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Stakeholders Commend Ndukwe’s Appointment as MTN Nigeria Chairman

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Ernest Ndukwe, former EVC of the Nigerian Communications Commission (NCC)
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Stakeholders in the telecom industry have been unanimous in applauding the emergence of seasoned telecommunications technocrat Engr. Ernest Ndukwe has the Chairman of the Board of Directors of MTN Nigeria.

Prominent among the group is the New Dimension Shareholders Association, a prominent group of Capital Market Investors and Shareholders in notable companies quoted on the floor of the Nigerian Stock Exchange.

In a public statement signed by its President, Patrick Ajudua, the New Dimension Shareholders Association stated, “the appointment is a welcome development because he is tested and well experienced in the industry.”

The Association expressed optimism that the new MTN Board headed by Dr. Ernest Ndukwe will ensure transparency, compliance with corporate governance, and value addition to the shareholders.” In a similar vein, the President Proactive Shareholders Association, Taiwo Oderinde, urged the new board to shun any corporate governance lapses capable of dragging the image of the firm through the mud.

He noted, “The new Chairman, Dr. Ndukwe, is a man with a wealth of experience and connections in the telecommunications sector. As a one-time head of NCC, I believe with the support of other members of the board, he will bring this to bear in his new responsibility. I congratulate him and he should not let the shareholders and other stakeholders down.”

Dr. Ndukwe, a former Executive Vice Chairman (EVC) of Nigerian Communications Commission (NCC), is fondly called Mr. Telecoms for his vast experience and rich contributions to the growth of telecommunications industry over the years.

A highly respected telecommunications professional, Dr Ndukwe’s career has gone full circle, starting from the private sector as the Managing Director of a notable telecommunications company, he moved into government service at the helm of the industry regulatory agency as EVC of NCC and back to the private sector and now Chairman of Nigeria’s largest operating company MTN.

Cerebral and a hands on manager, Ndukwe was an adjunct faculty at the Pan Atlantic University/Lagos Business School and also a Director of the School’s Infrastructure Center. His passion for human capacity development in the industry led to the birth of the Digital Bridge Institute, an international centre for telecommunications and information technology studies, during his tour of duty as EVC of NCC.

Indeed, Dr Ndukwe would always state that the greatest legacy of his tenure in government is the liberalization of access to telecoms in Nigeria and making the benefits and impact of ICT available to the masses especially the poor and the most traditionally disenfranchised groups.

A recipient of the national honour of the Officer of the Order of the Federal Republic, OFR, Ndukwe is a past Chairman of Administrative Council of African Telecommunications Union, ATU, and a past Chairman of the West African Telecommunications Regulators Assembly, WATRA, which he helped pioneer.

He was also a Vice Chairman of Telecom Development Advisory Group (TDAG) of the ITU representing Nigeria. In April 2014 he was decorated with an ITU Gold Medal Award “in recognition of his important contribution to global Information and communication technologies and to the work of ITU”.

Ndukwe has represented Nigeria at various international events and is a regular resource person at international conferences including International Telecommunications Union, ITU.  On special invitation he has served as adviser to a few countries in Africa on Telecom Policy and regulation.

For two consecutive years (2008 – 2009) he was adjudged the African Regulatory Personality of the Year. The Nigerian Communications Commission under him was severally voted the best regulatory agency in Africa.

A fellow of Nigerian Society of Engineers, FNSE, Nigerian Institute of Management, FNIM and Nigerian Academy of Engineering, FAEng, he holds honorary Doctorate degrees from five leading Universities in Nigeria and was also honoured for Outstanding Contributions In Public Office by the Commonwealth Business Council and the London based IC Publication amongst other esteemed laurels.

Ndukwe’s elevation as Chairman of the Board of MTN, to many, is the elixir needed for the continued transformation of MTN as the leading telecoms company in Nigeria. In his new position, Ndukwe is expected to deploy his rich and vast knowledge of telecommunications engineering and evident expertise in management for the continued growth and development of MTN Nigeria in particular and the ICT industry in general.


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NIA Questions Legality of Reps’ Financial Probe

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The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.

In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.

It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.

The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.

In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.

“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.

“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.

“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”

Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.

“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.

17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.


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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

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Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).

Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.

“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.

She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,

Learning through experience

Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.

Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.

Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.

Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.

World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.

The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.

The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.


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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

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Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.

Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.

The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.

It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.

Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.

He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.

According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.

“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.

“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”

The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.

He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.

Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.

“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.

“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.

“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.

The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.

All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.


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