Telecom
Ndukwe Replaces Dozie as Chairman MTN
MTN Nigeria has appointed Ernest Ndukwe, the former executive vice chairman/CEO, Nigerian Communications Commission (NCC) as chairman-designate in a board shake-up, that saw Dr. Pascal Dozie, long serving banker, ousted.
Ndukwe will take over on 2 September. Dozie has been chairman for almost 20 years.
MTN in a letter sent to Nigerian Stock Exchange, said: “This is to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders that following the expiration of their tenure and in compliance with applicable codes of Corporate Governance, the under listed Non-Executive Directors are retiring from the Board with effect from 2nd September 2019.”
The outgoing Non-Executive Directors are: Dr. Pascal Dozie, Chairman, Col. Sani Bello (Rtd) Vice Chairman, Chief Victor Odili,Non-Executive Director, Mallam Ahmed Dasuki, Non-Executive Director, Mr. Babatunde Folawiyo, Non-Executive Director, Mr. Gbenga Oyebode, Non-Executive Director.
Dozie and Ndukwe
Acknowledging the vital contribution made by the outgoing Directors over the last 18 years, MTN Nigeria CEO Ferdinand Moolman said: “On behalf of MTN Nigeria, I would like to offer our heartfelt thanks to our pioneering Chairman, Pascal Dozie and the outgoing Directors.
“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 Dr Pascal 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.
“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 Nigerian Stock Exchange, 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 Nigerian Stock Exchange, it is also absolutely aligned to the company’s future.
“On behalf of the out-going Directors, I would 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 letter further said, “The Board of MTN Nigeria Communications Plc would like to express its appreciation to the six directors for their commitment, leadership and extensive contributions to the success of the Company since their appointment in 2002. The Board wishes them the very best in all their future endeavours.
“The Company is pleased to announce the appointment of Mr Ernest Ndukwe as the Chairman Designate of MTN, and the addition of the following directors with effect from 2nd September 2019:
- Mr. Michael Onochie Ajukwu – Independent Non-Executive Director
Mr. Michael Onochie Ajukwu has over 21 years of experience in the banking industry with specialty in the Energy and Multinational sectors. He has extensive business experience in Africa and particularly in Nigeria.
In 2002, Mr. Ajukwu disengaged from United Bank for Africa PLC as Executive Director, Corporate Banking. He later served as a Director of Keystone Bank Limited.
Mr. Ajukwu has extensive Board experience and serves as Chairman of Altech West Africa Limited, Munca Properties Limited and Mobax Nigeria Ltd. Mr. Ajukwu has been an Independent Director of Sterling Bank Plc since June 2018 and of Tiger Brands Limited since March 31, 2015. He also sits as a Non-Executive Director on the boards of Intafact Beverages Ltd, a subsidiary of SABMiller in Nigeria and Novotel, a member of Accor Hotels group.
Mr. Ajukwu holds a B.Sc. in Finance from the University of Lagos and an MBA in Accounting and Finance from New York University.
- Mr. Muhammad K. Ahmad, OON – Independent Non-Executive Director
Mr. M.K Ahmad is a seasoned public sector executive with over 35 years of experience traversing the financial services industry and the public sector. He actively advocates and supports institution building based on the highest corporate governance and ethical standards and has served on various boards and committees, including banks and not for profit organizations.
He was a pioneer staff of the Nigeria Deposit Insurance Company (NDIC) where he rose to become a Director. He later served as the pioneer Director -General and Chief Executive Officer of the National Pension Commission (PENCOM). Mr. Ahmad worked at the Central Bank of Liberia as the Advisor and Technical Director on Bank Supervision under an International Monetary Fund (IMF) Programme. He coordinated the development of the Federal Government strategy document for the rebuilding of the North East that led to the constitution of the Presidential Committee on the North -East Initiative (PCNI).
Mr. Ahmad served as Chairman, Technical Committee on the Nigerian Code of Corporate Governance 2018 and currently chairs the boards of Polaris Bank (former Skye Bank); Taj Bank, Credent Capital Advisory and
FATE Foundation. He serves on the Interim Board of International Energy Assurance Plc.
He is the founder of Jewel Development Foundation, a graduate assistance programme; and Certium Consulting, a strategic advisory and business applications company
Mr. Ahmad holds a BSc. in Accounting from Ahmadu Bello University and a Masters Diploma in Innovation & Strategy, University of Oxford. He is an Associate, Toronto Center for Global Leadership in Financial Supervision, Canada.
- Mr. Andrew Alli – Non-Executive Director
Mr. Andrew Alli qualified as a Chartered Accountant with Coopers & Lybrand (PricewaterhouseCoopers) in the United Kingdom.
He worked for over a decade at the International Finance Corporation (IFC) in different positions including Country Manager for Southern Africa and Nigeria. During that period he represented the IFC on the board of MTN Nigeria Communications Limited. He was subsequently appointed CEO of the nascent Africa Finance Corporation, which he built into a robust DFI focusing on African infrastructure, natural resources and heavy industry sectors. During his tenure as CEO, AFC made cumulative investments of over USD4 billion in 30 African countries and achieved the second -highest credit rating for an African lending institution.
In December 2018, Mr. Alli was appointed CEO of SouthBridge, a pan-African financial services firm focused on Investment Banking and Sovereign advisory, as well as on serving African and global corporates. He served as Non-Executive Director on the boards of ARM Cement Limited (October 2012 – March 24, 20170 and Guaranty Trust Bank Plc (June 2008 – June 30, 2016). He currently serves as an
Independent Non-Executive Director, Development Bank of Nigeria. He is a Member of the Advisory Board, Lagos Business School (LBS).
He holds a BEng in Electronics and Electrical Engineering from King’s College, University of London, and an MBA from INSEAD, France.
- Mrs. Omobola Johnson – Non-Executive Director
Mrs. Omobola Johnson served as Nigeria’s Minister of Communication and Technology from 2011 to 2015. She pioneered the Federal Government’s
involvement in a venture capital fund and a network of start-up incubators and participated in the launching and execution of the National Broadband Plan.
Prior to her Ministerial appointment, she was country Managing Director for Accenture. She currently chairs the board of Custodian and Allied Insurance Limited and sits on the boards of Guinness Nigeria Plc as well as World Wide Web Foundation.
Mrs. Johnson is the founding Chairperson of Women in Management and Business (WIMBIZ). She is a member of the World Economic Forum’s Global Agenda Council on Africa; UNDP’s Broadband Commission Working Group on Gender and the International Telecommunication Union’s Powering Development Advisory Board. Since 2015, she has served as Honorary Chairperson of the Global Alliance for Affordable Internet.
Mrs. Johnson attended the University of Manchester where she obtained BEng, Electrical and Electronic Engineering and King’s College London (MSc, Digital Electronics). She has a Doctorate in Business Administration (DBA) from Cranfield University and is a Fellow of the Aspen Global Leadership Network (AGLN).
- Mr. A.B. Mahmoud, SAN (OON) – Non-Executive Director
Mr. Mahmoud is the Managing Partner and one of the founding partners of the law firm of Dikko & Mahmoud. He was elevated to the rank of Senior Advocate of Nigeria in 2001 and is a Life Bencher of the Body of Benchers.
A former Kano State Attorney General and Commissioner for Justice and Attorney General; he was in the public service from 1979 to 1993 during which time he held various positions including Director Litigation, Public Prosecution and Solicitor-General at the Ministry of Justice, Kano.
Mr. Mahmoud SAN is the immediate past President of the Nigerian Bar Association (NBA), a Member of the International Chamber of Commerce (ICC), London Court of International Arbitration (LCIA) and was accepted into the Energy Arbitrators List (EAL) in 2013. He is a Council Member of the Nigerian Stock Exchange.
He chaired the Committee that drafted the Securities and Exchange Commission Code of Corporate Governance for Public Companies 2011. Mr. Mahmoud SAN sits on the boards of various companies and charities including Stanbic IBTC Pension Managers and Aliko Dangote Foundation.
He holds LLB and LLM (Company and Labour Law) from Ahmadu Bello University. In addition, he attended the Summer Institute in Corporate Law and Business, Northwestern University School of Law. He also obtained a Certificate in Techniques of Privatization, Harvard Institute of International Development as well as Certificate in Law and Development, International Development Law Institute.
- Mrs. Ifueko Okauru, MFR – Non-Executive Director
Mrs. Ifueko Okauru, MFR is a Chartered Accountant, Chartered Tax Practitioner and Management Consultant. She served as Executive Chairman of the Federal Inland Revenue Service (FIRS) and as the Chairman, Joint Tax Board between 2004 and2012. She also served as a Member and Coordinator, Sub-Committee on Capacity Building; United
Nations Committee of Experts on International Cooperation in Tax Matters (August 2008 – July 2012).
She is the Founder and Director, ReStraL Limited (Leadership and Management Consultants) as well as Managing Partner of Compliance Professionals Plc. Mrs. Okauru serves as an Independent Non-Executive
Director on the boards of Nigerian Breweries Plc and SEPLAT Petroleum Dev. Company Limited. She is also the Chief Program Officer, Dagomo Foundation Nigeria Ltd/Gte.
Mrs Okauru is currently engaged as an associate with the Harvard University Faculty of Arts and Science (FAS) undertaking research in Leadership, Social Enterprise, Culture and the Nigerian Nation.
She is a graduate of the University of Lagos, Nigeria, Imperial College, London and Harvard Kennedy School.
With the above changes, the Board will be comprised as follows:
| S/N | NAME | DESIGNATION |
| 1. | Dr. Ernest Ndukwe | Chairman Designate |
| 2. | Mr. Ferdinand Moolman | Chief Executive Officer |
| 3. | Mr. Michael Onochie Ajukwu | Independent Non-Executive Director |
| 4. | Mr. Muhammad K. Ahmad, OON | Independent Non-Executive Director |
| 5. | Mr. Andrew Alli | Non-Executive Director |
| 6.. | Mr. Rhidwaan Gasant | Independent Non-Executive Director |
| 7. | Mrs. Omobola Johnson | Non-Executive Director |
| 8. | Mr. A.B. Mahmoud, OON | Non-Executive Director |
| 9. | Mr. Ralph Mupita | Non-Executive Director |
| 10. | Mr. Paul Norman | Non-Executive Director |
| 11. | Mrs. Ifueko Okauru, MFR | Non-Executive Director |
| 12. | Mr. Jens Schulte-Bockum | Non-Executive Director |
| 13. | Mr. Rob Shuter | Non-Executive Director |
| 14. | Mr. Karl Toriola | Non-Executive Director |
Acknowledging the incoming directors, MTN Nigeria CEO Ferdinand Moolman said: “I also want to extend a warm welcome to the incoming Directors.
“The 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.”
Meta has announced its intention to appeal the decision of the Competition and Consumer Protection Tribunal (CCPT), which upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) over its data practices.
The penalty follows a 38-month investigation conducted by the FCCPC, in collaboration with the Nigeria Data Protection Commission (NDPC), which ran from 2021 to December 2023.
The investigation found evidence of unauthorised data sharing, insufficient user consent mechanisms, and discriminatory practices that treated Nigerian consumers differently from those in other regions.
In July 2024, the FCCPC imposed the $220 million fine on Meta and WhatsApp, citing violations of Nigeria’s data protection and consumer rights laws. Additionally, the ruling mandated corrective actions to ensure that Meta’s business practices comply with Nigerian regulations.
In a decision delivered on Friday, April 25, the tribunal upheld the fine, reaffirming the FCCPC’s authority and investigative processes. The tribunal also ordered Meta to pay an additional $35,000 to cover the costs incurred during the investigation.
However, Meta expressed disagreement with the tribunal’s ruling, stating in a statement on Saturday, April 26, that it would urgently seek to appeal the decision and apply for a stay of execution.
“We are urgently applying to stay the order and appeal today’s decision to avoid any impact to users,” WhatsApp said.
The company also contested the tribunal’s findings, claiming that the ruling misrepresented how WhatsApp operates and contained inaccuracies regarding its data practices.
Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.
The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .
In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.
According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).
“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”
The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.
It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.
“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.
“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.
The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.
It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.
While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.
While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO, commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.
He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.
Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc as the first company in its Telecoms sector and the first company to be listed this year.
Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.
Dr Umaru Kwairanga, chairman of NGX Group, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange
He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.
He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.
“This bold step demonstrates confidence in your business model and growth vision.
It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.
Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.
We anticipate continued growth in the future.
“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.
“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives
Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman, Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.
Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.
He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.
He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.
“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.
“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.
“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.
We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society
“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said
Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.
Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access
She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level
“When we started Legend, we weren’t just building an internet company; we were building a movement
A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation
“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections
“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.
“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.
“Legend’s primary focus now is on unlocking digital value at the household level,” she said.
Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.
Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322
Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.
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