In the wake of ongoing South Africa xenophobic attacks, Chief Executive Officer of MTN Nigeria, Karl Toriola, has spoken on the company’s ownership structure.
He has particularly stated that over 11 million Nigerians indirectly own stakes in MTN and that as such the company belongs to Nigerians as well.
Toriola also defended the Federal Government’s approval of telecom tariff adjustments, saying the decision rescued the industry from financial collapse and enabled MTN to increase capital expenditure to about N1 trillion in 2025 to improve network quality.
“I am Nigerian. Apart from one executive, every member of our executive committee is Nigerian, while our entire expatriate workforce in Nigeria is just four people.
“We have over 201,000 retail investors, while about 11 million Nigerians own MTN shares indirectly through pension funds. We are very proud of our Nigerian identity,” he stated, on an Arise TV outing.
He said people label MTN a South African company simply because MTN Group was founded in South Africa.
“MTN Nigeria is a Nigerian company through and through. We are domiciled in Nigeria. We are listed on the Nigerian Exchange. We pay all the taxes, duties and levies expected of us, and we are run by Nigerians.
“I am Nigerian. Apart from one executive, every member of our executive committee is Nigerian, while our entire expatriate workforce in Nigeria is just four people.
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“We have over 201,000 retail investors, while about 11 million Nigerians own MTN shares indirectly through pension funds. We are very proud of our Nigerian identity,” he stated.
The South Africa Xenophobic attacks have worsened in the recent, prompting several countries sending flights and buses to bring their nationals home.
The Eagle reports that third batch of Nigerian citizens from South Africa arrived the Murtala Muhammed International Airport, Lagos at the month-end.
The evacuation flight from Johannesburg was operated by Air Peace bringing home 269 returnees.
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