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Why MTN Retired Paschal Dozie, Five Other Directors

July 25, 2019

It is due to the expiration of their tenure and in compliance with applicable codes of corporate governance.


MTN Nigeria has notified the Nigerian Stock Exchange that some of its directors including the Paschal Dozie, the chairman, are retiring from the firm's board after 18 years.

The Company Secretary, Uto Ukpanah, made this known in a statement.

According to him, it is due to the expiration of their tenure and in compliance with applicable codes of corporate governance.

Acknowledging the contributions made by the outgoing directors, MTN Nigeria CEO, Ferdinand Moolman, stated: “Our journey over the last 18 years has been incredible, and it would not have been possible without the initial entrepreneurial spirit of our founding directors, and their unfailing and dedicated support for MTN Nigeria’s vision over the years.

“I could not have asked for a more supportive, knowledgeable and experienced group of advisors.” 

Speaking on behalf of the outgoing directors, Dozie said, ”in 2001, when I made the first call on the MTN Nigeria network, I don’t think anyone envisaged the pace and scale of growth that we, and the broader telecoms sector would achieve over the next 18 years.

“It is a unique story that we are immensely proud of, and having served as chairman of MTN Nigeria for all of those 18 years, I achieved a long-held ambition earlier this year, when MTN Nigeria listed on the NSE, providing an opportunity for a wider pool of Nigerians to become investors in the company.

“I cannot think of a better time to be handing over the reins of the company to a new chairman, and to a new group of distinguished Nigerian directors.

“Not only is this in line with best practice, which we are fully committed to, as a member of the premium board of the NSE, it is also absolutely aligned to the company’s future.

“On behalf of the outgoing directors, I will like to thank the board and management of MTN Nigeria for their support over the years and to welcome the incoming directors.

“They have a hugely exciting future in front of them, and I believe the opportunity to make the next 18 years even more successful than the last."

The firm announced the appointment of Ernest Ndukwe as the chairman-designate of MTN, and the addition of other directors with effect from September 2.

The statement noted that with the changes, the board would now include Ernest Ndukwe, chairman-designate; Ferdinand Moolman, chief executive officer; Michael Onochie Ajukwu, independent non-executive director; and Muhammad Ahmad, independent non-executive director.

Others listed are Andrew Alli; Rhidwaan Gasant; Omobola Johnson; A.B. Mahmoud; and Ralph Mupita.

Others are Mr Paul Norman; Ifueko Okauru; Jens Schulte-Bockum; Rob Shuter; and Karl Toriola.

Moolman, said: "Technology industry is fast-moving, and our next 18 years offer a wealth of new and exciting opportunities as a fully digital operator. Their combination of extensive experience across the worlds of technology, finance, regulatory and policy development and corporate governance offers a hugely synergistic set of skills that will be of great benefit to us as we move into a new phase of growth.”