The National Industrial Court of Nigeria (NICN), sitting in Akure, Ondo State on 27th September, 2017, gave judgement in favour of the claimant, Mr Paul Odunewu in a $13.14 million (about N4.1billion) suit against MTN Nigeria.
Former Network Group Operations Manager at MTN Nigeria, Odunewu, had accused the company of withholding his entitlements, including a long-term incentive scheme (share option) worth over $13.14 million (about N4.1 billion). Other defendants were MTN Group Limited, South Africa; MTN Nigeria and MTN International, Mauritius.
He also demanded N100 million damages, among others.
At a hearing last November, a former chief executive of the company, Mr. Adrian Wood, told the court that Odunewu increased MTN’s base stations from 100 to 2,500 in three years and was one of 50 top employees of the company.
Wood, an Australian, said to keep such top employees, MTN Nigeria initiated a retention policy of leadership development and succession, under which those with potential were identified within the MTN group and nominated for share option.
He said: “Odunewu was nominated as a key employee and was identified to participate in a share option plan being devised at that time.
“By 2004, he was one of 50 senior employees chosen to participate in MTN Nigeria’s share offer plan.”
Appearing today for the judgment are Jonathan Onyekwelu and Olamide Balogun of Oluwakemi Balogun (SAN) and Co who represented the Claimant.