Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UPDATE 1-MTN shakes up Nigeria board, appoints ex-telecoms regulatory chief as next chair

Published 24/07/2019, 21:32
© Reuters. UPDATE 1-MTN shakes up Nigeria board, appoints ex-telecoms regulatory chief as next chair
MTNJ
-
MTNN
-

(Adds details, quote)
By Chijioke Ohuocha
ABUJA, July 24 (Reuters) - MTN Nigeria MTNN.LG has
appointed former telecoms regulatory chief Ernest Ndukwe as
chairman-designate in a board shake-up following its debut stock
market listing on the Nigerian bourse.
Majority owned by South Africa's MTN Group MTNJ.J , MTN
Nigeria listed in Lagos in May in a 2 trillion naira ($6.54
billion) debut, in part to settle a long-running dispute in
Nigeria, its biggest market.
That listing turned the telecoms company into the exchange's
second-largest stock by market value. Ndukwe, ex-chief executive of the Nigerian Communications
Commission (NCC), will take over from Pascal Dozie, who has been
at the helm for almost two decades, on Sept. 2, MTN said.
In addition to Ndukwe, MTN has appointed former Nigerian
pension regulatory chief Muhammad Ahmad, ex-minister for
communication Omobola Johnson and ex-banker Andrew Alli who once
represented the International Finance Corporation to MTN
Nigeria's board.
"(The) combination of extensive experience across the worlds
of technology, finance, regulatory and policy development and
corporate governance offers a hugely synergistic set of skills
that will be of great benefit to us as we move into a new phase
of growth," MTN Nigeria Chief Executive Ferdinand Moolman said.
MTN Nigeria grew to become Nigeria's biggest telecoms firm
under Dozie, who steps down alongside five other directors after
18 years at the helm of the company.
In December, MTN agreed to make a $53 million payment to
resolve a multibillion-dollar dividend repatriation row in
Nigeria after it paid over $1 billion to settle a dispute over
unregistered SIM cards and agreed to list on Nigeria's bourse.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.