NEWS
Xenophobia: MTN Nigeria Affirms Nigerian Identity, Says Over 11 Million Nigerians Have Ownership Stakes
Chief Executive Officer of MTN Nigeria, Karl Toriola, has reaffirmed the company’s strong Nigerian identity, declaring that the telecommunications giant is deeply rooted in the country’s economy and should not be viewed solely as a South African company.
Toriola explained that MTN Nigeria has evolved into a truly Nigerian enterprise, highlighting its local ownership structure, workforce, and contributions to the nation’s economic development.
According to him, the company is domiciled in Nigeria, listed on the Nigerian Exchange, and fully complies with its obligations by paying taxes, duties, and statutory levies within the country.
He noted that the leadership of the company is overwhelmingly Nigerian, revealing that, apart from one executive, every member of MTN Nigeria’s executive committee is a Nigerian. He also disclosed that the company’s expatriate workforce in Nigeria consists of only four individuals.
The MTN Nigeria CEO further emphasized the extent of Nigerian ownership in the telecom giant, stating that more than 201,000 retail investors directly own shares in the company, while an estimated 11 million Nigerians hold indirect ownership through pension fund investments.
Toriola maintained that these figures demonstrate that MTN Nigeria belongs not only to its global investors but also to millions of Nigerians whose investments are tied to the company’s success. He stressed that the organisation takes pride in its Nigerian identity and remains committed to contributing to the country’s economic growth and development.
His remarks come amid recurring conversations surrounding xenophobia and the ownership of multinational businesses operating in Nigeria, reinforcing MTN Nigeria’s position as a company with deep local roots and significant Nigerian participation.