Sanusi Lamido Earned Almost ₦474 Million As A Non-Executive Director At MTN

Muhammadu Sanusi Lamido Sanusi, the Emir of Kano and former Central Bank of Nigeria governor, received approximately N474 million (R5.44 million) in fees for his role as an independent non-executive director at MTN Group last year. The payment covers retainer fees, board and committee meetings, strategy sessions, and special assignments. It reflects his contributions to the Risk Management and Compliance Committee, Finance and Investment Committee, and Social, Ethics and Sustainability Committee since joining the board in July 2019.

The disclosure comes from MTN Group’s 2025 annual financial statements, which show Sanusi ranking fourth among the company’s non-executive directors. South African chairman Mcebisi Hubert Jonas led the list with R9.61 million, followed by Terence Pennington (R6.34 million) and Kenya’s Victor M. Rague (R5.56 million). Sanusi’s earnings outpaced several other African and international members, underscoring the premium placed on high-level expertise in governance and finance.

MTN Group, Africa’s largest mobile operator, continues to rely heavily on its Nigerian operations for growth. MTN Nigeria remains the group’s biggest market, delivering strong commercial performance amid economic challenges. Sanusi’s banking and regulatory background has been viewed as strategic for navigating complex markets across the continent.

The Rand-to-Naira conversion used the rate of R1 to N87.12 as at December 31, 2025. Industry observers note that non-executive director fees at multinationals like MTN have risen steadily in line with company performance and increased board responsibilities.

Sanusi has served on the MTN board without holding disclosed shares in the company, making the fees pure compensation for oversight duties. His total earnings from MTN since 2019 now exceed N1.5 billion when adjusted for yearly exchange rates, according to independent analyses.

The development has sparked debate in Nigerian corporate circles about the value of experienced local voices on global boards.