Mobile Telecommunication Limited (MTC) top executives were paid N$15.9 million in 2025, which includes about N$10 million paid to managing director Licky Erastus.
The total package includes salaries, allowances (medical, housing, etc.), performance bonuses, retention, and subsistence and travel allowances (S&T).
Erastus was paid N$4 million in salary, N$1 million in allowances, N$2 million for a performance bonus, N$2.5 million retention fee and N$158 000 for S&T.
Meanwhile, financial director Thinus Smit’s total package increased by more than 80% from N$3.6 million to N$6.1 million.
Smit received a salary of N$3.2 million, N$369 000 in allowances, N$709 000 in performance bonuses, N$1.7 million retention fee and N$54 000 for S&T.
Last year none of them were paid a retention fee.
The total package paid to key management was N$36.6 million, bringing the total paid in salaries to top management to N$52 million.
Human resource and remuneration committee chairperson Andrew Kanime says the committee has recommended a revised remuneration policy after benchmarking against local and regional markets.
“The policy sets out a pay philosophy that aligns MTC’s remuneration to the 50th percentile of the national market, while scarce and specialist skills that are difficult to attract and retain will be paid a scarcity allowance based on the difference between the 50th percentile of the technical market and the 50th percentile of the national market,” says Kanime.
Meanwhile, MTC’s airtime advance service fee contributed N$6.6 million to its total revenue of N$3.7 billion. The airtime service fee comes from Taamba airtime which was introduced in 2020 and allows clients to buy airtime and data on credit.
The financial results for the year ended 2025 show that the company made a profit of N$1.02 billion, with 80% of customers being satisfied with the services offered.
According to the report, the growth was primarily from a 4.3% increase in prepaid subscribers and a 14.6% increase in average revenue per user.
Currently, MTC has over two million subscribers with the average revenue per user being N$108. This means, on average, the company earns N$108 from each of its 2.03 million subscribers.
“Revenue increased by 14.4% to N$3.7 billion due to sustained growth in demand for high-speed data and value-added mobile telecommunications services from prepaid customers and the enterprise segment,” reads a report.
Included in the financial results is a loan of N$80 million to MTC Maris with no fixed repayment terms and no interest charged as it is an intercompany loan.
The loan is considered irrevocable.
“The expected credit loss for MTC Maris is deemed to be the full outstanding balance as the subsidiary does not have sufficient assets to cover the balance,” reads the report. MTC Maris, a subsidiary of MTC, is a mobile money platform offering instant loans, digital wallet services, cash-in/cash-out and bill payments.
The loan service was launched in partnership with Letshego and is known as the Taamba Maris Instant Loan, which offers MTC Maris clients loans ranging from N$100 to N$1 500.
ONGOING LITIGATION
The company is involved in an ongoing court case involving a dark fibre tripartite agreement that was concluded in 2012 between the Namibia Power Corporation (NamPower), MTC and Telecom Namibia.
The agreement granted MTC and Telecom exclusive access to the fibre and included an automatic renewal clause that perpetually extended the contract.
Earlier this year, the High Court ruled that the automatic renewal clause in the agreement was invalid.
The court confirmed that the agreement legally ended on 31 May 2022, when its 10-year term expired.
According to a report, MTC submitted an adjudication of a dispute request to the Communications Regulatory Authority of Namibia (Cran) on the basis of exclusivity and non-competitive behaviour.
“MTC is now forced to renegotiate with NamPower at significantly increased rates. MTC is considering the options available, which includes a review of the Cran decision,” read the report.
However, the exact amount of this potential increase has not yet been determined.
“Should the Cran decision stand, MTC would be liable for increased rates to continue leasing the dark fibre. The value of this expected increase in rates is not yet determinable,” read a 2024 statement.
Additionally, the company is expecting a final decision from the Namibian Competition Commission (NACC) after an investigation was started in relation to MTC, NamPower and Telecom Namibia.
NACC alleges potential infringements of anti-competitive provisions.
“MTC presented oral and written submissions. The NACC’s ruling is still pending. The value of the financial exposure is not determinable at this stage,” reads the report.
The company is set to pay out a final ordinary dividend of N$467 100 000 (62.28 cents per share) by 6 February 2026.
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