84% of MTN Nigeria’s Employees Earn Over ₦1 Million Monthly
MTN is the leading, largest and most generous employer in the telecommunications industry in Nigeria. In other words, when it comes to the employees welfare, MTN Nigeria is the best.
Notably, the company increased its staff salaries by approximately 17% in 2020, raising the average annual salary per employee from about ₦13.79 million in 2019 to approximately ₦16.4 million in 2020.
Out of its 1,809 employees, 1,514 earn at least ₦1 million a month, a salary level that rivals like Globacom and 9Mobile find hard to match. Even the lowest-paid worker at MTN earns about ₦458,333 a month. That’s 15 times more than Nigeria’s minimum wage, making MTN one of the best-paying companies in the country.
Despite the naira fluctuation in Nigeria, MTN still demonstrates a strong commitment to employee welfare through notable salaries. This is unlike most telecom companies that link employees salaries to company performance or personal achievements.
MTN’s upward trend in employee compensation in Nigeria aligns with telecom’s robust financial performance. In 2022, under the leadership of CEO Karl Toriola, the company reported revenues of ₦2.012 trillion and a profit after tax of ₦358.2 billion.
The company also carries out an annual salary review — a yearly evaluation of an employee’s salary — regardless of naira fluctuations. This one-of-a-kind policy is unique among mobile network operators in Nigeria, and has led to a 59.5% increase in the MTN’s total wage bill in 2024, jumping from ₦42.7 billion to ₦71.7 billion.
Furthermore, the company is also committed to rewarding its leadership, which is evident. In 2023, MTN Nigeria approved an annual remuneration of ₦54.12 million for its board chairman and ₦36.285 million for each non-executive director.
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How MTN Nigeria Makes Money
MTN spans multiple segments in the telecom industry, including mobile network operators, tower companies, internet service providers, and data centers, to generate revenue. More so, 5G network provisions and cloud services are other revenue streaming channels for MTN Nigeria.
However, as the company rapidly expands with advancements in fiber-optic infrastructure, 5G networks, and cloud services, the demand for skilled professionals — engineers, network architects, software developers, cybersecurity specialists, and sales and marketing experts — continues to increase.
This demand for skilled professionals has created a sharp divide in pay structures across the sector. MTN’s approach to salary increases is both a retention strategy and a long-term investment in talent. The company’s annual salary adjustments are typically approved at its Annual General Meeting (AGM) in May and implemented in April, ensuring that salaries keep pace with both inflation and employee performance.
