Chairman of the Board of MTN Nigeria, Dr Ernest Ndukwe, has traced Nigeria’s digital transformation from the era of state-controlled telecommunications to the emergence of globally active fintech firms.

Ndukwe spoke at the 10th anniversary gala of Flutterwave, held at The Delborough Lagos, where political leaders and business executives gathered to mark the milestone.

Reflecting on his tenure at the Nigerian Communications Commission during the administration of former President Olusegun Obasanjo, Ndukwe said telecom liberalisation in the early 2000s dismantled structural bottlenecks and expanded private-sector participation.

He recalled a period when Nigerians queued at NITEL offices to place international calls, a practice that largely disappeared following sector reforms and the introduction of GSM services.

According to Ndukwe, the telecom reforms laid the foundation for Nigeria’s broader digital economy. He said companies such as Flutterwave have benefited from the enabling environment created by those early policy decisions.

He described Flutterwave as an international business originating from Nigeria, noting that its ability to operate across multiple markets reflects the growing competitiveness of local enterprises.

While commending the company’s growth, Ndukwe cautioned that expansion must be supported by strong corporate governance practices.

“Corporate governance is critical,” he said, adding that rapid success can either distract leadership or encourage greater discipline.

He emphasised the need for sustained effort, stating that continued innovation requires consistency and institutional focus.

Ndukwe also acknowledged pioneers in Nigeria’s digital payments space, including John Obaro, founder of SystemSpecs and creator of the Remita platform used by the Federal Government for revenue collection.

He noted that early digital infrastructure developments contributed to the broader fintech ecosystem now operating within and beyond Nigeria.

Flutterwave, founded in 2016, has expanded operations across multiple African and international markets, positioning itself within the continent’s evolving payments landscape.

The anniversary event served as both a celebration of corporate milestones and a reflection on Nigeria’s technological journey over the past two decades.