Victor Odili to Receive Nearly N25bn MTN Dividend Today

Chief Victor Odili, one of the largest individual Nigerian shareholders in MTN Nigeria Communications Plc, is expected to receive nearly ₦25 billion in dividend income today following the telecom company’s latest interim payout.

MTN Nigeria declared an interim dividend of ₦26 per share, payable to shareholders who were on the company’s register as of the qualification date.

Odili indirectly owns 1,065,110,916 MTN Nigeria shares, representing a 5.08 per cent stake in the company, through Hermitage Overseas Corporation and Hermitage Eko Investments.

At ₦26 per share, his gross dividend entitlement amounts to approximately ₦27.69 billion.

After a 10 per cent withholding tax, the amount due to him is approximately ₦24.92 billion.

The payout underscores the enormous value of Odili’s long-standing investment in MTN Nigeria. He was among the Nigerian investors who backed the telecom company in its early years and served as a non-executive director until his retirement from the board in September 2019.

Odili’s MTN stake has grown significantly over the years. At the company’s 2019 listing, he held about 3.96 per cent, or 806.9 million shares. His interest has since risen to 5.08 per cent.

The latest dividend therefore represents one of the biggest single cash payouts to a Nigerian individual investor from a listed Nigerian company.

At current market valuations, Odili’s MTN Nigeria holding is also worth hundreds of billions of naira, making the investment one of the most valuable indigenous shareholdings on the Nigerian Exchange.