MTN Nigeria announces Karl Toriola as new CEO

MTN Nigeria Communications Plc, a subsidiary of the MTN group has announced the appointment of a new CEO, Mr Karl Toriola.

Mr Toriola would takeover from Ferdi Moolman effective March 2021. The news of the appointment was contained in a note sent to the floor of the Nigerian Stock Exchange on 26th October 2020 and signed by MTN Nigeria Plc Secretary, Uto Ukpanah.

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders, of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 19 March 2021, providing enough time for an orderly handover.

, the note read in part.

Mr Karl Toriola is MTN Nigeria’s first indigenous CEO since inception about 20 years ago. He has a BSc Hons in Electronic and Electrical Engineering and a MSc in Communication Systems.

Joining the group in 2006, Toriola has recorded exceptional achievements in the different roles at MTN, including chief technical officer of MTN Nigeria and CEO of MTN Cameroon. During his years as Vice President of MTN’s WECA region, Toriola had nurtured the growth of operating companies in the region, prominent of which was the revitalization of MTN Ivory Coast and MTN Cameroon in the last two years.

According to the operator, Mr Toriola is a board member on a number of companies within the group, including MTN Nigeria.

The outgoing CEO, Ferdi Moolman according to the released statement would remain on the board of MTN Nigeria after an official handover and will in due course be appointed to other material subsidiary boards given his new group responsibility. Moolman also had some landmark achievement to his name including the successful listing of the company in the stock exchange.

MTN Nigeria is the group’s largest subsidiary and accounts for about a third of its revenue. About 78.8% of MTN Nigeria’s stake is owned by the MTN group.

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