[email protected]: Top 5 Defining Moments of Nigeria’s Largest Telecom Company this Year
Nigeria’s largest telecom company, MTN, is celebrating its 25 year of operation in the country. The telecom giant has experienced a lot of ups and downs in the past year, but it still remains the largest and most widely available telecom networks in the country.
Recent troubles aside, MTN has had a good run since its launch in 2001. The telco has achieved many feats and weathered a few storms along the way.
To celebrate the company’s 25th anniversary, here’s a recap of 5 key facts/moments you may have missed in the past year.
MTN Nigeria is undoubtedly the largest telecom in Nigeria. It boasts of having about 37.2% of the total amount of subscribers in the country. According to NCC statistics for October, the telecom company currently has a total of 65,707,899 active subscribers, 18 million more than its closest rival Globacom.
After 18 years of working with MTN Nigeria, Mr Pascal Dozie retired as Board Chairman in September 2019, along with five Non-Executive Directors: Col. Sani Bello (Rtd) Vice Chairman; Mallam Ahmed Dasuki; Mr Babatunde Folawiyo; Mr Gbenga Oyebode MFR; and Chief Victor Odili OON.
Despite its revenue base being hit hard due to the N330 billion fine paid to NCC, MTN’s second-quarter report shows a high increase. Profit rose from N73.3 billion in 2018 to N98.9 billion which reflected in the total revenue, raising it by 12% to a record N566.9 billion.
Xenophobic attacks by South Africans took a heated turn in September 2019. Viral videos on social media that captured attacks on Nigerians in South Africa escalated to retaliations on MTN by angry Nigerians.
MTN, a South African owned company, condemned the xenophobic attacks. But this did little to lessen tensions as a few offices in Nigeria were burnt, forcing the telco to close its doors across the country for a few days.
As part of the 2016 agreement deal with the NCC to settle a $1 billion fine, MTN Nigeria finally listed on the Nigerian Stock Exchange with a stock listing of $6 billion. Although, MTN initially registered 20.4 billion ordinary units of shares with the SEC, upon listing, the company opted for a “listing by introduction” which only allows existing investors to sell their own shares to others.
MTN Nigeria, since listing, has become one of the most capitalised companies on the NSE with a market value of N2.82 trillion as at August 2019.
Although MTN currently operates in about 21 countries globally, Nigeria still remains one of its biggest and high revenue markets.
Kudos to them!
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