Post by Arise News (@arisenews)

MTN Has Diverse Shareholding Despite Being Labelled a South African Company; MTN Nigeria is a Local Entity - Toriola

Xenophobia is abhorrent. We condemn all acts of xenophobia against any community, people, or nationality anywhere in the world. Ultimately, a lot of conflicts come down to economic issues: the state of the economy, jobs, etc. While it is true that MTN was founded in South Africa and is listed on the Johannesburg Stock Exchange, only about 50% of MTN’s shareholding is African. 27% is held in North America, with the balance spread across the United Kingdom, Europe, the Middle East, and the APAC region. In reality, therefore, it has a very diverse shareholding. MTN Nigeria is a Nigerian company in every sense. We are domiciled in Nigeria, listed on the Nigerian Exchange, and we pay all taxes and duties in full compliance. The company is run by Nigerians. The entire expatriate headcount at MTN Nigeria is just four individuals.

Karl Toriola, CEO, MTN Nigeria

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