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MTN to increase Nigerians’ share in company by 14%

MTN Nigeria has unveiled plans to adjust its shareholding structure to accommodate more Nigerians as shareholders. The MTN Group President, Ralph Mupita, who disclosed this in Abuja, said the management of the mobile network giant would sell an additional 14 per cent stake in the company to Nigerians.

A check on the company’s current structure showed that MTN Nigeria is 75.81 per cent owned by MTN International (Mauritius) Limited, 18.7 per cent by Nigerian shareholders through special purpose vehicles, 2.78 per cent by Mobile Telephone Networks NIC B.V, and 1.76 per cent by Public Investment Corporation SOC Limited.

Mupita, according to a statement issued by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, disclosed the plan to increase Nigerians’ share of the company when he led the MTN delegation to his principal, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja.

The MTN Group’s President revealed that the company wants to include more Nigerians in its ownership structure. He said: “We want to deepen our ownership structure in Nigeria. We will sell another 14 per cent to Nigerian individuals and institutions. We want to have the largest retail-based shareholding in Nigeria. We want at least 2 million Nigerian shareholders, deepening our roots in Nigeria.”

Mupita added that MTN is a corporate citizen and therefore is responsible in all the countries where it is represented.

In his remarks, Osinbajo charged corporate organisations operating in Nigeria to be more accountable and people-centred in their services to the citizens. He implored them to pay greater attention to the needs of the people.

The Vice President stressed that it important for corporate organisations to show commitment to service improvement to build confidence in the people. Osinbajo said: “Corporate organizations should be more accountable in their services, in the ownership structure, and also in paying attention to the needs of the people. Companies that ensure this will experience progress, as this is the right direction to go. “Going forward, most corporate organisations will find that attaching greater importance to the people is the way to go.”

The MTN Group delegation led by the Group President arrived in Nigeria last Thursday in a landmark visit as part of activities marking the company’s 20th Anniversary in Nigeria. On the MTN delegation to the Vice President were the Chairman, MTN Nigeria, Mr. Ernest Ndukwe; and Group Chief Finance Officer, Mr. Tsholofelo Molefe. Others were MTN Nigeria Chief Executive Officer, Mr. Karl Toriola; and Chief Corporate Services Officer, Mr. Tobechukwu Okigbo.

Earlier, while commenting on the Group’s visit to Nigeria, Ndukwe said: “This visit demonstrates MTN’s continued commitment to supporting the socio-economic development of Africa’s largest economy. We look forward to hosting the Group leadership, and working with them and our other partners across the ecosystem towards delivering world-class services.”

Mupita added: “Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation, and I look forward to this opportunity for in-person engagements with our key stakeholders to discuss the future and deepen the relationships we have built over time.”


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