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Investors task new MTN board on sound corporate governance, accountability

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MTN


….As firm proposes N2.95 per share interim dividend
Capital market investors have urged the new chairman and board directors of the MTN Nigeria, to ensure that it adopts best practice and accountability in its operations,

The investors, who spoke on the sideline of the recent decision by the Telco to appoint Dr Ernest Ndukwe as the new chairman of the board, in addition to six new directors, also stressed the need to eschew issues capable of constituting a dent on MTN’s corporate governance image.

Furthermore, they added that the management must invest on businesses that will enhance overall growth, and ultimately increase return on investment.

Specifically, the President, New Dimension Shareholders Association, Patrick Ajudua, said: “For us shareholders, the appointment is a welcome development because he is tested and well-experienced in the industry. However, we strongly believe that since the company is now listed on capital market, he will ensure transparency, compliance with corporate governance, and value addition to the shareholders.”

The President, Proactive Shareholders Association, Taiwo Oderinde, urged the new board to shun any corporate governance lapses capable of dragging the image of the firm through the mud.“The new chairman is a man with a wealth of experience and connections in the telecommunications sector. As one time head of NCC, I believe with the support of other members of the board, he will bring this to bear in his new responsibility. I congratulate him and he should not let the shareholders and other stakeholders down.”

Meanwhile MTN Nigeria, in its unaudited result for the half year ended June 30, 2019, posted a revenue N566.946 billion representing 12.14 per cent rise when compared to the N505.667billion reported in the preceding half-year, while other income climbed to N48.062billion from N45.432 billion.

Its Profit Before Tax (PBT) stood at N141.797 billion; Profit After Tax (PAT) was N98.931, and earnings per share stood at 486 kobo as at June 30, 2019.

The directors of telecommunications giant are proposing an interim dividend of N2.95 per share while payment is due for August 16.The Chief Executive Officer, Ferdi Moolman, said: “In the first half of 2019, we sustained a solid performance, delivering double-digit growth in service revenue, underpinned by growth in voice and data revenue. We added 3.3 million customers to our network, increasing subscriber base to 61.5 million. Pleasingly, we saw data subscribers increase in the period by 2.1 million to 20.7 million.

“We made significant network investments to improve network quality and expand our 4G coverage. Our recent work to revamp our data prices and accelerate our 4G network has put us in a strong competitive position to offer more value to our customers, supporting data and voice revenue growth which will ultimately strengthen our business.“We are pleased with obtaining a super-agent licence from the Central Bank of Nigeria, which will enable us to build agent network and accelerate the growth of our fintech business.”


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Ernest NdukweMTN Nigeria
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