MTN Nigeria CEO Karl Toriola has appealed against calls to nationalise the company, arguing that over 11 million Nigerians own indirect stakes in it through pension fund investments.
Nationalise MTN? CEO Says That’s Nationalising Nigerians’ Own Investment
MTN Nigeria CEO Karl Toriola has appealed against calls to nationalise the company, arguing that over 11 million Nigerians own indirect stakes in it through pension fund investments, Gazette NGR reports.
Speaking on TVC News’ Beyond the Headlines on Thursday, Toriola pushed back against a nationalisation proposal by Edo State senator Adams Oshiomhole, made in response to xenophobic attacks on Nigerians in South Africa.
While condemning all forms of xenophobia and violence, Toriola insisted MTN Nigeria is a wholly Nigerian entity, listed on the Nigerian Stock Exchange with over 201,000 retail investors. He said the company’s South African parent holds only 50 per cent African shareholding, with the remaining 50 per cent held by American, British, European and other international investors.
“This label ‘South African’ is without any scientific substance; it’s a publicly listed company, even in South Africa, with a very diverse shareholding,” Toriola said, adding that the company was actively building a Nigerian headquarters and planting deeper roots in the country.
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