Stephen Blewett, the chief executive of Scancom PLC (MTN Ghana), received 21,382 MTN Group shares valued at approximately R4.12 million ($252,000) under MTN's Performance Share Plan 2010. Chief Financial Officer Antoinette Kwofie received 13,660 shares valued at R2.63 million ($160,000) under the same plan. Both awards transacted on 31 March 2026 at a market price of R192.50 per share, with vesting accelerated to 10 December 2028 subject to performance conditions.
The combined Ghana number is roughly $412,000.
The grants sit inside a wider round of MTN Group performance share awards totalling approximately R160 million ($9.5 million) across senior executives. Group CEO Ralph Mupita received 207,633 shares worth about R39.97 million ($2.4 million). Group CFO Tsholofelo Molefe received 111,931 shares worth about R21.55 million. Senior Vice President for Markets Ebenezer Asante took 120,880 shares worth $1.4 million, the second-largest individual allocation. MTN Nigeria CEO Karl Toriola received 28,704 shares worth approximately $335,000.
Awards across the plan are subject to four performance criteria: total shareholder return, cumulative operating free cash flow, return on equity, and ESG metrics. Vesting conditions include benchmarks tied to fintech growth, 5G expansion, and competitiveness across MTN's market footprint. Partial forfeiture is available to the Remuneration Committee if benchmarks are not met.
The Ghana number lands inside the larger story of MTN Ghana's continuing dominance of the country's data subscriber market at roughly 79 percent and the completion of the MoMo separation into a standalone fintech entity earlier this year. Whether the next three years of vesting conditions are met is now partly a function of how Blewett's team holds the local market share against Telecel's absorption of AT Ghana, and whether the fintech growth metric inside the performance criteria is being graded against the post-separation MMFL trajectory specifically.
