MTN Nigeria appeals against FG’s proposed nationalisation, says company belongs to Nigerians

He said over 11 million Nigerians own stakes in the company through pension fund investments.

Olumayowa Samuel • July 3, 2026

MTN

Karl Toriola, MTN Nigeria’s chief executive officer, has appealed against calls for and the proposed moves to nationalise the company, as part of the President Bola Tinubu administration’s retaliatory action against xenophobic attacks and killings of Nigerians in South Africa.

Mr Toriola disclosed this on TVC News’ Beyond the Headlines on Thursday, in response to a proposal by Edo State senator Adams Oshiomhole.

He stated that although the company was founded in South Africa, which is the majority shareholder, over 11 million Nigerians indirectly own stakes in the company through pension fund investments.

Mr Toriola, who condemned all forms of attacks against Africans living in South Africa, also stated that MTN Nigeria belongs to Nigerians, many of whom have played a major part in the company’s success.

He said, “We unequivocally condemn any form of xenophobia, violence, or attacks against any community in the world. We’re a Nigerian company, through and through. We’re listed on the stock exchange with over 201,000 retail investors, and 11 million people hold shares through their pension funds in MTN Nigeria. We provide the digital backbone of the economy, and we have a completely Nigerian entity.

“Yes, MTN was founded out of South Africa, and the parent company that’s the majority shareholder is South African, but let’s also look at it objectively. The shareholding of MTN Holding, South Africa, is only 50 per cent African. The remaining 50 per cent is from across the world, 27 per cent is from the U.S.A., then comes the UK, Europe, the Middle East, APAC (Asia-Pacific), etc.

“So, this label ‘South African’ is without any scientific substance; it’s a publicly listed company, even in South Africa, with a very diverse shareholding. We’re completely Nigerian in identity, as any company you can think of. We’re in the process of building a headquarters, planting even deeper roots.”

According to him, the company has exported talent and has a strong presence in the country, and, due to its immense contributions, it has nowhere else but Nigeria.

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