MTN Nigeria, a telecommunications firm, has finished allocating more than 3.9 million incentive shares to 120,359 qualified shareholders.

The incentive offer went into effect on January 31, 2023, as stated in a corporate notice on Wednesday that was signed by the Company Secretary, Ufo Ukpanat.

According to the notification, the offer was made in December 2021, but it was only fully executed on January 31, 2023, the day the Securities & Exchange Commission approved the offer allotment.

For every purchase of 20 ordinary shares, the offer included a bonus of one share.

The shareholders who met the eligibility requirements for the incentive shares are those who purchased and received at least 20 ordinary shares as part of the offer, held some or all of the shares received as of the qualification date, which is 31 January 2023, subject to holding at least 20 ordinary shares, and whose names were listed in the membership register on that date.

As a result, 3,977,418 ordinary shares of MTN Nigeria worth 120,359 investors, or 94.77 percent of those who took part in the offer, qualified to receive the incentive shares.