MTN Nigeria to Get Second Nigerian CEO, Karl Olutokun Toriola, In March 2021
MTN Nigeria has announced the appointment of a new Chief Executive Officer (CEO) designate. The Nigerian arm the of pan African telecommunications, MTN, revealed this a notification to the Nigerian Stock Exchange on Monday. The CEO designate will resume on 1st March 2021. The incoming CEO is Karl Toriola, a Nigerian who has worked for MTN in various capacities in West, Eastern and Central Africa from 2006.
With the announcement, he will become the second indigenous of MTNN, following Michael Ikpoki, who resigned in 2015 after the company was fined a the gigantic sum of N1.04 trillion by Nigerian Communications Commission for failing to disconnect some five million of it subscribers whose SIMs were unregistered as provided by the regulator’s directives.
Currently the vice president of MTN West and Central Africa (WECA) excluding Nigeria and Ghana, Mr Toriola has spearheaded consistent success of the operating firms in the region, particularly the overhaul of MTN Ivory Coast and MTN Cameroon.
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His leadership has seen WECA markets record notable commercial and strategic milestones among which is expansion in market shares in the region and growth of mobile financial services.
Toriola was variously the chief technical officer MTNN, CEO of MTN Cameroon and MTN group operations executive. He has had oversight responsibility of 16 of the MTN Group’s subsidiaries and has been a member of different MTN boards including MTN Nigeria.
In January 2020, he joined the board of UAC of Nigeria PLC as a non-executive director.
He holds a Bachelor of Science in Electrical and Electronic Engineering from the University of Ife as well as a Master’s degree in Communications Systems from the University of Wales. Toriola has attended executive development courses at institutions like Wharton Business School, Institute of Management Development and London Business School, and also attended the General Management Program at Harvard Business School.
“After a thorough and rigorous selection process, we are delighted to welcome Karl back to MTN Nigeria. Karl Toriola is recognized throughout the industry as a highly experienced and well-regarded business leader.
“With his rich credentials, I am personally pleased that Mr. Karl Toriola is well-suited to lead MTN Nigeria’s Executive Management team through the next stages of growth in the years ahead,” said Ernest Ndukwe, chairman of MTN Nigeria.
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Ferdinand Moolman, the current CEO, will depart the position effective from 1st March 2021 to become MTN group chief risk officer.
He has been at the helm of affairs of the Nigerian subsidiary of the Johannesburg-based telco since 2002 and has held many senior positions within the group in both Nigeria and Iran.
MTN Nigeria listed its shares on the Nigerian Stock Exchange on 16 May, 2020. The move was understood widely as part of the conditions for reducing the NCC fine to N330 billion.
