MTN Nigeria CFO Modupe Kadri Makes Billion-Naira Stock Acquisition

Modupe Kadri, the Chief Financial Officer (CFO) and Executive Director of MTN Nigeria, has significantly increased her stake in the telecommunications giant through a series of substantial share acquisitions. Between June 15 and 17, 2026, Kadri acquired a combined total of 1,589,041 ordinary shares, valued at approximately ₦1.25 billion, demonstrating strong confidence in the company's future performance and outlook.

These transactions were officially disclosed on the Nigerian Stock Exchange (NGX) on June 16 and 18, 2026, and were conducted in strict compliance with the Exchange's insider dealing disclosure requirements, as confirmed by Company Secretary Uto Ukpanah. Such disclosures are mandated by NGX regulations for transactions involving company shares by directors and key stakeholders, aiming to bolster investor confidence and promote transparency within the market.

The share purchases were executed in two distinct sets. The initial acquisition, made on June 15, 2026, saw Kadri purchase 275,309 ordinary shares at a price of ₦793 per share, totaling an investment of ₦218.9 million. Following this, between June 16 and 17, 2026, the CFO acquired an additional 1,313,732 ordinary shares across 13 separate transactions, at an aggregate average price of ₦782.39 per share. The detailed breakdown of these latter acquisitions includes a range of prices:

• 10,274 units at ₦765 per share
• 544,136 units at ₦770 per share
• 695 units at ₦792.20 per share
• 12,544 units at ₦794.50 per share
• 20,990 units at ₦794.70 per share
• 97,198 units at ₦795 per share
• 36,370 units at ₦798 per share
• 155,787 units at ₦798.10 per share
• 1,189 units at ₦798.40 per share
• 75,959 units at ₦798.50 per share
• 42,000 units at ₦755.10 per share
• 55,590 units at ₦755.60 per share
• 261,000 units at ₦756 per share

All these transactions were appropriately tagged as insider dealings, with initial notifications submitted according to NGX rules. Kadri's active participation in purchasing MTN shares reinforces investor confidence in the company's protected financial performance and its robust outlook. This latest acquisition further increases the CFO’s overall shareholding in the company, building upon a previous allocation in April where she received 382,491 units as part of a transfer of 3,771,677 ordinary shares to 106 MTN Nigeria employees.

This insider share purchase coincides with a period of strong financial performance for MTN Nigeria, a leading telecommunications company. The company has experienced a remarkable surge in its share price over the past year, moving from the ₦200 range into the ₦700 and ₦800 range. Following the announcement of the MTN-IHS Tower merger in February, the share price began trading around ₦755. This upward trajectory continued after MTN Nigeria reported an historic financial performance for the first quarter ended March 31, 2026.

In its unaudited Q1 2026 financial results, MTN Nigeria posted a pre-tax profit of ₦546.42 billion, marking an impressive 169.64% year-on-year (YoY) increase. Total revenue for the quarter also climbed significantly by 42% YoY, reaching ₦1.498 trillion, which is the highest quarterly revenue recorded by the company since 2019. This robust financial performance propelled its earnings per share (EPS) to ₦16.95, a 166% increase. The company's share price closed at ₦800 on Thursday, June 18, 2026, reflecting the positive market sentiment.

In related disclosures, other MTN Nigeria employees also engaged in share transactions. Anthony Aigbe, an Analyst in Treasury Operations, sold 2,370 ordinary shares at ₦867 per share on May 4, 2026, valuing the transaction at nearly ₦2.05 million. Similarly, Mubarak Adegboyega Alli, an Accountant in Financial Analysis, sold 4,950 ordinary shares at ₦820 per share on May 14, 2026, for a total value of approximately ₦4.06 million.