The Chief Executive Officer of MTN Nigeria, Karl Toriola, has said the telecommunications company should not be seen as a South African business alone. He explained that millions of Nigerians now own shares in the company through the Nigerian capital market.
Speaking on rising xenophobic sentiments against foreign-owned businesses in Nigeria, Toriola said MTN Nigeria has grown into a company with deep Nigerian ownership and strong local economic impact.
Although the MTN Group was founded in South Africa, he noted that MTN Nigeria is now publicly listed on the Nigerian Exchange and has become an important part of Nigeria’s economy.
“MTN Nigeria belongs to Nigerians. Yes, it is part of the MTN Group, but millions of Nigerians own shares in the company,” Toriola said.
Since the company’s listing on the Nigerian Exchange, ownership has expanded significantly. Millions of Nigerians now hold shares in MTN Nigeria through retail investments, institutional investors, and pension funds.
These shareholders benefit from the company’s financial performance through dividends and long-term value creation.
For this reason, Toriola said it is inaccurate to describe MTN Nigeria as a South African company alone. He argued that such a description overlooks the substantial investments made by Nigerians.
Toriola warned against targeting businesses because of their foreign roots. He said any attack on MTN Nigeria would affect Nigerians more than foreign investors.
The company employs thousands of Nigerians directly. It also supports many more jobs through distributors, agents, contractors, suppliers, and other business partners.
Disrupting the company’s operations, he added, could negatively affect employees, customers, shareholders, and the wider economy.
Beyond providing telecommunications services, MTN Nigeria continues to invest heavily in the country’s development.
The company has expanded broadband infrastructure, improved digital services, supported educational initiatives, and promoted financial inclusion across Nigeria.
Despite current economic challenges, MTN plans to improve network quality and continue supporting Nigeria’s digital transformation.
Rather than encourage xenophobia, Toriola urged Nigerians to support peaceful business relationships and economic cooperation.
He said companies that operate within Nigerian laws should not become targets because of diplomatic disagreements between countries.
According to him, stronger partnerships among African countries will create jobs, attract investment, and increase regional trade.
Toriola reaffirmed MTN Nigeria’s commitment to long-term investment in the country. He said the company will continue creating value for customers, shareholders, employees, and the Nigerian economy.
