Home » MTN Nigeria CFO Modupe Kadri boosts stake with additional 1,031,000 shares

MTN Nigeria CFO Modupe Kadri boosts stake with additional 1,031,000 shares

by Omokolade Ajayi
Modupe Kadiri

Modupe Kadri, the executive director and CFO of MTN Nigeria Plc, has further solidified his position as one of the minority shareholders in the leading telecom services provider.

Through MTN Nigeria’s employee share acquisition scheme, Kadri has acquired an additional 1,031,000 shares, increasing his stake from 0.0055 percent to 0.0106 percent.

The recent transaction, completed on June 2, 2023, has propelled Kadri’s ownership to a total of 2,142,000 shares, valued at about N535.29 million ($1.15 million) based on the current trading price of N249.90 ($0.54) per share.

This remarkable increase in Kadri’s stake reflects his continued confidence in MTN Nigeria’s future prospects and his commitment to the company’s success.

Kadri assumed the role of CFO in March 2020 after an extensive tenure at MTN Nigeria, which began in 2007 as the general manager of financial operations.

With a strong background in finance, Kadri has played a vital role in the company’s growth and success. Since he was appointed CFO, MTN Nigeria has witnessed a significant surge in revenue and profit.

In 2022, the telecom giant reported revenue and profit figures of N2.012 trillion ($4.35 billion) and N358.2 billion ($775.36 million), respectively, up from N1.346 trillion ($2.92 billion) and N205.2 billion ($444.2 million) in 2020.

These impressive results highlight Kadri’s strategic financial management and ability to navigate a dynamic industry’s challenges.

Under Kadri’s guidance, MTN Nigeria continues to achieve remarkable milestones. In the first quarter of the 2023 fiscal year, the company recorded a 4.6 percent increase in profit, reaching N101.3 billion ($219.27 million), while revenue surged by 20.6 percent to N568.1 billion ($1.23 billion).

These positive indicators demonstrate Kadri’s commitment to driving growth and delivering value to shareholders. In addition, the latest acquisition of MTN Nigeria shares showcases his belief in the company’s long-term potential.

As the telecom giant’s CFO, Kadri’s strategic financial acumen has contributed to its robust financial performance and positioned him as a key player in the organization’s success.

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