MTN Nigeria Communications (MTNN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with health and safety guidelines and a moment of silence for the late founding chairman, Dr. Pascal Dozie.

• Virtual access was provided in line with legal provisions, and a quorum was confirmed with 84.37% of share capital represented.

• Notice of the meeting and annual report distribution methods were detailed, including digital and print channels.

Financial performance review

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

• Auditor's report confirmed financial statements give a true and fair view, with compliance to IFRS and Nigerian regulations.

• Internal controls were assessed with a non-modified conclusion, and all necessary audit information was obtained.

Board and executive committee updates

• Several new directors and management team members were introduced and confirmed.

• Retirements and resignations were acknowledged, with appreciation for their service.

• Board composition and attendance were discussed, with calls for improved gender balance and meeting participation.