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MTN plans to increase number of Nigerian shareholders

MTN plans to sell 14 per cent of its shares to Nigerians. To include more Nigerians in its ownership structure.

MTN plans to sell 14 per cent of its shares to Nigerians in a bid to include more Nigerians in its ownership structure.The plan was revealed by The Group’s President, Ralph Mupita, in a courtesy visit to the Presidential Villa.

Mupita said, “We want to deepen our structure of ownership in Nigeria. We will sell another 14% 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.”

“Our vision is to drive digital solutions for Africa’s progress, Mupita said, and in MTN, we are building PAN-African leadership.”

Vice President Osibanjo said in a statement which was revealed by the Senior Special Assistant to the Vice President on Media and Publicity, “Going forward, most corporates will find that attaching greater importance to the people is the way to go.”

He said that for telecoms firms such as MTN, “financial inclusion is crucial, so is broadband connection in deepening access and will help to connect hard-to-reach places, and to retail, social welfare and services.”

Other members of the MTN Delegation at the Villa include the Chairman, MTN Nigeria, Ernest Ndukwe; Group Chief Finance Officer, Tsholofelo Molefe; MTN Nigeria CEO, Karl Toriola, and Chief Corporate Services Officer, Tobechukwu Okigbo.

Nigeria in focus:

GDP: $448.12 billion compared to South Africa's in 2019

Population: 200,963,599 compared to South Africa's 58,588,267 in 2019

GDP per capita: $2,229 compared to South Africa's $6,001 in 2019