MTN Nigeria Communications Plc (MTN Nigeria) wishes to inform the market of the imminent execution of the allotment of Incentive Shares to qualified Shareholders. The Offer for sale of 575 million ordinary shares of MTN Nigeria held by MTN International (Mauritius) Limited (the Offer) was successfully completed on 31 January 2022, the date on which the Securities and Exchange Commission's (SEC's) clearance of the Offer allotment was obtained. The terms of the Offer included an incentive of one (1) ordinary Share for every twenty (20) ordinary shares purchased and allotted (the Incentive Shares) up to a maximum of two hundred and fifty (250) ordinary shares. The Incentive Shares will be allotted to qualified shareholders who participated in the Offer and held all or some of their Offer shares continually from 31 January 2022 to 31 January 2023 (the Qualification Date).

To qualify, a shareholder must meet all 3 conditions below:

• Purchased and was allotted at least 20 ordinary shares in the Offer;
• Holds some or all of the shares allotted at the Offer as at the Qualification Date, 31 January 2023 but subject to holding at least 20 ordinary shares; and
• Name must appear in the Register of Members at the Qualification Date.

Qualified shareholders will have their Incentive Shares credited to their CSCS accounts after the Qualification Date and obtaining the requisite regulatory approvals. Click here for more info.