 4130 DALHAT LAWAL SHEHU

749 3491 DALUWA HABU MAINA

750 2135 DAMASUS JUDE ODINMA

751 1727 DAMOLA DAVID AFOLABI

752 1628 DAN DANGANA MBAMI GODWILL

753 1503 DANBOYI NYAM YAKUBU

754 2096 DANBURAM AISHA LAMI

755 4606 DANIEL AYODELE JOSHUA

756 3009 DANIEL SAMSON AKPOLILE

757 3011 DANIEL SAMSON AKPOLILE

758 2946 DANIELS CHRIS ADIGWE

759 4176 DAN-OBELLE OGOCHUKWU

760 4424 DANPULLO ALKASSIM NASIB

761 1783 DANSOLEK NIGERIA LIMITED

762 2146 DAPHEREDE HENRY OLUWASEYI

763 4162 DARAMOLA ADENRELE OLAJUMOKE

764 2269 DARANIJO JOSHUA OLAJIDE

765 3972 DARBELL VENTURES

766 836 DASA DAVID JOSEPH

767 2066 DAUDA YERIMA BINUS

768 776 DAVID DANKARO

769 785 DAVID DANKARO

770 3582 DAVID ISAAC OLABANJI

771 3595 DAVID MATHEW OLUWADAMILOLA

772 2144 DAWODU OLUWASEUN STEPHEN

773 1970 DAYOHAMS INV. LIMITED

774 3238 DEBAYO-DOHERTY OLAOLUWA

775 1277 DEBRA EDWARD OKORO

776 3500 DEEKAE EDWARD ERESU

777 4654 DELE SHAFA FARMS LIMITED

778 3574 DESCENDANTS FORTUNE INVESTMENT LTD

779 4637 DESIGN UNION CONSULTING LTD

780 1947 DESWOL LTD

781 3628 DIAMOND SECURITIES LIMITED

782 3215 DIBKY INVESTMENTS LIMITED

783 3457 DIBOR ANTHONY IKENNA

784 2339 DIEKE CHARLES CHIJIOKE

785 1386 DIKE LAWRENCE ONYEMAECHI

786 1828 DIMARO EBIKEGBA

787 4624 DIMGBA ROSELYN NNEOMA

788 3064 DINAH ADEBISI OLUFEMI

789 4642 DIO ERNEST

790 4506 DIPEOLU ADEYEMI OLAYIWOLA

791 2141 DISU AJIBOLA OLUWASUMIBARE

792 3357 DKML CONSULTANT

793 1911 DOGO KISHIMI JENNIFER

794 1309 DOHERTY CHARLES OLUSEGUN

795 3619 DOHERTY FAWEHINMI WURAOLA ADENIGBORO

796 2366 DOKPESI UGOCHI C.

797 3034 DOKUN REBECCA OLAPETAN

798 4589 DONALD-IBE AMAKA NWANNEKA

799 1474 DUBLIN-GREEN ARNOLD ADONYE

800 3461 DUGWU HYACINTA ANI

801 3885 DUKE RICHARD

802 1723 DUROTIMI IRETI SEUN

803 3059 DUROWAIYE ADEWUNMI AFUSAT

804 2079 DUROWAIYE IYABO YETUNDE

805 3845 DUROWAIYE TITILAYO ADEJUMOKE

806 3636 DUROWOJU WURAOLA ADEPEJU

807 1600 EBENUWA PATRICK

808 3758 EBERECHI ADAKU VICTORIA

809 1761 EBIEFIE OKUNG EFFIONG

810 3926 EBO AYOMIPOSI LILIAN




811 3927 EBO OLAMIPOSI EMMANUEL

812 3924 EBO SIMEON AYODEJI

813 3960 EBOAGWU EMEKA EZEKIEL

814 1658 EBONG OTOOBONG

815 2203 EBUBECHUKWU G NWAFOR

816 4656 EDAH VWEDE GABRIELLA

817 1685 EDE CHARLES ELAIGWU

818 3916 EDEVBIE DAVID

819 1757 EDOKA NKOLI ERNESTINA

820 3559 EDOZIEN EMMANUEL CHUKWUMA

821 4330 EDU ELIAS OKECHUKWU

822 3264 EDU GBUBEMI

823 271 EDU TEMITOPE

824 2324 EDUN AYODIWURA OLUBUSAYO

825 2467 EDUN AYOYIMIKA OLUWATOBI

826 2913 EDUN OLAWALEADEBAYO

827 3761 EFFIONG UMOH JACKSON

828 2568 EFUWAPE JOSHUA AFOLABI

829 4469 EGBAIYELO AYOLEYI DANIEL

830 3143 EGBE NOAH FRIDAY

831 1459 EGBETAYO ALANI JAMES

832 2364 EGBULLE BARNABAS CHIDI

833 4132 EGBUNA CHIJIOKE IKECHUKWU & EGBUNA ANN

834 4020 EGBUSON EBIKIKORO DENNIS

835 1887 EGECHI OSCAR NNAMDI

836 2296 EGEDEGBE STEPHEN OGHENEKARO

837 101 EGWUATU CHIKAEMMA

838 1110 EGWUDO ADAEZE ELFRIDA

839 3175 EGWUONWU ISREAL CHUKWU-NWENDU

840 2932 EGWURUBE GABRIEL

841 3863 EHICHEOYA JACOB KELLY

842 2956 EHIGIAMUSOE GODWIN

843 256 E-IKRAX VENTURES NIG LTD

844 2436 EJEZIE IFEYINWA RITA

845 1966 EJIKEME UZOR JONATHAN

846 3321 EJIM OBIORA STEPHEN

847 2968 EJINDU MICROFINANCE BANK LIMITED

848 2319 EJIOFOR ANTHONIA CHIZOBA

849 2246 EKANEM EMA-EKOP SAMPSON

850 4644 EKANEM SAMPSON EKANEM

851 3819 EKEIGBO OBINNA

852 1718 EKERE CHUKWUEMEKA IHEANACHO

853 1218 EKONG PATRICK CALIXTUS

854 2923 EKPO FELIX JACKSON

855 3425 EKPO MFONISO JUDE

856 3576 EKWUEME JACQUELYN ATSUL

857 2527 ELEGBEDE OLUWOLE AKIN

858 1415 ELEJE AUGUSTINE OKPANI

859 4180 ELEKWACHI STEPHEN CHINEDU

860 4387 ELIZABETH MAMA OMOWORARE

861 2733 ELLAH OBIAZI OJAS

862 1376 EL-RUFAI HADIZA

863 1410 EL-RUFAI MOHAMMED BELLO

864 3381 ELUBAH SOLOMON

865 3006 EL-YAKUB MUHAMMAD RABIU

866 2398 EMEH STEPHANIE ONYEKACHI

867 1062 EMELE ROSEMARY SUNDAY IKPO

868 2114 EMELIEZE IFEOMA JULIET

869 4207 EMENUWA & IJEOMA JAJA-WACHUKU

870 3667 EMERUEM LAWRENCE EMEKA

871 1655 EMHIOBOH MICHAEL

872 786 EMMANUEL JEBEATEWE

873 1247 EMMANUEL OBOTU OBUTE

874 3061 EMMANUEL OLUWATOBI DANIEL

875 1091 EMMANUEL-JACK LOLO EDNA

876 3605 EMOEKPERE VICTORIA JOY

877 1937 EMOKPAE OMOSERE MARTHA

878 3178 EMORDI DAVIDS

879 2700 EMORE VOKE

880 2734 EMPHATY ENGINEERING LIMITED

881 3112 ENA-UMWENI NOSAZENA

882 3113 ENA-UMWENI OSASENAGA

883 4444 ENDONYAN FAITH OYINMIEBI

884 1870 ENILOLOBO DAVID ABAYOMI

885 1402 ENITAN GRACE WALE-ODUNAIYA

886 3728 ENOBAKHARE AUGUSTINE O

887 3651 ENYIMBA IZUNDU

888 979 ENYINNAYA CHUKWUKA KINGSLEY

889 2660 EPHRAIM SOLA OLUWANUGA

890 2851 EQUITY PORTFOLIO CONSULTING

891 3670 ERESU DEEKAE EDWARD DAVID

892 1119 ERIAKHA PRISCILLA EBOSETALE

893 1394 ERIBA GABRIELLA

894 2158 ERINFOLAMI BOSERECALEB IJAODOLATIOLUWA

895 2173 ERINFOLAMI BOSERECALEB IJAODOLATIOLUWA

896 1100 ERINFOLAMI GAFAR BURAIMOH

897 2012 ERINLE OLUWARINU HAUWA

898 2829 ERIVO CHUKWUEMEKA RAYMOND

899 3599 ERO -PHILLIPS AJIBOLA

900 4047 ESAN JOSHUA OLUWASEUN

901 3985 ESAN MATTHEW-DANIEL

902 2277 ESELE INNOCENT EDOSA

903 2909 ESI ENAJITE

904 1954 ESIET IMO ISAIAH

905 2799 ESOGWA GERALD

906 3726 ESOMOJUMI BENSON ADEOLA

907 1446 ETIM ROLAND EFFIONG

908 3407 ETOMI OLANIKE OLADAYO

909 3740 ETOPIA NIGERIA LTD

910 2770 ETTA NWACHUKWU DECLAN

911 4373 EWELIKE CHINEDU CHIMEZIE

912 3055 EWUZIE KENECHUKWU NWACHUKWU

913 3683 EYA JONATHAN CHUKWUEMEKA

914 3110 EYANUKU PETER ONOBRHIE

915 2857 EYO VICTOR EKPO

916 1336 EYONG GRACE NTONGHA

917 2721 EZAGA DAVID OGHENOVO & ADEOLA O.

918 1631 EZE CELESTINE CHUKWUDI




919 1555 EZE CHUKWUDI

920 1324 EZE FABIAN OZEMENA

921 3827 EZE IBIAM EZE

922 1759 EZE POLYCARP MADUKA

923 2553 EZEALA IKECHUKWU KEVIN

924 1818 EZEALIGO BLESSING CHINONYEREM (NONYE)

925 1001 EZEANIEKWE FERDINAND CHIBUNNA

926 3719 EZEAYOM JOHN IFEANYI

927 1848 EZEBUIRO CHINONSO IKECHUKWU

928 1784 EZECHIDIEBUBE CHINONSO CORNELIUS

929 1337 EZECHUKWU AUGUSTINE NNAEMEKA

930 1153 EZECHUKWU AUGUSTINE NNAEMEKA

931 4532 EZEKIEL ESTHER TEMILOLA

932 4435 EZEKWEM CHINONSO MICHAEL

933 4664 EZEKWEM CHRISTOPHER NNABUGWU

934 1475 EZEM KAMHARIDA CHANELLE

935 1482 EZEM KEMDIRIM CLAIRE

936 1313 EZEMA BONA SYLVESTER CHIDI

937 3244 EZEMOTEI KARIBO AMOS SANI

938 1587 EZENWA NDUBISI JOHNBOSCO

939 1454 EZEOCHA CHISOMAGA IHEDIOHANMA

940 4158 EZEOFOR SHEDRACK C. NNAMDI

941 1703 EZEOKOYE CHUKWUEMEKA MICHEAL

942 4602 EZEOMA OKWUOSA

943 2505 EZEUDE SYLVESTER ARINZE

944 2848 EZIKE RAPHAEL EMEKA

945 4147 EZULIKE CHIJIOKE DENNIS

946 3810 EZULIKE CHIKA VICTORIA

947 4242 FABEKU KOLAWOLE OLALEKAN

948 1568 FABIAN CHINEDU CHIDOKA

949 2917 FABUNMI MAYOWA OLATOMIDE

950 4175 FABYAN FLORA

951 3354 FADAHUNSI OLAPOSI OYEWOLE

952 3176 FADAHUNSI VICTORIA ADEOLA

953 1041 FADAIRO FESTUS DEJO

954 2507 FADEYIBI ADEOYE OLUWADARE

955 1165 FADIPE ETHEL OLAMIDE

956 4243 FADODUN OLUMIDE OLUFEMI O

957 1931 FAFAWA INVESTMENT & SERVICES CO. LTD

958 4022 FAGBOHUNGBE AYOMIDE

959 4533 FAJEMISIN ADEBOYE BAMIKALE

960 2856 FAJUSIGBE OLUWADABIRA RUTH O

961 2530 FAKIYESI AYOKANMI OLUWASEUN

962 4369 FALADE OLUMUYIWA TEMITOPE

963 2623 FALAYAJO ABIOLA

964 3887 FALUYI BABATUNDE ADEGBOYEGA

965 2194 FAMAKINWA OLADIRAN JULIUS

966 3852 FAMOYEGUN ROTIMI SAMUEL

967 1551 FANDA ADAMU ABDU

968 3170 FAO-MAT COMMERCIAL COMPANY

969 2548 FAPOHUNDA GBOYEGA OLUMIDE

970 3275 FAPOHUNDA OLUMIDE EMMANUEL

971 2786 FAROUK ZUWERA

972 2093 FASANMI OLUWATOSIN JOSEPH

973 1023 FASHESIN,OMOLOLA SOLA

974 818 FASHOLA IFEOLUWA ELIZABETH

975 3851 FASHORO OLUFUNKE ANTHONIA

976 2506 FATODU OMOBOLANLE MORAYO

977 2472 FATOKUN OLAPOSI SAMUEL

978 3289 FATOKUN TEMITAYO ONOTOGHENE

979 3256 FAWEHINMI-ONI HAFUSAT ABOSEDE

980 2682 FAWOLE TAIWO GANIYU

981 1844 FAYODEKA EMMANUEL AKINBODE

982 951 FBNQUEST NOM/GRAHAM GRANT & COMPANY LT

983 2251 FEJOKWU ANTHONY CHUKWUEMEKA

984 4237 FEYISETAN OSENI

985 1652 FEZEK SUPERMARKETS LTD

986 3164 FIDELITY FINANCE LTD

987 3445 FINANCIAL TRUST COY. - TRADED-STOCK-A/C

988 2119 FOLAMI & ASSOCIATES

989 2149 FOLAMI & ASSOCIATES

990 3962 FOLAYAN OMOTUNDE JOHNSON

991 259 FOLORUNSO ADEWOLEAKINFENWA

992 4248 FOLUKE ADEDOYIN T & AKINREMI

993 1086 FOUNTAIN HOLDINGS LIMITED

994 3793 FOWODE OLAIDE COLLINS

995 4610 FREEMAN ADEYINKA KAYODE

996 728 FSDH STAFF COOPERATIVE

997 2226 FURUREVIEW NOM IFATUROTI OLUWAYOMI .T.

998 4358 FUSL NOMINEE A/C ONWUKA THADDEUS CHIDI

999 2242 FUTURE VIEW NOMINEE AMARA

1000 2237 FV NOMINEE OKHUOYA PROF.

1001 3932 GAJI OPEYEMI ENIOLA

1002 3715 GALI MUTARI BATURE

1003 3010 GAMBO ABDULLAHI HADEJIA

1004 3324 GAMUKO YOHANNA

1005 4384 GARBA ABUBAKAR

1006 1246 GARBA INDIA JONATHAN

1007 3542 GARKO MOHAMMAD ALI

1008 4362 GAZA ISSIAKA ALAO

1009 3535 GBADAMOSI LASISI

1010 942 GBENLEBU CHRIS OLUGBAMILA

1011 3393 GEN-ERA HERITAGE LIMITED

1012 3312 GEOFFREY GARBA

1013 3196 GEORGETOWN CAPITAL PARTNERS LIMITED

1014 3294 GEOTY GLOBAL VENTURES NIG LTD

1015 1123 GETELOMA LAWRENCE AKPO

1016 989 GIANNOPOULOS CHRISTOS

1017 3914 GIDADO OLADAMOLA MOHAMMED ZAID

1018 3300 GIMBA SOLOMON MUSA

1019 1752 GINIGEME VINCENT

1020 1143 GIWA ISMAILA OLALEKAN

1021 4236 GODO ABIOLA AZEEZAT

1022 1471 GOMBE ABUBAKAR ALI

1023 973 GRACE WARRIE

1024 4579 GRAHAM-DOUGLAS IBIFURO JOANNE

1025 99 GRATITUDE CAPITAL LTD

1026 1494 GUMEL SANI ABDULLAHI




1027 4367 GUNKAT SIMON PHILIP MANGU

1028 2509 H & Y VENTURES

1029 1559 HABIB ABBA MAMMAN TOR

1030 4152 HABISKOL GLOBAL TRUST LIMITED

1031 3020 HALLIRU DIKKO

1032 4573 HAMEED HALEEM AYODEJI

1033 1556 HAMISU WAWU

1034 2752 HAMZA RIDHWAN BOLADALE

1035 4536 HANIDU-ONIGEMO TAJUDEEN OLUWAREMILEKUN

1036 1564 HARUNA GARBA HARUNA

1037 3840 HARUNA ISMAIL ORIYOMI

1038 1255 HASSAN ABBA WAZIRI

1039 3402 HASSAN ALIYU

1040 4446 HASSAN FEYISAYO AISHAT

1041 1577 HASSAN OLADIMEJI

1042 3554 HASSAN TITILAYO AZEEZAT

1043 1387 HELFAD NIGERIA LTD

1044 3446 HERCULES CONSULT

1045 3463 HONEY & CROWN PRODUCT LIMITED

1046 1511 HUSAINI (ALHAJI) ADAMU ISA

1047 3902 HUSSAINI DUTSINMA ALI

1048 3964 IBE CHINEDU OGUEJIOFOR

1049 1881 IBE GIFT

1050 2784 IBEBUCHI ETHELBERT ALEX CHIJIOKE

1051 3311 IBEMERE JOHN DIM

1052 4015 IBENDIOGWU UCHENNA OKEZIE

1053 2928 IBENEME EMMANUEL CHUKUMA

1054 4296 IBIKUNLE PETER

1055 3436 IBILI EYVONNE NKECHI

1056 3438 IBILI JOSEPHINE OBIAJULU

1057 3096 IBITOYE SAMUEL OLUFADEJI

1058 3126 IBRAHEEM MURTALHA ADEGBOYEGA

1059 3018 IBRAHIM ABDALLAH IBRAHIM

1060 4661 IBRAHIM ABDULRAHMAN

1061 1566 IBRAHIM ABUBAKAR B.K

1062 3013 IBRAHIM ATIKA-IKRAM

1063 3350 IBRAHIM AUWAL SHESHE

1064 2280 IBRAHIM BOLA RISIKAT

1065 1529 IBRAHIM COLONEL MOHAMMED TASIU

1066 4349 IBRAHIM GUMEL MUHAMMAD SANI

1067 3544 IBRAHIM KABIRU MUHAMMAD

1068 3545 IBRAHIM MUHAMMAD-

1069 4041 IBRAHIM MUHAMMED=

1070 2292 IBRAHIM OPEYEMI QUADRI

1071 1495 IBRAHIM SANI

1072 1945 IBRAHIM SARAFA AYOBAMI

1073 1472 IBRAHIM SULAIMAN

1074 2810 ICEIGHTY LIMITED

1075 4402 IDADIS INVESTMENT LTD

1076 4259 IDAKWOJI JONATHAN OGBADU

1077 3541 IDENYI UGBEDE

1078 1762 IDIAKA AJIBOYE CHRIS

1079 1361 IDIGA CHINYERE

1080 1354 IDIGA FELIX

1081 2047 IDLOWU OLUFEMI OMOLOLU

1082 2577 IDRIS IBRAHIM

1083 2850 IDRIS OLANREWAJU ISIKA

1084 4035 IDRISU IBRAHIM DAUDA

1085 3184 IFEAGWU CYNTHIA NWAMAKA ADA

1086 2910 IFEANYI CYRIL ONWUKA

1087 2929 IFEANYI OKEY FESTUS

1088 2239 IFEBAJO ADETAYO BOLANLE OLUKAYODE

1089 3290 IFEDAPO CICS LTD IDI-ORO EKOTEDO

1090 4628 IFELERE MOSES ADEREMI

1091 3400 IFETAYO ADENIYI MOSES

1092 2493 IGBARUMAH JOHN IMONJE

1093 3489 IGBERAESE CECILIA OSHIOZEMHE

1094 1192 IGBOEKWU ALOYSIUS OBINNA

1095 2841 IGBOKO OCHIABUTO

1096 3169 IGBOKWE LAMBERT EJIKE

1097 4643 IGE JOHN KENNETH

1098 3135 IGHEKPE INNOCENT IMOAPE

1099 937 IGHOSEWE OKIRORO IKECHUKWUKA

1100 1185 IGWE ISAAC UGOCHUKWU

1101 1378 IGWE SANDEY SUNDAY IGBINOGHENE

1102 1854 IHEAGWARA NNENNA CHIDINMA

1103 1206 IHEANACHO STEPHEN CHINONSO

1104 3776 IHEDURU PRISCA ONYEBUZO

1105 3046 IHEMELANDU IKECHUKWU CHIGOZIE

1106 1027 IHONOR ANNE

1107 3685 IJADUNOLA KAMORU RAHEEM

1108 2067 IJOMA FIDELIS.OPIA.ODILI

1109 3880 IJOMAH-OLABIYI LINDA

1110 2783 IKEH MMADUABUCHI

1111 1073 IKEJI ADRIAN OKECHUKWU

1112 2230 IKHUMHI KENNEDY EGBANAMHE

1113 1042 IKPO WILSON EMELE

1114 3387 IKUBAJE JOHN GBODI

1115 1976 IKUTEGBE KIMONI

1116 3050 IKWUETO NNAMDI

1117 4411 IKWUKA TOBIAS SOPULUCHUKWU

1118 1304 ILENIKHENA SYLVESTER

1119 3412 ILESANMI OPEYEMI MORONKE

1120 3317 ILO JOSHUA KOLAWOLE

1121 3674 ILOANUSI NNEKA M

1122 1399 ILORI IDOWU ADEPEJU

1123 2438 ILUKWE GERALD CHUKWUKA

1124 2021 IMADE EHIOZOGIE BRIGHT

1125 3658 IMADIYI FELIX

1126 1610 IMASUA NICHOLAS NGOZI

1127 3026 IMOKA EJIKE RAPHAEL

1128 3296 IMONIENA THEOCRACY

1129 3252 IMPERIUM INVESTMENT TRUST LIMITED

1130 4409 INDI THOMAS

1131 1871 INIMFON BERNARDINA EKANEM

1132 3240 INSURANCE INVESTMENT FUND

1133 2344 INTEGRATED SYSTEMS & DEVICES LTD

1134 3949 INTERNATIONAL INVESTORS NOMINEE AC23




1135 3957 INTERNATIONAL INVESTORS NOMINEES A/C24






1141 3950 INTERNATIONAL INVESTORS NOMINEES AC25

1142 3008 INUWA BASHIR MUHAMMAD

1143 1462 INWANG SAMUEL SUNDAY

1144 2916 INWOROGU OKPARA EMMANUEL

1145 3424 I-ONE E-PORTFOLIO A/C - 045

1146 1807 I-ONE E-PORTFOLIO AC - 107

1147 873 IPAYE OLUWATOMI OLORUNFUNMI

1148 1876 IPELE OLALEKAN SEYI

1149 3154 IRENE PETER ATOLO

1150 2942 IRHIEMI GOODLUCK USIMEAHON

1151 2433 IROEGBU IKECHI HYGINUS

1152 3270 IROKO OLUSESAN MARTINS

1153 3496 IROULO DAISY ULOMA

1154 789 ISA ABDULLAHI

1155 1562 ISA MUAZU ALIYU

1156 2018 ISEBOR MAUREEN DOROTHY

1157 2659 ISEMEDE OLUWATOYIN OMOBOLA

1158 2314 ISEMEDE SAMUEL IGEIN (REV)

1159 1636 ISIADE OLUWASEUN ADEOLUWA

1160 2393 ISICHEI CHRISTOPHER CHINEDU

1161 790 ISICHEI YVONNEUZOYIBO

1162 2717 ISIJOLA YOMI BISHOP

1163 4254 ISIKA UGOCHUKWU VINCENT

1164 2268 ISIRAMEN AIGBOKHAI EBHOTA

1165 2143 ISOKPAN OSARO JNR

1166 4385 ITA INIOBONG EKAETTE

1167 3151 ITANYI JULIUS OCHOLI

1168 1965 ITI NOMINEES LIMITED

1169 1364 ITUMO VICTOR NWAOBA

1170 3573 IWAYEMI JESSICA EHINOMEN

1171 2758 IWUCHUKWU PRECIOUS CHIBUEZE

1172 4633 IYAJI ABIGAIL RAMATU

1173 4640 IYAJI EYIKOJONWA JULIANA

1174 4608 IYAJI MONDAY AUDU

1175 4629 IYAJI PAUL EMMANUEL

1176 4639 IYAJI VICTOR SAMUEL OJONUGA

1177 1629 IYAMADIKEN EHIDUMBI BLESSING

1178 3708 IYAMU BLESSING EXCEL

1179 3160 IYAMU NOSA EXCEL

1180 3161 IYAMU OSATO JOY

1181 1651 IYEBUTEMEH UDUEFE FRANCIS

1182 4326 IYEKEKPOLOR UYIOSA SAMUEL

1183 3591 IYOGUN FRED LUCKY

1184 1035 IZE-IYAMU OSAZE

1185 4667 JAAFAR MOHAMMED MUSTAPHA

1186 3262 JACK NJIDEKA

1187 4003 JACOB CHIAMAKA REZENA

1188 4524 JACOB JOHN BARASUNO

1189 2355 JADE GLOBAL CONCEPTS LTD

1190 1633 JADEGLOBAL CONCEPTS LIMITED

1191 1939 JAFAR ADEGBOLA SUNMOILA

1192 850 JAGA OLUBUKOLA BOSEDE

1193 2510 JAIYEOLA OLADAPO OLUSEYI

1194 3208 JAIYEOLA OLAYINKA OMOLABAKE

1195 2367 JAIYEOLA WASIU ADEDEJI

1196 3893 JAJA WACHUKU UZOMA ANUCHA

1197 4268 JAJA-WACHUKU CHUKWUEMEKA

1198 3704 JAJA-WACHUKU NNEOMA NKIRU

1199 2216 JAMES IRUOFAGHA SOLOMON

1200 1177 JAMES OLUFUNMILAYO MOTOLANI

1201 1150 JAYEOBA MICHAEL ADEMOLA

1202 3942 JEBUTU TEMILADE OLUWAKEMI

1203 2823 JENNIFER IYABO OLOMINA

1204 1271 JIMMY ISRAEL SAMUEL

1205 2672 JIMOH AZEEZ AMOO

1206 3987 JIMOH OLUDARE TAJUDEEN

1207 3837 JIMOH RASHEEDAT ADUNNI

1208 3978 JIMOH-KUKU ISMAIL OLANIRAN

1209 1963 JINADU IBRAHIM ADEWALE

1210 1823 JML EVENTS LTD

1211 4517 JOBI OLAMIDE SAMUEL

1212 1356 JOEL AYEBAPREYE

1213 4564 JOHN DOE - DEMO ACCOUNT

1214 2671 JOHN JOSEPH MAGYANG

1215 4371 JOHN OLADIPO FOLORUNSO

1216 3322 JOHNSON ADEBOWALE

1217 3068 JOHNSON EMMANUEL OLADIPO

1218 3556 JOHNSON FRANCIS IKWUE

1219 3086 JOHNSON TEMITAYO

1220 3260 JOISJON DYNAMIC INVESTMENT LIMITED

1221 2175 JONAKHAS GLOBAL VENTURES

1222 1781 JOSEPH EMMANUEL OLABODE

1223 2183 JOSEPH FAUSAT OMOWUNMI

1224 2849 JOSEPH IFEOLUWA SAMUEL

1225 3340 JOSEPH MARCEL CHIKA

1226 4597 JOSEPH OLADIMEJI SANWO

1227 2059 JOSEPH-OSUMAH ELFRIDA OSAZEMWINDE

1228 861 JOSHUA ADEGBOLAHAN SIMISOLA

1229 4141 JUMA JONATHAN MELA

1230 2363 KABIAWU INNOCENT OLAIYA

1231 1579 KADIR DOTUN MUSILIU

1232 4388 KADIR HAKEEM OKATAHI

1233 4301 KAH MUHAMMADOU M. O

1234 1244 KALU ANTHONY KOKE

1235 4287 KAMORUDEEN DAUDA AKANDE

1236 4340 KANAYO-UKWUNNA AUDREY CHIHURUMNANYA

1237 4320 KANGIWA INTERNATIONAL CO LTD

1238 2074 KAPITAL CARE TRUST & SEC.LTD-GROUP A/C

1239 777 KARAMARAN LIMITED

1240 4198 KARIM TENIOLA

1241 4555 KARIMMAC INVESTMENT LTD

1242 1927 KASIM GANIYU ADEDOYIN




1243 3100 KASIM JOSHUA TIWATAYO

1244 3125 KASIM JOTHAM TIWATOPE

1245 4321 KASOMO OLUGBEMIGA O.

1246 4218 KAWU ABUBAKAR MOHAMMAD

1247 2257 KAYODE AYODELE SAMUEL

1248 3467 KAYODE EUNICE OLUWAKEMI

1249 2338 KAYODE FOLUSHO REBECCA

1250 4519 KAYODE STEPHEN DAWODU

1251 3737 KAZEEM OLAJUMOKE WALIAT

1252 3745 KAZEEM RUKAYAT OYINKANSOLA

1253 2453 KEFFI STREET MGT LTD

1254 4062 KELANI YUSUF OLUGBEMI

1255 1499 KELE AS

1256 1764 KENNEDY UZOKA UGO

1257 2248 KENNETH & CAROLINE SOYEMI

1258 2024 KINLEY SECURITIES LIMITED

1259 2541 KOKU FOLUSO OLANREWAJU

1260 4570 KOLADE OLUWASEGUN ADEOLA

1261 3897 KOLAWOLE AKINTOLA ABODERIN

1262 3021 KOLAWOLE JACOB TOYIN

1263 1506 KOLAWOLE SHOLA KOLADE

1264 966 KOLAWOLE YEKINNI ALABI

1265 4612 KOLEOSHO JAMES OLABODE EST.OLUWOLE-ADMRS

1266 2103 KOMOLAFE ADEKANMI RICHARD

1267 935 KOMOLAFE OLUBIYI

1268 1116 KONE SEYDOU

1269 1483 KONKWO DEDE ELEMEUWA JOE

1270 3565 KOUGBLENOU BASILE ABODUNRIN

1271 684 KREMKOL INVESTMENTS LIMITED

1272 3809 KUJENYA OLAYIWOLA YUSSUF

1273 4632 KUJU ADEDAYO

1274 2825 KUPOLUYI OLUFEMI KOLAWOLE

1275 2234 KURUBO BOMA A.

1276 4005 KUYORO DANIEL AYODEJI

1277 3764 KYENTU ALVIN PLEMS

1278 930 L.O.C NOMINEES LIMITED

1279 3538 LABO HUSSEIN SAIDU

1280 2977 LADELA SCHOOLS

1281 939 LAIYENBI KARIMO MOPELOLA O

1282 1144 LAIYENBI KASSIM ADEWALE

1283 978 LAMINA SIKIRU TAIWO

1284 1473 LAMUWA YUSUFU SUELIMAN

1285 3292 LAOYE ALIMI TITILOYE

1286 3861 LAPITE VICTORIA OLUDOLAPO

1287 3031 LASISI MUSA BELLO

1288 3981 LASOJU AGNES MODUPE

1289 2808 LASOJU FOLASADE OLUSOLA

1290 2619 LATEEF ABIODUN AYOTUNDE

1291 3614 LAWAL BOSE ADENIKE

1292 1773 LAWAL DAMILOLA MAYOWA

1293 2260 LAWAL GANIYAT OMOTOLANI

1294 3853 LAWAL MOBOLANLE O.

1295 2487 LAWAL MORUF OLAREWAJU

1296 2702 LAWAL OLADAPO

1297 4525 LAWAL OLAWALE OLUTADE

1298 4439 LAWAL OLUWATOBI

1299 3172 LAWAL RASHEEDAT

1300 3723 LAWAL SAKA ADEYINKA

1301 948 LAWAL-OLUWA HAKEEM LANRE

1302 4122 LAWSON BERNARD OLATUNJI

1303 2057 LAYADE ADEDEJI ODUNITAN

1304 2342 LIASU YEKINI IBITAYO

1305 1744 LONGE TEMITAYO IYABO

1306 2413 LORI-OGBEBOR TESIMI EDOWAYE J. RITA

1307 3347 MAAJI MOHAMMED

1308 3989 MABINTON LORETTA INEI

1309 1120 MACAULAY OLUWADAMILOLA OLUBUSAYO

1310 4302 MACGREGOR OLUTIMILEHIN EBUN

1311 4598 MADIKE ADAORA

1312 3532 MADU GREG OBINNA

1313 3336 MADUAGWUNA IKECHUKWU

1314 2111 MADUBUIKE IMELDA NGOZI

1315 2373 MADUEKE CECILIA EKANEM

1316 2094 MADUEKE CHILDREN FUND

1317 3315 MADUEKE WILSON E

1318 1319 MADUEWESI ALEXANDER CHINEDUM

1319 2542 MADUKA MICHAEL KENEYAHWEH

1320 3688 MADUKO FIDELIS OGBOGU

1321 1526 MAGAJI KABIR

1322 1176 MAGNUM & HUNTER LIMITED

1323 4182 MAIYAKI IBRAHIM

1324 2597 MAJEKODUNMI SOLOMON OLATOYE

1325 3099 MAKANJUOLA OLADAYO ABDULYEKINI

1326 3074 MAKOJU CHARLES ADOIZA

1327 1353 MALGWI SARATU ANJILI

1328 3751 MALU TORNGEE

1329 3514 MAMZA REBECCA VASIRA

1330 998 MARK ANTHONY ESSIEN

1331 3579 MARTINS ATINUKE ADETOKUNBO

1332 3190 MARTINS CHIDY LASBREY

1333 1442 MARVICK GLOBAL INVESTMENT LTD

1334 4257 MATILDA UCHE NKEMNAKWU

1335 3493 MATYEK CHRISTIANA GARBA

1336 2117 MAWAZO INVESTMENTS LIMITED

1337 3825 MAYUKU EYITEMI

1338 3824 MAYUKU KINGSLEY AYOMIDE

1339 921 MBA KALU ELIBE

1340 2878 MBACHU DULUE

1341 4430 MBADIWE SOLOMON CHUKWUEMEKA

1342 3650 MBAH ANGEL CHINONYEREM

1343 3548 MBAH CHARLES CHIBUKE

1344 1706 MBAH DAMIAN IKECHUKWU

1345 3551 MBAH ISABELLA OBIAGELI

1346 2289 MBAH LAWRENCE KWENDE

1347 3550 MBAH MICHAEL AMAECHI

1348 1226 MBAKA UCHE

1349 4382 MBAMALU SOCRATES OBALOLUWA E.

1350 4212 MBAMBA PATRICK CHUKWUDI




1351 3326 MBANAJA NDUBUISI CHARLES

1352 1775 MBANALI RUTH AMARACHI

1353 2747 MBOLI SECHANG JULIUS

1354 4534 MBONU CATHERINE CHIDINMA

1355 1421 MBURSA PINDAR KWAJAFFA

1356 3284 MEAJES NIG ENTERPRISES

1357 3755 MEAJES NIG. NTERPRISES

1358 2990 MEDUGU YERIMA JAMES

1359 2985 MEDUPIN BARTHOLOMEW BABATUNDE

1360 3444 MEGA INVESTMENTS LTD

1361 1225 MEGAFU CHUKA CHARLES

1362 2455 MEJOLAGBE VICTOR OSEYEMI

1363 3189 MEKWUNYE THERESA NGALA

1364 4528 MEMBERR CELESTINA ENENE

1365 2782 MERENU NATHANIEL CHIJINDU

1366 1448 METTEDEN ABDALLAH

1367 1491 METU JOY

1368 4440 MGBEAHURIKE ONYEBUCHI IGBOKWE

1369 1695 MICHAEL EYITAYO SUNDAY

1370 4512 MICHEAL EDEH CHIMAOBI JAMES

1371 3679 MIMIKO BABATUNDE OLUKAYODE

1372 2976 MODIBBO AMINA YUSUF

1373 1213 MODIBBO ISMAILA MOHAMMED

1374 4007 MODIBBO YUSUFU ALIYU

1375 1661 MOFUNANYA CHUKWUEBUKA KASIS

1376 1468 MOHAMMED ABANI JIKA

1377 2978 MOHAMMED AISHA MAIDUBU

1378 2070 MOHAMMED ALI ADAMS

1379 903 MOHAMMED BELLO BASHIR

1380 1545 MOHAMMED BELLO MOHAMMED

1381 3130 MOHAMMED DAVIES

1382 2031 MOHAMMED FATAI ADEBISI

1383 1517 MOHAMMED HADIZA LAMI

1384 1375 MOHAMMED HARUNA RASHEED

1385 118 MOHAMMED IBRAHIMNASIDI

1386 3791 MOHAMMED SALISU DAN’AZUMI

1387 1643 MOKEBE IFUNAYA JULIET

1388 1259 MOLAY FRANCESCA MODEY

1389 2697 MOLOKWU AZUBUIKE AZIKIWE

1390 2973 MOMODU MARK IKHUORIA

1391 2431 MOMOTATO NIGERIA LIMITED

1392 1648 MONEY AGHOGHO ONOME

1393 3433 MORAH ONYEKWELU VICTOR

1394 3858 MORDI CHIKA

1395 4044 MOROUNFOLU OLUSEYI AGBOLA.

1396 3193 MOROUNFOLUWA ADEDIRAN

1397 2628 MOSES O FAWOLE & ADEGBOYEGA A FAWOLE

1398 4609 MOSHOOD ISIAKA TUNDE

1399 897 MOSURO OLUWASUBOMI BODUNDE

1400 4021 MOT OLAYIWOLA TOBUN

1401 898 MR & MRS COLLINS AND GLORY AZIKEN

1402 3770 MR & MRS MGBAKOR RAYMOND & ONYI

1403 1252 MSHELIA CHRISTOPHER KWAJAFFA

1404 3386 MUDASHIRU USMAN AKANBI

1405 4423 MUHAMMAD ASMAU ABDULWAHAB

1406 3352 MUHAMMAD FAKHRADDEEN YAHAYA

1407 791 MUHAMMAD M.SAIDU

1408 3699 MUKAILA KAFILAT AJOKE

1409 4065 MUKORO ADEFUNKE IKEOLA

1410 3345 MUKTAR AMINU

1411 3355 MUO NNAMDI HILARY

1412 987 MUOKWE JEANINE EBELE

1413 2033 MUSA ILIYASU ISAH

1414 2333 MUSA MARYAM MIYABE

1415 3233 MUSE RASAQ IDOWU

1416 3476 MUSTAPHA ADETOUN BASIRAT BEATRICE

1417 3983 MUSTAPHA HAUWA ALIYU

1418 3892 MUSTAPHA SEFIAT BOLA

1419 3894 MUSTAPHA TAOFIK BABATUNDE

1420 4223 MUYIWA KAZEEM MOGAJI

1421 1599 MWML NOMINEE LTD - TAO

1422 3012 NA’ABBA USMAN MALLAM

1423 123 NAISA INVESTMENTS LIMITED

1424 3561 NASIR SAHEED BABATUNDE

1425 4495 NAZEGBULAM CHRISTOPHER OLUMIDE

1426 2575 NDAMAN MUHAMMAD SANI

1427 4210 NDIFE MUNACHI JENNIFER

1428 1588 NDUKAUBA VICTOR IKEMDINACHI

1429 2153 NDUKWE ERNEST CHUKWUKA ANENE

1430 2407 NDUKWE ERNEST CHUKWUKA ANENE

1431 3900 NETALA HUSSAINI YAHAYA

1432 4376 NGADI JOY CHIDINMA

1433 2716 NGOCHINDO FESTUS GOTEH

1434 1326 NGWU REGINALD ECHEZONA

1435 3725 NIGERIAN INTER. SEC-TRADED-STOCK-A/C

1436 4611 NIGERIAN SHIPPERS’ COUNCIL STF HOU.FUND

1437 2997 NJOKU BERNARD NDUBUISI

1438 4450 NJOKU REMIGIUS NWACHUKWU

1439 1488 NLEMUWA ROWLAND

1440 1554 NNADI KELECHI

1441 1875 NNADI OLGA

1442 3359 NNAJI ELVIS CHINEDU

1443 2812 NNAMANI ANGELA CHILOTAM

1444 2995 NNAMOCHA PATRICK NWAEZE

1445 2264 NNEJI OGONNA

1446 3056 NNITE CHINWE OGOCHUKWU

1447 2454 NNOCHIRI MICHAEL ODUMUKO

1448 2914 NNOROM CHIBUZOR CHRIS

1449 924 NOIKI OLAWALE ADEBOWALE

1450 4227 NONJU IBIANGA EKAETE

1451 3518 NONSO CHUMA NDEOKWELU

1452 3036 NORSWORTHY INVESTMENT LIMITED

1453 346 NSIKAN TOMOKON

1454 345 NSIKAN-TOM MARGARET

1455 4408 NWABUGHOGU BRIGHT

1456 4482 NWABUNIKE HARRISON CHIAGOZIE

1457 4262 NWABUOKU ANGELA NKIRUKA CLAIRE

1458 1280 NWACHUKWU CHRISTOPHER & BEATRICE




1459 1204 NWACHUKWU NDUBUISI DANIEL

1460 2781 NWADILIBE EMEKA GORDAN

1461 4447 NWAFOR FLORENCE NNEKA

1462 1596 NWAGBO IKECHUKWU ONUOHA

1463 3632 NWAGHODOH BRIAN CHUKWUEMEKE

1464 3653 NWAGHODOH NOEL UGOCHUKWU

1465 4188 NWAIGWE BETHEL ONYEMACHI

1466 975 NWAKANMA BRANDON & MARGARET

1467 2881 NWALOR IJEOMA VICTORIA

1468 1968 NWANKWO ALEXANDER OGBONNA

1469 1012 NWANKWO CLETUS CHIDIEBERE

1470 4377 NWANKWO ONYEDIKA FRANK

1471 3447 NWANKWO STELLA ADAEZE

1472 3528 NWANKWO UCHENNA ESTHER

1473 4531 NWANNA EMMANUEL CHILAKA

1474 2964 NWANNADI IKENNA ALEXANDER

1475 2714 NWAOGWUGWU OKECHUKWU DANIEL

1476 2210 NWAOKO GEOFFREY CHIBUZO

1477 4013 NWAUWA CHUKA AMA

1478 1019 NWEKE CHINEZE IRUOMA

1479 2718 NWEKE KENNETH AMAECHI

1480 1400 NWEKE OBINNA MICHAEL

1481 3103 NWIGWE RUTH

1482 1134 NWOBOSHI ABISOLA ASANI

1483 1720 NWODO STEPHEN ANAYOCHUKWU

1484 2561 NWOGAZI OKEZIE OBINNAYA

1485 3594 NWOKEAFOR SUNDAY NDUBUISI

1486 3053 NWOKEDI CHISOBEM CARMELA

1487 1201 NWOKEJI CHIDOZIE KINGSLEY

1488 1186 NWOKEJI JOY CHIGOZIE

1489 3309 NWOKEZUIKE AUSTIN DOZIE

1490 2434 NWOKONKO FRANCIS ORJI

1491 2695 NWOSA PRINCE NDIDI

1492 1200 NWOSU CHIJIOKE

1493 3450 NWOSU FESTUS EYIUCHE

1494 4351 NWOSU IKECHUKWU EUGENE

1495 4186 NWOSU KENNETH NNABIKE

1496 1286 NWUTU CHUKWUEKWU SYLVESTER

1497 3413 NZEKWE AMARACHI PROMISE

1498 2142 NZEWI IGNATIUS OLISAEMEKA EMMANUEL

1499 4063 OBA KAFILAT MOJISOLA

1500 3586 OBADINA HALLED OLADELE

1501 3846 OBARO ONERO FRANK

1502 1710 OBASA OMOLABAKE OMOLOLA

1503 4575 OBASI CHIOMA ELIZABETH

1504 2091 OBASI CHRISTIAN ANELECHI

1505 1321 OBASI CLEMENT IKECHUKWU

1506 3199 OBASUYI EDWARD

1507 3427 OBASUYI LILIAN BLESSING

1508 1623 OBATOLA ADEYEMI

1509 2374 OBAYOMI ADEOLUWA ONAARA

1510 2375 OBAYOMI OLUWOLE OMOLOLU (JNR)

1511 1306 OBAZEE TOYIN OSAZEE

1512 3494 OBED EBIYE STANLEY

1513 2489 OBI BONIFACE ONYEBUCHI

1514 1146 OBI PAUL CHUKWUMA

1515 2630 OBIAJUNWA PERPETUA OKWUCHI

1516 2801 OBIAKOR CHUKWUMA MATTHEW

1517 2199 OBIDEYI ASEPENISEOLUWA VINCENT

1518 2197 OBIDEYI EFUNYEMI OLATUNDE

1519 2225 OBIDEYI ITEOLUWAKIISHI JOAN MORENIKE

1520 2278 OBIETOH CHIBUIKE HONEST

1521 2996 OBIHARA CHIDINMA PATIENCE

1522 2772 OBIJIOFOR CHUKWUEBUKA

1523 3953 OBILANADE JOSEPH FOLORUNSO

1524 1606 OBILOR ANYAEHECHUKWU MICHAEL

1525 895 OBINNA JOSIAH ANI

1526 3626 OBIOHA OBIDA

1527 2725 OBIORA FRANK CHIJIOKE

1528 3536 OBIORAH EMMANUEL T

1529 1219 OBIOSIO OKON ETIM

1530 3959 OBIWULU ANTHONY UMUNNAKWE

1531 1926 OBUCHI LIMITED (RC 394358)

1532 1115 OCHEI DENNIS OSADEBAY

1533 1835 OCHEJA AJODO

1534 3912 OCHEJE SULEIMAN ALIYU

1535 3054 OCHIE OLUWAKEMI ADEWUMI

1536 4549 OCHOGU EMMANUEL CHIBUEZE

1537 2711 OCHOMMA OGECHUKWU

1538 3069 ODAGWE SUNDAY AKPE

1539 1390 ODEBODE OLUSEGUN PAUL

1540 3607 ODEDEJI JAMES OLUSOLA

1541 1458 ODEDEYI AKINDAYOMI

1542 3488 ODEKUNLE OLUFEMI OMOLOLA

1543 4513 ODENIYI TIMOTHY OLUGBENRO

1544 1028 ODERINDE ADEOYE JUBRIL

1545 4588 ODERINDE TUNDE IZKIL

1546 1594 ODEYEMI GRACE IYABO

1547 3698 ODIGILI SUNDAY UGBEH

1548 1318 ODO CHIKAODILI PETER

1549 4684 ODO LINUS OKONKWO

1550 1092 ODOH IFEOMA

1551 1733 ODOLE OLUGBENGA OLUBUNMI

1552 983 ODOZI ANITA OLALADE

1553 1585 ODUDU WILLIAM ORUKA

1554 2283 ODUDUWA SEVENTY NINE NIG. ENTER.

1555 1117 ODUNAIYA OMOYOSOLA IYIOLA

1556 4665 ODUNEWU KUDIRAT MORENIKE

1557 3611 ODUNOWO KOLAWOLE KAYODE

1558 3590 ODUNSI AKINTUNDE OWOLABI

1559 2526 ODUNSI TITILOLA ABOSEDE

1560 3995 ODUNUGA SAMIAT ADEBANKE

1561 3430 ODUSANYA OPE ANIKE

1562 4183 ODUSEGUN IBILOLA OLUFUNMILAYO

1563 3939 ODUSOLA OLAITAN BUNMI

1564 3847 ODUSOLA ROTIMI MICHAEL

1565 2512 ODUTAYO ADEMAYOWA OMOTOLA

1566 2564 ODUTOLA OLAYEMI ADEMOLA




1567 3606 ODUYEYE OLUWASEUN JOSHUA

1568 4159 OFODILE PEACE OBIANUJU

1569 3241 OFOEGBU ADOLPHUS CHUKWUMA

1570 3222 OFOEGBU KENECHI CHIDOZIE

1571 2086 OFOGBOR OKIEMUTE PAUL

1572 2753 OFOMA CHRISTIAN IFEANYI

1573 2763 OFOYELA JOHNBULL OGHENEVWEGBA

1574 2945 OFOYELA JOHNBULL OGHENEVWEGBA

1575 1265 OFOYELA OGHENEVWAGBA JOHNBULL

1576 3729 OFUANI GEORGE TOMECHI

1577 1278 OGAGA EREZIOGHENE MAXWELL

1578 1417 OGAH ADAH SIMON

1579 3334 OGAR MARIA OMARI

1580 3474 OGBEBOR OLUGBENGA

1581 4473 OGBECHI GABRIELLE CHUKWUZAMEKPELE

1582 4471 OGBECHI MICHELLE CHUKWULOTAM

1583 3635 OGBECHIE CHRIS IKE

1584 3415 OGBOBINE ORITSEJIMI OSAGBEMI

1585 3088 OGBOGU NONSO ISAAC

1586 3306 OGBONDEMINU PETER OLUKAYODE

1587 1050 OGBONGBEMIGA RAPHAEL ADEWALE

1588 3530 OGBONNA GERALD

1589 2709 OGBONNAYA CHIJIOKE UCHE -EST OF-

1590 2570 OGBONNAYA EZINNE HELEN

1591 1608 OGBU SUNDAY EBIEGA

1592 2358 OGBU UCHENNA

1593 1998 OGHUVWU OCHUKO UFUOMA

1594 3075 OGISI OMASAN S.

1595 1712 OGOEGBULEM MARIS ONYEBUCHI

1596 1056 OGORDI ODIAKA FRANK

1597 1273 OGORURE UYOYOU OVIE

1598 4059 OGU LAWRENCE CHUKWUNWIKE

1599 2416 OGUAH OSIKHENA GABRIEL

1600 4577 OGUH GEORGE O. CHINWEIKE

1601 4043 OGUN OLUSOJI TENIOLA OLUREMILEKUN

1602 2690 OGUNBIYI ADEDOTUN AYOBAMI

1603 3812 OGUNBIYI YUSUF GBENGA

1604 1829 OGUNBODEDE ARAOLUWA JASMINE

1605 1830 OGUNBODEDE EWAOLUWA JEMINA

1606 1866 OGUNDARE DAVID ILESANMI

1607 2627 OGUNDEJI BABATUNDE AYODEJI

1608 2235 OGUNDEJI MOSES A

1609 1754 OGUNDIMU DOLAPO

1610 3965 OGUNDIPE ESTER OLUFUNMILAYO

1611 1804 OGUNDIRAN ADESOLA

1612 4370 OGUNFOLU ADEMOLA O

1613 2442 OGUNJOBI KAYODE JOHN

1614 1855 OGUNKANMBI SAMUEL OLANREWAJU

1615 2641 OGUNLADE AYOSIJI AFOLABI

1616 2816 OGUNLADE OLUWAROTIMI OLUSOLA

1617 3553 OGUNLANA OLUWASEUN DAMILOLA

1618 2159 OGUNLEYE AYODELE (DR)

1619 2129 OGUNLEYE GBADEBO SAMUEL

1620 4645 OGUNLEYE SAMUEL ESAN

1621 4247 OGUNMODEDE OMOLOLA GLORIA

1622 1582 OGUNMOKUN SAMUEL ADEBANJI

1623 3739 OGUNMOLA MUDASIRU ALABI

1624 4229 OGUNMOYELA OLUGBENGA AKINBAJO

1625 1891 OGUNNAIKE ADEBAYO SUNDAY

1626 3659 OGUNNEYE OLADAPO SOLOMON

1627 362 OGUNNIRAN HAKEEM

1628 2624 OGUNNIYI KOLAPO OLATUNBOSUN

1629 2414 OGUNRIN SULAMON YEMI

1630 1739 OGUNSANYA ABORODE

1631 3030 OGUNSANYA OLUWAGBEMIGA BAMIDELE

1632 2888 OGUNSOLA OLUWATOSIN SAMUEL

1633 3870 OGUNTOYE ANTHONY OLATUNDE O.

1634 1015 OGUNTUYI OLUWATOYIN OLUGBEMINIYI

1635 2273 OGUNWALE MAGOGOBA GRACE

1636 2270 OGUNWALE OLUWAFIFEHANMI SETH

1637 2271 OGUNWALE OLUWANIFEMI BENAIAH

1638 1607 OGUNWEMIMO OLAYINKA OLAMILEKAN

1639 3805 OGUNWOLU RILWAN ADEDOTUN

1640 3396 OGUNYANKIN OLUFUNSHO KOFOWOROLA

1641 3732 OGUNYEMI OLUSEGUN

1642 1450 OGUNYOMI SAIDAT TITILAYO

1643 3251 OGWU AUSTINE O.

1644 4179 OGWUCHE FATU

1645 1058 OHONME BENITA OLUFUNMILAYO

1646 4366 OISAMOJE VICTOR

1647 1654 OJAEKOMA LEVIS

1648 2586 OJAJUNI OLUFUNMILAYO CHRISTY

1649 3603 OJATULA AKINTUNDE GBENGA

1650 3380 OJEDIRAN OLUSOLA

1651 2864 OJEH HERBERT ONYEKWERI

1652 2357 OJEIFO OBEBE

1653 3279 OJELABI ADEDOKUN OLUWAFEMI

1654 3185 OJERINDE OLUWASEUN ADENIYI

1655 3673 OJI GODWIN CHUKWUEMEKA

1656 2334 OJIAKA CHARITY CHIKA

1657 2328 OJIAKA IKENNA JUSTICE

1658 3899 OJILE DAVID INYANDA

1659 2457 OJIMAH NAPOLEON UNEDU

1660 3411 OJO ADEMOLA ABIODUN

1661 3994 OJO BABARINDE AKINTUNDE

1662 3662 OJO BIMPE BERNICE

1663 1308 OJO EMMANUEL ABIODUN

1664 1530 OJO OLATUNJI

1665 4677 OJO OLUSUNMADE OLAOSEBIKAN

1666 858 OJO OLUWAFEMI MOYOSORE

1667 2217 OJO OLUWASOLA

1668 4515 OJO TEMITOPE OLAYINKA

1669 1196 OJOGBE OLUCHI JOY

1670 1735 OJOMAIKRE ADAIGHOFUA

1671 1778 OJOMU OPEYEMI

1672 2842 OJUKWU CHIDUZIE RICHARD

1673 2513 OJUKWU JOSEPH CHIKA WISDOM

1674 4459 OJUMU OLORUNTOBI




1675 2757 OKAA CHUKWUDI CHARLES

1676 3361 OKAFOR ALEX HAPULUCHUKWU

1677 2924 OKAFOR AUGUSTINE AZUBUIKE

1678 4280 OKAFOR BLESSING NKEONYERE

1679 2514 OKAFOR CHIZOBA ALEXANDER

1680 1731 OKAFOR CHUKWUDERA SAMUEL

1681 2308 OKAFOR CHUKWUEMEKA ADRIAN

1682 4285 OKAFOR EMMANUEL NKWACHUKWU

1683 2145 OKAFOR EMMANUEL NKWACHUKWU MR & MRS

1684 3999 OKAFOR GINIKA SONIA

1685 3052 OKAFOR LINUS CHUKWUNYEAKA

1686 3513 OKAFOR MADUKA SAMSON

1687 4125 OKAFOR OGONNA CHIDINMA

1688 792 OKAFOR RICHARD

1689 3353 OKAFOR SIMON IFEANYI

1690 2231 OKAFOR STEPHEN

1691 2600 OKAFOR VICTORIA ISIOMA

1692 3268 OKE MODUPEOLA OLATOKE

1693 3631 OKE OLUWOLE

1694 1978 OKE SIJI EMMANUEL

1695 3049 OKEAHIALAM IGNATIUS NJIDEKA

1696 4529 OKEBIORUN OLAOLUWA EZEKIEL

1697 3956 OKECHUKWU NNAMDI MICHAEL

1698 2020 OKEDAIRO SHEFIU AYODELE

1699 3437 OKEDOKUN SUNDAY OLUSOLA

1700 1644 OKEKE AUGUSTINA CHINECHEREM

1701 1317 OKEKE BENEDICT OSITA

1702 3669 OKEKE CHUKWUGOZIE BARNABAS

1703 1310 OKEKE GREGORY CHIBUEZE

1704 4276 OKEKE MERCY UKOMA

1705 4586 OKEKE ULOAKU

1706 2138 OKELANFA MUTIAT OLAJUMOKE

1707 4297 OKELEYE ADENIKE ELIZABETH

1708 1428 OKENLA FOLORUNSO

1709 2406 OKENYI JOY CHUKWUDI

1710 3070 OKEREKE AUGUSTA.N

1711 2882 OKEREKE KINGSLEY OKEY

1712 1921 OKEREKE SONNY UCHENDU

1713 3898 OKERENGWOR JAMES UGOCHUKWU

1714 3132 OKESOOTO IPADEOLA JONATHAN

1715 3063 OKEWOLE OLADAPO OBAFEMI

1716 4397 OKI PAUL A.

1717 1534 OKIKA ROBERT CHUKWUKA

1718 2952 OKIKE JOHN UZOR

1719 3759 OKKAS GLOBAL LINK

1720 988 OKODUGHA DEBORAH EGHONGHON

1721 4592 OKODUGHA OLUWAFEMI MOPELOLA

1722 1371 OKOH EMMANUEL ODE

1723 3570 OKOLI CHIOMA STELLA

1724 4479 OKOLI OKENWA OBINNA IZEJI

1725 3888 OKOLIE HUMPHREY EZE

1726 2049 OKOLO PAUL

1727 2922 OKON FRANCIS EDET

1728 3678 OKON VICTOR EFFIONG

1729 2762 OKONJO FREDERICK IKECHUKWU

1730 1593 OKONKWO DARLINGTON

1731 2534 OKONKWO GEORGE NNAEMEKA

1732 3462 OKONKWO NGOZIKA FRANCES ADA

1733 3308 OKONKWO NNEKA / COOP EAST

1734 1342 OKONKWO ODUENYI ORJIUGO

1735 2994 OKORIE CHRISTIANA NDUBUISI

1736 4143 OKORIE LAZARUS UZODINMA

1737 3464 OKORIE UCHECHUKWU O & OLUWATAYO A

1738 2172 OKORO MONDAY RAYMOND

1739 3515 OKORO OSCAR CHUKWUMAH

1740 4193 OKOROIGWE ESTHER ONYEKACHI

1741 3038 OKOROTE CHUKWUDI DONALDSON

1742 3818 OKOSE ALPHONSUS IBHAROKHONRE

1743 1619 OKOUGBO MICHEAL

1744 4271 OKOWA ARTHUR IFEANYI (DR)

1745 4139 OKOYE AUGUSTINE CHIKA

1746 4462 OKOYE CHUKWUKADIBIA

1747 3165 OKPALA CHUKWUEMEKA REFLEX

1748 3342 OKPARA CHUKWUMA GIDEON

1749 4036 OKPARA OBINNA & NENE (MR & MRS)

1750 3503 OKPARA PETER IFEANYI

1751 3637 OKUGBWA LUMUMBA IGHOTEMU

1752 3177 OKUNADE ADEKEMI OLUWAREMILEKUN

1753 3166 OKUNADE MICHAEL AKINADE

1754 2263 OKUNNU ALFRED ABAYOMI

1755 3934 OKUNOLA AYOWOLE OREOLUWA

1756 4518 OKUNOLA DANIEL OLUWATOBI SEUN

1757 4281 OKUNOLA EMMANUEL OLANREWAJU

1758 1923 OKUSANYA ADETAYO

1759 1168 OKWOR JUDE CHIEDOZIE

1760 1675 OKWUOFU BLESSING FUNMI

1761 2722 OKWUOKENYE ZERUBBABEL CHIJIOKE

1762 3399 OKWUSA CHUKWUEBUKA CHIDIEBERE

1763 4466 OLABANJI KEHINDE ADEBAYO

1764 294 OLADEINDE EMMANUEL AND TEMITOPE EMMANUEL

1765 4372 OLADEJI OLANIYI OYELAKIN

1766 912 OLADEJI OLUWADAMILARE

1767 1605 OLADIMEJI OLAJIDE SAMUEL

1768 2606 OLADIPO AKINTUNDE

1769 2501 OLADIPO HELEN ADEDOTUN

1770 2446 OLADIPO OLATUNDE AREO

1771 3612 OLADIPUPO SEYI PETER

1772 4282 OLADOKE ISAAC SUNDAY

1773 2686 OLADOSU EMMANUEL OLANIYI BOLARINWA

1774 3442 OLADOSU ISKIL ADISA

1775 1590 OLADOYIN OLUMIDE

1776 2540 OLADUNJOYE OLUWAFEMI O.

1777 928 OLAGHERE OJINIKA NKECHINYELU

1778 2499 OLAGOKE OLAKUNLE ANTHONY

1779 1127 OLAGOKE SAMSON OLUSEGUN

1780 3087 OLAGUNJU KAMIL

1781 3285 OLAGUNJU OLUWASEUN GABRIEL

1782 3857 OLAITAN ARTHUR OLAJIDE




1783 3756 OLAITAN MODASHIRU

1784 2824 OLAJIDE MARYANNE OLUYEMISI

1785 3323 OLAJIDE MOJISOLA ABOSEDE

1786 3365 OLAKOLU AYODEJI PETER

1787 2545 OLALEKAN PEDRO

1788 2876 OLALEYE ADEBIYI

1789 3245 OLALEYE ADEYEMI ELIJAH

1790 2166 OLANIYAN EMIOLA

1791 2663 OLANIYAN MOSES OLUDELE

1792 3681 OLANIYAN OLAYIWOLE

1793 3187 OLANIYAN RAMOTA OLUWABUNMI

1794 1986 OLANREWAJU JOHNSON OLUSOJI

1795 3648 OLANREWAJU OMOSHALEWA ABIMBOLA

1796 4213 OLANREWAJU USMAN

1797 3814 OLAOLU ODUGBEMI

1798 4682 OLAOLUWA RASHEED

1799 3731 OLAOYE BOLANLE OMOTAYO

1800 2133 OLAOYE RAPHAEL OLUKAYODE

1801 3259 OLARINDE ADEMOLA

1802 2791 OLASHOJU OLANREWAJU

1803 1498 OLASINDE TAJUDEEN AYODEJI

1804 4037 OLASUNKANMI FOLORUNSO OLADEJI

1805 3281 OLASUPO CHRISTOPHER OLAOLUWA

1806 872 OLATERU SOLOMON OLUGBENGA

1807 3388 OLATUJA EDWARD AKINTOBA

1808 783 OLATUNBOSUN AKANNILAMPEJO

1809 2601 OLATUNJI ENIOLA AFEEZ

1810 2631 OLATUNJI OLAGOKE ADEGBENGA

1811 3734 OLAWOYIN OLUWAGBEMIGA OLATUNDE

1812 3044 OLAYEMI DAVID OLAMIJUWONLO

1813 4354 OLAYEMI OLUKAYODE TEMITOPE

1814 2110 OLAYINKA KOLAWOLE FOLUSO

1815 4249 OLAYIOYE EBENEZER OLUSOLA

1816 1820 OLAYIWOLA ADEMOLA

1817 2343 OLODU JUDITH OBIAJULU

1818 1971 OLOJO OYEYIMIKA OLADUNI

1819 3803 OLOKO OLATUNDE ADEYEMI (DR)

1820 3986 OLOKO OLATUNDE ADEYEMI (DR)

1821 4149 OLOKO SURAJUDEEN ABIMBOLA

1822 2981 OLOMU JOSEPHINE

1823 4460 OLONADE TUNBOSUN OLUSOJI

1824 3198 OLORUNFEMI ADEDAYO ABAYOMI

1825 3618 OLORUNKUNLE ALICE GBEMISOLA

1826 3904 OLORUNMAIYE JOHN ADESIJI

1827 4049 OLORUNNIBE FAITH INIOLUWA

1828 4235 OLORUNSOLA SAMUEL SEHINDE

1829 1992 OLORUNTEGBE OLUWASEGUN

1830 2350 OLOWOFELA BANKOLE OLUGBENGA

1831 2148 OLOWONYO TOLULOPE ADEDAMOLA

1832 4392 OLOWONYO TOLULOPE DAMOLA

1833 4625 OLOWOSALE AYOMIDE BASIT

1834 1910 OLOWU ADESOLA OLASEGE

1835 4124 OLOYEDE KAYODE LATEEF

1836 3481 OLUBIYI IBIDAPO OLUDARE

1837 4155 OLUDIPE ABISOYE OMOLARA

1838 4308 OLUFEMI-BELLO MARGARET EDOGHOGHO

1839 1785 OLUGBEJE ANUOLUWAPO TEMITOPE

1840 2863 OLUGBEMI AKINBOBOLA OLUKAYODE

1841 3257 OLUGBOSUN ARIYO AYO

1842 2614 OLUKOJU ABAYOMI AYODEJI

1843 4543 OLUKOKUN ADESOLA IDERA

1844 2065 OLUKOLU ALICE,OLUFUNMILAYO

1845 1961 OLUMESE FESTUS OKOEGUALE

1846 4278 OLUMIDE SHALOM OLUWADEMILADE

1847 2176 OLUSA VICTOR AYODEJI

1848 3210 OLUSANYA ABIODUN BABATUNDE

1849 3589 OLUSANYA ADERONKE ABIMBOLA

1850 2557 OLUSANYA FOLASADE OLUDOLAPO

1851 2023 OLUSANYA OLUFUNSHO

1852 793 OLUSEUN KAYODEODUWOLE

1853 4618 OLUSHOLA PAUL AFOLABI ESTATE OF

1854 4436 OLUSOGA JOHN AYENI

1855 1747 OLUWALANA OLUSEGUN OLAKULEHIN

1856 3192 OLUWAMUYIWA OLUWAYALE ANTHONY

1857 3168 OLUWATOMISIN TEMITOPE ODUGBEMI

1858 982 OLUWATOSIN SARAKI

1859 3291 OLUWATOYE GRACE ADEMIDUN

1860 3660 OLUWAYOMI OLUSEGUN JOSHUA

1861 1626 OLUWEHINMI FOLA & MOBOLA

1862 2473 OLUWO FUNMILAYO BOLADE

1863 1838 OLUWOLE TOLULOPE OLUGBENRO

1864 2650 OLUYEMISI OYEDOYIN OLUWASOLA

1865 4669 OMAR KEHINDE SHERIFFDEEN

1866 3772 OMIKUNLE ADEBOWALE OLADIMEJI

1867 3179 OMIRIN UWAILA FOLAKE

1868 2101 OMISAKIN ENIOLA RAHEEM (MR)

1869 3163 OMO NNAMDI

1870 3604 OMOAMILOR ANIEBELI - TRADING ACCOUNT

1871 3248 OMODAYO OLUWATOMI ADEOLU

1872 2504 OMOGBEYISOLA ADEMOLA MARTINS

1873 3804 OMOH ONOWHOSEMEME ANTHONY

1874 1052 OMOIGUI KENNEDY OMODAMWEN

1875 3775 OMOJARO OLUWASEGUN YINKA

1876 2767 OMOKARO AUGUSTINE IDOWU

1877 1839 OMOKHODION EROMOSELE

1878 3971 OMOKUNGBE TITILOPE ADEYOSOLA

1879 2170 OMOLAYOLE MICHAEL OLAWOLE

1880 4375 OMOLE ISAAC ADEWALE

1881 3714 OMOLE JOSEPH ADEDEJO

1882 2255 OMOLE OLUSEUN

1883 3111 OMOLE OLUTOYIN BANDELE

1884 1715 OMOLOJU ABDULMUMIN ADEOLA

1885 3286 OMOLOYIN AYODELE ADEKUNLE

1886 2658 OMOLOYIN SUNDAY ADEYEMI

1887 2644 OMOLOYIN SUSANA OLATUNDUN

1888 3465 OMOLU STEPHANIE TEGA

1889 2706 OMOLUABI OZAVESHE PATRICK

1890 2759 OMOLUYI BENJAMIN A.




1891 2962 OMONUWA OSARIEME ANITA

1892 4595 OMOREGIE ETINOSA GODSPOWER

1893 1297 OMOREGIE VANESSA ADAEZE

1894 1890 OMOSA OLUWATOBI AYODELE

1895 1137 OMOTAYO OLATUNJI OLUWATOBI

1896 1632 OMOTAYO SAMUEL

1897 4502 OMOTAYO SUNDAY

1898 4335 OMOTAYO-OJO DAMILOLA OLUWAFISAYO

1899 3961 OMOTESO ADEBAYO OPEYEMI

1900 2815 OMOTOLANI ADETOUN LAIYENBI MUTIAT

1901 2305 OMOWANILE OLADAPO

1902 3874 OMOYOSOYE PAUL BABATUNDE

1903 3235 OMOZEGIE JUDE OSAZE

1904 4649 OMUOJINE EMMANUEL NDUDI

1905 4316 ONABANJO OLUROTIMI OLUGBUYI

1906 3076 ONABOLU AKINBULEJO OLADIPO

1907 3440 ONABOLU WURAOLA OLAJUMOKE

1908 1296 ONAGHISE PAUL O

1909 4252 ONANEYE ADEOLA EBENEZER

1910 2132 ONASANYA ELIZABETH BUSOLA (MRS)

1911 2616 ONASANYA IBIKUNLE ABOABA

1912 1831 ONASANYA OLASEGEGE

1913 1396 ONEKUTU SIMON M

1914 933 ONI MODUPE ADEOLA

1915 4594 ONI OMOTAYO

1916 3181 ONI OPEOLUWA ADEBOLA

1917 1892 ONIBIYO GBOLA

1918 1124 ONIFADE OLANIYI STEPHEN

1919 3487 ONIFADE SOLOMON ADEMOLA

1920 2547 ONIKOYI BABATUNDE YEKEEN

1921 1455 ONIME MILDRED OLUBUNMI

1922 4228 ONITILO SOLABOMI ADEBISI

1923 1066 ONOBUN VINCENT EBHODAGHE IRETE

1924 4674 ONOCHIE HENRY CHUKWUMA

1925 2477 ONOJA JAMES PAUL

1926 1211 ONOJA WABLA

1927 4591 ONOKA NNENNA

1928 1531 ONORUOYIZA INVT LTD

1929 4253 ONOYIVWE EFE COLLINS

1930 1709 ONUABUCHI CHINEDU GOODLUCK

1931 4630 ONUBOGU CHINEDU NNAMDI

1932 4390 ONUCHUKWU JOHNSON OKWUNNA

1933 3777 ONUIGWE JOHNSON CHIMA

1934 1791 ONUNKWO CALLISTUS CHUKWUEMEKA

1935 2470 ONUOBIA UKACHI FREDERICK

1936 1377 ONUOHA CHIZUROKE K.

1937 3242 ONUOHA NGOZI

1938 4651 ONUOHA OBIOMA

1939 1301 ONUWAJE MAYOMI AYESAN

1940 4181 ONWUALU CHIZOBA STEPHANIE

1941 2566 ONWUASOANYA IFEATU

1942 2853 ONWUASOANYA IFEATU OKEDIADI

1943 3000 ONWUBIKO JOSHUA AMARA

1944 2930 ONWUBIKO RAPHAEL OBIORA

1945 3969 ONWUDINJO CHUKWUEZUGO STEPHEN

1946 3162 ONWUDIWE ANTHONY UKACHUKWU

1947 3886 ONWUEMERIE FRIDAY

1948 1627 ONWUKA CHRISTOPHER NDUBUEZE

1949 3733 ONWUKA CHUMA

1950 3140 ONWUKA COLLINS CHIKA

1951 2826 ONWUKA PHILIP E.

1952 3864 ONWUKA TESHOMA A.

1953 3263 ONWUKA UCHE AMOS

1954 3877 ONWUKWE IJEOMA COMFORT

1955 1713 ONWURAH CALISTUS CHUKWUDUM

1956 2821 ONYEBUCHI HYCIENTH ONYEAHIALAM

1957 3567 ONYEBUCHI VICTOR CHIBUZOR

1958 3307 ONYEGBULA OBINALI NNAMDI

1959 2069 ONYEGBULE UGOCHUKWU FRANCIS

1960 3341 ONYEJESI JOHN CHUKS

1961 2485 ONYEKANMA OGOCHUKWU REGINA

1962 1236 ONYEKONWU LIVINUS MADUKA

1963 2401 ONYEMATA EDOZIE BRIGHT

1964 3303 ONYEMENAM JOHN CHINEDU

1965 4631 ONYENAGOROM ADAOBI IJEOMA

1966 1078 ONYENOBI IJEOMA

1967 3797 ONYIA WALTER MADUABUCHI

1968 1103 OPADARE OLUWASEUN BENSON

1969 4164 OPADOKUN JOHN OLABODE ADEWUNMI

1970 1438 OPARA GERALDINE EBERE

1971 2647 OPAWALE OLUKUNLE ABIDEMI

1972 3955 OPURUM PRISCILLA OGECHI

1973 4607 OPUTE ADERONKE RUTH

1974 3879 OPUTE RILWANU

1975 4208 ORAH RESOURCES LIMITED

1976 3712 ORANYA CHUKWUMA JULIUS

1977 4244 OREAGBA TAMURAT OLABISI

1978 3439 ORENIYI BABATUNDE ABIODUN

1979 4413 ORIBAMISE DORIS RONKE

1980 4457 ORIGHOYE REWANE

1981 1051 ORIMOBI MICHAEL BAMIDELE

1982 3360 ORIOLA AFOLABI TESLIM

1983 2354 ORITSEMONE OLUBUNMI MONISOLA

1984 2099 ORITSEMONE TORITSEJU OLUWATOSIN

1985 938 OROGUN NKECHI

1986 831 ORONSAYE AMENAGHAWON ANDREW

1987 1243 ORTESE SESUGH PAUL

1988 2768 OSADOLOR AGHEDO ANTHONY

1989 3144 OSAGIE AGUSTINE OSAHENOMA

1990 4670 OSAGIEDE GORDON ADA

1991 2836 OSAHOR CHUKWUMA

1992 2331 OSAKA DANIEL

1993 1217 OSAKA UCHE DANIEL

1994 3976 OSAKWE GABRIEL NKADI OSANUGONUM

1995 4539 OSAMO DARE OLUWASEGUN

1996 4127 OSARO OYEGUN

1997 1302 OSARODION OGIE BARR

1998 2041 OSARUMWENSE DENNIS KEHINDE




1999 4509 OSASONA BABATOLA BAMIDELE

2000 2846 OSAWE OGHOGHO COLETTE

2001 2475 OSAWE OYENMWEN LINDA

2002 3580 OSEAGWINA FELIX OZIEGBE

2003 3159 OSEMEKE JUDITH CHUKWUFUMNANYA

2004 4251 OSEMHEN JENNIFER AKHIBI

2005 2807 OSHABA ADEJOH HEZEKIAH

2006 2843 OSHIN ADEBAYO

2007 4117 OSHIOBUGIE ROBERTA

2008 2491 OSHO ALEX ABIOLA

2009 3694 OSHO AVO ASISHANA

2010 3693 OSHO FESTUS OLUSHOLA

2011 3696 OSHO OFUJE ADAMOVE

2012 3695 OSHO OMEWUN ONIZE

2013 3692 OSHO ONAWUREYI OIZA

2014 3697 OSHO TINUKE ESTHER

2015 871 OSHODI ABIOLA OLUKEMI

2016 2596 OSIBERU OLADIPUPO ABIODUN

2017 2793 OSIBO ADEBOLA STEVE

2018 3452 OSIME VINCENT EHEME

2019 795 OSINBAJO YEMISAN

2020 2617 OSINLARU OLADAPO ABIODUN

2021 3469 OSINUBI FEYISAYO YEJIDE

2022 4647 OSIYEMI IBIRONKE MOJISOLA

2023 3213 OSODE OLAWUNMI KOFOWOROLA

2024 3991 OSONWANNE MARK IKECHI NWOSU

2025 3211 OSUJI, PETER CHUKWUNYERE

2026 2287 OSUNSINA OLAMIDE JASMINE

2027 1705 OTESILE ALBERT LEKAN

2028 4508 OTOBO NODON

2029 1298 OTOBOR EFOSA

2030 1419 OTOKPA ABOH ONMAKPO

2031 1439 OTSEMOBOR DENNIS AMIOKHAI

2032 1357 OTSEMOBOR ENETOMHE

2033 3821 OTU ENANG EYO

2034 2259 OTUBU OLALEKAN ABDULRASHEED

2035 1434 OTUESO OLORUNFUNMI WAHEED

2036 2285 OTUFALE KAYODE ADEWALE

2037 3297 OTUKPA VICTOR AUDU

2038 3371 OVIAWE OSASU

2039 2223 OVIOSU BENJAMIN

2040 1303 OVUAKPORIE CHRISTIAN OGHENEKARO

2041 1714 OWARUME MICHAEL OCHUKO

2042 3646 OWOEYE TEMILOLA OLUBUNMI

2043 3816 OWOLABI GBEMIGA AYOYIMIKA

2044 4571 OWOLAJA IYINOLUWA ADEOBA

2045 4284 OWOSINA MARGARET & NATHAN-MARSH OYINADE

2046 1750 OWOYELE OLAMIDISUN ARIYO

2047 2112 OWOYEYE OLUWASEUN CLEMENT

2048 2266 OWUALAH SUNDAY IKECHUKWU

2049 3066 OWUAMANAM FREEMAN EMMANUEL

2050 2947 OWUMI EDNA MUDIAGA

2051 8 OYAGBOLA AMINATUABDULLAHI

2052 3084 OYAKHILOME MOMODU KABIR

2053 2471 OYAWOYE OLUSOJI OLATEJU

2054 1383 OYEBOADE SAMUEL ADEOLU

2055 4463 OYEBOLA HENRIETTA OLUFOYINSOLA

2056 1609 OYEBOLA OLUWATOSIN

2057 3871 OYEDELE ABDULAZEEZ ADEMOLA TAIWO

2058 4273 OYEDELE AHMEERAH ADETOLA AYOBAMI

2059 2098 OYEDELE TIMOTHY ABIDOYE

2060 3800 OYEDEPO OYETUNDE IBRAHIM

2061 1670 OYEKAN OLUSEGUN AKINLOLU

2062 2267 OYEKANMI ADEGBITE IBRAHIM

2063 1981 OYEKANMI TEMITAYO ABOSEDE

2064 3640 OYEKUNLE OLUKAYODE EMMANUEL

2065 2894 OYENUGA GBADEBO ABOBADE ADENIYI

2066 3203 OYEOKA JOY NJIDEKA

2067 1692 OYERO ENIOLA MUSHAFAU

2068 976 OYESOLA FIYINFOLUWA OYEBISI

2069 2680 OYETUNDE OLUMIDE

2070 1497 OYETUNMBI ALABA MORUFU

2071 1833 OYEWO JOHNSON

2072 3338 OYEWOLE ISAIAH OLUFEMI

2073 1732 OYEWUMI ADEYEMI

2074 3963 OYEWUMI OYEKUNLE KBIR

2075 1716 OYINLOLA ADEWALE OYEDEPO

2076 4464 OZEKHOMHE MOSES

2077 1880 OZIGBO VALENTINE CHINETO

2078 3689 OZOGARE BENEDICT

2079 902 OZOH IKECHUKWU

2080 1427 OZOR CHUKWYUEM FLORENCE

2081 3148 OZOYA ESIGIE GREG

2082 3691 OZOYA OLUSEYI OMOBOWALE

2083 1481 OZUMBA OKECHUKWU GEORGE

2084 4540 PAM STEPHEN GYANG

2085 3226 PAT-LAUREL PRIVATE SCHOOL LIMITED

2086 2206 PATRICK UGOCHUKWU NNAMDI

2087 2599 PAUL INNOCENT DAVID

2088 2245 PAUL-EBIAI ENOHO MARIAM

2089 1416 PEACE CAPITAL MARKET LTD.

2090 2902 PEDRO OMOLARA ADETUTU

2091 3180 PESACH CAPITALS LIMITED

2092 838 PETER OKE

2093 4255 PETER TAIWO RACHEAL

2094 2931 POLMI IBRAHIM

2095 2224 POPOOLA KATE UKUNORITSEMOFE

2096 1780 POPOOLA OLAWALE

2097 2939 POTOKRI GLORY OGHO

2098 3137 PREYE JERRY NYENYE

2099 1786 PROFESSIONAL INVESTMENT & PROPERTY LTD

2100 2083 PROMINENT SECURITIES LTD

2101 4378 PUO MANAGEMENT LIMITED

2102 1895 QADIR LATEEF OLAMILEKAN

2103 2396 QUADRI GANIU OLUSEGUN

2104 1826 QUANTUM PE ADVISORY LIMITED

2105 1719 RAADIYAT EDUCATION SERVICE

2106 2987 RABI ADA AUDU




2107 3459 RADDA GALI BELLO

2108 3060 RAHMAN OLAITAN OLABISI

2109 2674 RAJI IBRAHIM ADEWALE

2110 4046 RASAK RISIKAT OMOLARA

2111 3903 RASHEED ABUBAKAR

2112 2546 RESOLUTION OIL & GAS LIMITED

2113 3848 ROBERT ADEYEMI

2114 4295 ROMAN JOSHUA ISOKPENHI

2115 1145 RUNSEWE OLAKUNLE

2116 2515 RUNSEWE OLAOLUWA OLUWOLE

2117 3980 SAAD MUHAMMED BABA

2118 3998 SABAANNA MFMCSL CONSULT

2119 3940 SAIBU OJO TIJANI

2120 1422 SAITO HIDEAKI



2123 950 SALAAM TAIWO OLUFEMI

2124 2814 SALAKO EMMANUEL

2125 3367 SALAKO-TAIWO KAFILAT

2126 3197 SALAU AYOTOMIWA

2127 3546 SALAU KABIR ABDULLAHI

2128 3842 SALAU MOHAMMED ADEBANJO

2129 4026 SALAWAT MOTUNRAYO BAKARE

2130 1362 SALAWU PETER

2131 3941 SALAWU RASAKI OLADIPUPO

2132 1561 SALEH ALHAJI ABDU

2133 1209 SALEH JALAL-EDDEN ABUBAKAR

2134 1538 SALEH SHAMSUDDEEN ABDULLAHI

2135 2399 SALEMSON SHAREHOLDERS ASS OF NIGERIA

2136 2567 SALEMSON SHAREHOLDERS ASSO OF NIGERIA

2137 1457 SALIHU ABOKI ADAMU

2138 2999 SALISU GARBA KOKO

2139 4599 SALISU MUBARAK

2140 3701 SAMUEL OLUWATOSIN OLUWADARASIMI

2141 3703 SAMUEL OREOLUWA BOLUWATIFE

2142 3702 SAMUEL SHINAAYOMI OLUWATOBILOBA

2143 3860 SANCTUS NIGERIA LIMITED

2144 750 SANDUFF OIL & GAS

2145 2640 SANGODOYIN ABIMBOLA OLADIMEJI

2146 2652 SANGOKOYA CHRISTIANA ADEDOJA

2147 4593 SANI AMINU

2148 1540 SANI MAHMOUD UMAR

2149 1557 SANI RABI MARSHALL

2150 3230 SANNI ABDULQUADRI IDOWU

2151 3376 SANNI ABIODUN CHRISTIANA

2152 2228 SANNI MABOKUNRINJE ADEWALE

2153 4650 SANUSI HALIMA-SHADIAT OYEBOLA

2154 4627 SANYA FESTUS OLADIPO

2155 2988 SANYAOLU JONATHAN AYO

2156 80 SARAKI FLORENCEMORNIKE

2157 2011 SAROMI- OJORA MODUPE

2158 2958 SATO & SATO INT’L LTD

2159 3441 SAVAGE ADEBUKOLA ARIKE

2160 796 SCHUBBS NIGERIA LIMITED

2161 1274 SEDI SUNDAY BENJAMIN

2162 2039 SEJORO SAMUEL WHESU

2163 925 SEKONI DANIEL OLUTOYIN

2164 3432 SESAY EDWIN U

2165 2529 SHAFE WASIU ADEKUNLE

2166 2735 SHAITED INVESTMENTS LIMITED

2167 1048 SHAREMAN LIMITED

2168 2866 SHEBIONIGA MUNIRUDEEN OLAYINKA

2169 3856 SHEHU KUTA

2170 2745 SHEHU MUHAMMAD BELLO

2171 4318 SHEKONI NURUDEEN ADEBAYO

2172 2726 SHELL COOP PAUL AKEVWAWHARE OKI

2173 2147 SHIELD AND SCEPTRE SERVICES LIMITED

2174 4455 SHITTA MORUFAT ABIOLA

2175 4054 SHITTA-BEY OLUWAYOMI

2176 1108 SHITTU LATEEF ABIODUN

2177 1525 SHITTU MUDASHIR

2178 4002 SHITTU SODIQ OLANREWAJU

2179 2817 SHOBANDE COMFORT OLUSHOLA

2180 2361 SHOBO OLUWAKEMI

2181 4613 SHOBOWALE BABATUNDE

2182 3048 SHOBOWALE OLUBORODE ALBERT

2183 2648 SHODIPE ANTHONIA ESELE

2184 3124 SHODIPE OLANREWAJU OLUWAROTIMI

2185 3404 SHODIYA ESTHER FUNMILAYO

2186 2311 SHODIYA OLUFEMI M

2187 3384 SHOEWU ALICE ADEBIMPE

2188 3377 SHOEWU OLUWARANTI

2189 3823 SHOFOLAHAN MARY JOKE

2190 3817 SHOFOLAHAN OLUSEGUN CHARLES

2191 3051 SHOKUNBI OPEYEMI OLUYOMBO

2192 3799 SHONEKAN ADEFUNKE

2193 2422 SHONUBI LATEEF AYODEJI

2194 3930 SHOPEJU EFUNBOSEDE AYOTUNDE

2195 4604 SHOPEJU SHOTUNDE

2196 2844 SHOPEJU SHOTUNDE (CHIEF)

2197 1918 SHOTAYO ISAAC OLUWAFEMI

2198 1565 SHUAIBU ABDULLAHI DANJUMA

2199 1102 SIAML AC AMBIC & REGINA M OLISEMEKA

2200 2615 SIKIRU SAHEED ALIU

2201 2028 SIKIRU TAJUDEEN BABATUNDE

2202 3023 SINKAIYE SOLOMON SUNDAY

2203 797 SITOMO NIGERIA LTD

2204 1868 SMADAC CAPITAL LIMITED

2205 2868 SMART OLAYEMI SOLOMON

2206 4498 SOARES AKINOLA

2207 2426 SODIPE MOYOSORE

2208 3280 SOETAN TAIWO OLUBUSOYE

2209 2161 SOEWU OLUFUNMILOLA AYODEJI

2210 3788 SOFIDIYA ELLIOT SOBAKIN

2211 1467 SOKABI OLUMIDE AYODEJI

2212 4617 SOKAN AYODELE OLADAPO

2213 2901 SOKUNBI OLUWAKEMI ABIODUN

2214 3560 SOLANKE OLUWATOMI DAVID




2215 2293 SOLOMON OJEAGBASE

2216 4120 SOMEFUN OLANREWAJU OLUWATAYO

2217 4034 SOMEFUN OLUFUNKE OLADUNNI

2218 3093 SONIBARE LAWRENCE OLUMIDE

2219 2666 SOREMEKUN OLUSINA SULAIMON

2220 4490 SOSANWO REUBEN SINA

2221 2839 SOTUNDE VICTORIAL OMOLOLA

2222 3083 SOWEMIMO OLORUNTOBA SOLAFUNMI

2223 267 SOYODE TOMI

2224 2113 SOYOMBO OLUWATOBI TIMOTHY

2225 1742 STANBIC IBTC NOMINEES LIMITED/C029 - TRA

2226 3668 STANLEY CHUKWUEBUKA UZUANWU

2227 4306 SULAIMAN DAUDA ATEIZA

2228 4144 SULAIMAN IBRAHIM DAN-ISLE

2229 4505 SULAIMON SHOLA SHAKIRAT

2230 4453 SULE AMINU

2231 886 SULE OLAYEMI AMINAT

2232 1952 SULE OLUDAYO EZEKIEL

2233 1447 SULEIMAN BINTA

2234 1401 SULEMAN MUHAMMAD NAJIB

2235 4680 SUNMON IBRAHIM OLAWOLE

2236 4538 SUNMONU JOHN FRIDAY

2237 1350 SYCOR PRIVATE INVESTMENT LTD

2238 1896 TAIWO ABDULWASIU GBOLAHAN

2239 3490 TAIWO ADEMOLA SIMEON

2240 2403 TAIWO ENIOLA OLAMIDE

2241 2661 TAIWO GBOLAGADE

2242 1029 TAIWO HAMMED OWOLABI

2243 1592 TAIWO HASSAN SHOTE

2244 2272 TAIWO OLAWALE SURAJ

2245 1792 TAIWO OLUDARE ILESANMI

2246 2838 TAJUDEEN TINUBU TEMILOLUWA

2247 4583 TALENTI INTERNATIONAL LIMITED

2248 798 TAMRAMAT MOSUNMOLABELO

2249 3015 TASIU MUSA DAURAWA

2250 278 TEBI CAPITAL INVESTMENT LTD

2251 4146 TELLA SHERIFFDEEN ADEWALE

2252 910 TEMITOPE BAMIDELE

2253 4452 THE FOUNTAIN OF LIFE CHURCH

2254 2378 THOMAS ADEYOSOLA AYODELE

2255 1972 THOMAS BANJOKO OLABODE

2256 3470 THOMPSON AKINLADE TOYIB

2257 1352 TIDDO SEC LTD TRADED-STOCK-A/C

2258 3889 TIJANI-ALAWE KABIR TAIWO

2259 1210 TIYA STEPHEN EDNA

2260 1505 TIYATIYE REUBEN TULA

2261 17 TOBSEY PROPERTIES LIMITED

2262 3253 TOGUN OLUWAKEMI ADEBISI

2263 3557 TOLUHI ADEYEMI

2264 2587 TONY-GAY INVESTMENT LTD

2265 3571 TOTAL QUALITY ENGEERING SERVICES LTD

2266 3616 TOYE DELE OLAWOYE

2267 4634 TOYE OPEYEMI OYETOUN

2268 1903 TRANSGATE ULTIMATE INVESTMENT LTD

2269 3206 TRUST YIELDS SECURITIES LTD (SP ACCOUNT)

2270 2388 TRW STOCKBROKERS LTD RIGHTS FUND NOM A/C

2271 1721 TSAKU AKPAVAN ANDREW

2272 788 TUEDOR-MATTHEWS FAITH

2273 1397 TUKO JOSEPH SEHMA PETER

2274 3065 TWELVE LEGAL

2275 1193 UBANI LEVI CHIEMELA

2276 3035 UBANI NNEOMA IRENE

2277 1864 UCHE EKEMEZIE NNANNA KANU

2278 3511 UCHEGBU SMART NDUBUISI

2279 4585 UCHEGBULAM ANTHONIA NNENNA

2280 3302 UCHENDU DOMINIC IKECHUKWU

2281 4414 UCHENDU IFEDILICHUKWU UZOEGHE

2282 3624 UDDIN JOSEPH OLUWASEGUN

2283 4542 UDEAGWU FIDELIS CHUKWUETALU

2284 1584 UDECHUKWU EMEKA

2285 3884 UDOFIA NKO

2286 4004 UDOH ANIEKAN NKPOIKANA

2287 3136 UDOH GEORGE JOHN

2288 2555 UDOH JUSTINA FRANK

2289 3043 UDOHA DANIEL CHIMA

2290 1969 UDOKA-EZIKE OBIANUJU VIVIAN

2291 2427 UDU SOLOMON

2292 3652 UDUJI BENJAMIN OKWUCHUKWU

2293 1756 UDUKU GEORGE

2294 1008 UFUDO OBINNA

2295 1293 UGBEDE EMMANUEL O.U

2296 4031 UGBOJIAKU CHIMEZIE FELIX

2297 2532 UGBOMA NONNY PATRICIA

2298 2681 UGHULU JUSTIN ABUMERE

2299 1973 UGOALAH EZECHIMERE MICHEAL

2300 4364 UGOCHUKWU CALVIN CHUKWUJIAKA

2301 1329 UGWOKE MARK EZE

2302 1320 UGWU CHUKWUDI GODWIN

2303 1432 UGWU JOSEPH EBUKA

2304 3833 UGWU ONUORAH MARTINS

2305 1268 UGWUMADU FELIX UCHENNA

2306 1197 UGWUZOR CHRISTIAN CHIOZOADGHI

2307 2833 UJOMU ONYINYECHUKWU DAMIEN

2308 3531 UKADIKE VICTOR CHIDI OSUOHA

2309 2177 UKEGBU MARGARET NGOZI

2310 2450 UKEH DAVID NKASIOBI

2311 2741 UKOH JAMES IHEAKA

2312 3330 UKPAI IRO NNACHI

2313 1283 UKPONG UKPONG .S.

2314 2279 UKWU CHISOM ESTHER

2315 3173 ULIEM NNAMDI

2316 3901 ULOR JOHN CYRIL

2317 1221 UMANA MFONOBONG UBONG

2318 1220 UMANAH MARY

2319 3742 UMAR ALHASSAN MAMUDA

2320 799 UMAR DAHIRUYUSUF

2321 1154 UMAR FARUK

2322 1136 UMAR MUJAHID AHMED




2323 3675 UMAR MUSA UMAR MAIZARE

2324 4497 UMAR NASIRU ADEIKU

2325 3101 UMAR OMEIZA JIMOH

2326 1552 UMAR SANI

2327 2130 UMARU AHMED YUSUF

2328 3954 UMEH MAXIMUS IFESINACHI

2329 3783 UMERAH NONSO OBIORA

2330 2797 UNANAOWO MOSES OKON

2331 2961 UNIBEN FACULTY OF AGRIC STAFF MPCS LTD

2332 4016 UNION SECURITIES LTD

2333 4405 UNUDE SUNDAY RUSSELL

2334 3080 UP IN THE SKY LTD

2335 2740 UPTIMAL VENTURES NIGERIA

2336 4057 URAMA GEORGE CHIDOZIE

2337 3672 USHIE VINCENT ANDEPIBEKONG (DR)

2338 2072 USIAPHRE PATRICK

2339 1560 USMAN AHMED ALHAJI

2340 147 USMAN AISHAFANYA

2341 4621 USMAN JOHN

2342 1437 USMAN MUHAMMED SANUSI

2343 3348 USMAN UMAR MAHMOUD

2344 4157 USUA DANIEL EDIDIONG

2345 3332 UWAZIE MICHAEL NDUBISI

2346 3466 UWOGHIREN HAPPINESS

2347 1518 UZOH CYRIL CHIEMEKA

2348 1292 UZORKA JOSEPH ALUMANA

2349 4398 VANDI ‘TUMBA VICTOR

2350 1094 VERITAS REGISTRARS

2351 800 VICTOR OSADOLOR

2352 4563 VINES OF GOLD ENTERPRISES

2353 2037 WAHAB KUNLE ADE (PROF)

2354 1379 WALE BALOGUN IYANUOLUWA

2355 1535 WALI SADIQ TIJJANI

2356 3191 WALMER NIGERIA LIMITED

2357 4673 WANDO MOHAMMED HARUNA

2358 2195 WANG ELNATHAN DAVOU

2359 2218 WARIKORU OLAERE AUGUSTA

2360 1282 WAYER PETER ATTADUEH

2361 1558 WAZIRI SARKI

2362 2359 WAZIRI USMAN AHMAD

2363 1345 WHOT RIEM STRATEGIES LIMITED,

2364 2486 WILLIAMS ADEBAYO JOHN

2365 2593 WILLIAMS ENOABASI JOSHUA

2366 1230 WILLIAMS JULIET AMAKA

2367 3243 WILLIAMS TOLULOPE ABOLADE

2368 2713 WILLIAMSON KOVIE FELICIA

2369 4121 WOHEREM EVANS

2370 1107 YAHAYA WASIU IDOWU ATANDA

2371 1214 YAHYA ABUBAKAR SADIQ

2372 803 YAKUBU IDRIS

2373 1501 YASHIM JACOB JOHN

2374 2719 YELLOWE TARIBO SOGBEYE

2375 3748 YESUFU ESEOSA SAMARI

2376 985 YOMI & DUPE FAMAKINWA

2377 4129 YUSSUF ALAMIN

2378 1928 YUSSUF OLAIDE MORIKE

2379 3183 YUSSUF SODIQ OLANREWAJU

2380 1642 YUSUF - AJIBADE SHERIFAH ADEKUNLE

2381 4417 YUSUF BASHIR AHMED

2382 4683 YUSUF MARTINA KWATIRI

2383 2889 YUSUF OLAITAN LUKMAN

2384 1212 YUSUF SAAD MALIK

2385 3778 YUSUFF SAHEED OLANREWAJU

2386 4119 YUSUFF TAOFIK OMOTAYO

2387 3017 ZAKARIA TAHIR

2388 3337 ZUBAIRU SALAWU ADEKU




Notes

MTN Plaza, Falomo, Ikoyi, Lagos.

www.mtnonline.com

MTN NigeriaCommunications PLC

HERM

ITAGE PU

BLISHIN

G - theherm

itageworks@

gmail.com