As MTN Nigeria lists on NSE, VP Osinbajo, other shareholders meet payday

MTN

As MTN Nigeria Plc plans its listing on the Nigerian Stock Exchange, NSE, for tomorrow (May 16th, 2019), it will be an interesting time for several of its reclusive Nigerian shareholders.

One of the most popular shareholders in MTN Nigeria is the Vice President, Professor Yemi Osinbajo, Mr. Pascal Dozie, founder of Diamond Bank (now Access Bank) and the company’s former chairman. Although he is not listed in the company’s public filings, his shareholding was acquired through his company.

According to his asset declaration made public by his office on the 2nd of September, 2015, he declared that he had:

“A bank balance of about N94 million and 900,000 United States Dollars in his bank accounts.”

“Houses: 4-bedroom residence at Victoria Garden City, Lagos and a 3-bedroom flat at 2 Mosley Road, Ikoyi;  2-bedroom flat at Redemption Camp along Lagos-Ibadan Expressway and a 2-bedroom mortgaged property in Bedford, England.”

“Others: Apart from his law firm, known as SimmonsCooper, the Vice-President also declared shareholding in six private companies based in Lagos, including Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria.”

People with the knowledge of the details estimated his shares in MTN Nigeria at about 5%.

MTN Nigeria started operations on May 16th, 2001 registered as MTN Nigeria Communications Limited, launching operations in Lagos, Abuja and Port Harcourt.

The company paid $285 million for its operating license. The company claimed it has invested about US$1.8 billion has been invested in building mobile telecommunications infrastructure in Nigeria.

The company’s shares which are estimated at about 30% was sold to local investors including the current Vice President, Professor Osinbajo. It is not clear if the Vice President has sold his shares after he declared it publicly since 2015.

However, the listing of MTN shares on the NSE will avail MTN Nigeria’s local shareholders the opportunity to sell all or part of their shares.

Earlier today, MTN confirmed that it has received the go-ahead of the Nigerian Stock Exchange, NSE, to list its shares on the bourse.

Here are other Nigerian shareholders, international and institutional investors who are likely to benefit from the floating of MTN Nigerian shares.

Pascal Dozie, Chairman, Africa Capital Alliance

Mr. Pascal Gabriel Dozie is the Co-Founder, Partner, Founding Partner and Non-Executive Partner at African Capital Alliance. Mr. Dozie is the Founder of Kunoch Limited. He was the Founder of Diamond Bank PLC and served as its Chief Executive Officer from 1991 to 2006.

He served as the President at the Nigeria Stock Exchange. He served as the President of OON.

He is the Chairman of New Nigeria Foundation and Chairman of the Board of Trustees of African Development Foundation. He also serves as the Co-Chairman of the Nigeria Business Coalition against HIV/AIDS. Mr. Dozie serves as the Chairman of MTN Nigeria Communications Limited and the Co- Chairman of the Commonwealth Business Council board and Chairman of Diamond Group Advisory Board. He serves as the Chairman of Kunoch Limited; Landmark Africa; ADIC Insurance Limited; Aluminium Extrusion Industries Plc.

He serves as a member of the Governing Council at Pan-Atlantic University. He is the former Chairman of Nigeria Business Support Group. He served as Chairman of Diamond Bank Plc until December 31, 2006. He served as the Chairman of Nigerian Economic Summit Group and served on the Lagos Business School Advisory Board. Mr. Dozie serves as a Non Executive Director of Gulf of Guinea Energy Limited. He serves as a Member of Advisory Board at Kaizen Venture Partners. Mr. Dozie served as a Director of The Central Bank of Nigeria. He was an Economic Adviser for Niger State Government. Mr. Dozie was a Member of Vision 2010 Council. He served as the President of the Nigerian Stock Exchange.

He was a Council Member of The Nigerian Stock Exchange. He is the Recipient of National Award of Officer of the order of the Niger. Mr. Dozie holds Honorary Doctorate degrees in Law, Management Technology and Business Administration from three Universities. Mr. Dozie holds an M.Sc. in Econometrics from City University, London and a B.Sc. in Economics from the London School of Economics and Political Science.

Colonel Sani Bello, Chairman, MTN Communications Limited, Nigeria

Colonel M. Sani Bello serves as Vice Chairman at MTN Nigeria Communications Limited. Colonel Bello previously served as Chairman at Law Union & Rock Insurance Plc.

Mr. Karel W. Pienaar, MTN Group Limited

Mr. Karel W. Pienaar, B.Sc. (Electrical & Electronic Engineering), PrEng, served as Group Chief Strategy Officer of MTN Group Limited since May 29, 2013 until December 3, 2015. Mr. Pienaar was responsible for overseeing MTN strategy across its 22 operations. He served as Chief Executive Officer of Mtn (Pty) Ltd and MTN SA. Mr. Pienaar served as Chief technical and Information Officer and Managing Director of MTN Group Ltd. Mr. Pienaar served as Group Chief Technology Officer and Group Chief Information Officer of MTN Group Ltd. since 2003.

He served for 10 years as Group Executive Networks, Chief Technology Officer, in charge of the network for MTN. He served as Chief Executive Officer of MTN Nigeria for a year to handle the start up. Mr. Pienaar started his career at Telkom SA Limited and was involved in the full spectrum of Telecommunication and Technical Management.

He served as the Technical Director of Elex Electronic Limited, CRB Divisional Head Communications and MultiChoice (Strategic Business Development Manager). Mr. Pienaar serves as a Director of MTN Nigeria Communications Limited.

Gbenga Oyebode, Advisor, Ingressive Capital

Mr. Gbenga Oyebode, MFR serves as Advisor at Ingressive Capital and has been Managing Partner of Aluko & Oyebode & Co. since 1993. Mr. Oyebode is the President of Okomu Oil Palm Company and Access Bank. For over years, he has developed significant experience in the project finance, corporate law, energy and natural resources, telecommunications and aviation law.

Mr. Oyebode serves as the Chairman of The Okomu Oil Palm Company Plc. Mr. Oyebode served as Non-Executive Chairman and Director of Access Bank Plc (formerly, Access Bank Nigeria) until July 30, 2015. He has been Independent Non-Executive Director of Nestle Nigeria PLC since February 24, 2014 and Director at Socfinaf SA since 2011. He serves as a Non-Executive Director of The Okomu Oil Palm Company Plc and Crusader Nigeria Plc. He serves as on the Board of Crusader Insurance PlC respectively. Mr. Oyebode serves as a Director of MTN Nigeria Communications Limited (also known as MTN Nigeria Ltd.). He is on the Africa Advisory Committee of the Johannesburg Stock Exchange.

He is a Fellow of the Chartered Institute of Arbitrators (UK) and the Nigerian Leadership Initiative. He is the Chairman of the Section of Business Law of the Nigerian Bar Association, a Member of the Order of the Federal Republic of Nigeria (MFR) and Belgian Royal Honour of Knight of the Order of Leopold. He is a Barrister & Solicitor of the Supreme Court of Nigeria (admitted June 1980) and Attorney at Law of the Supreme Court of New York State (admitted November 1983), and the American Bar Society of the International Law.

Mr. Oyebode was educated at University of IFE (LL. B Honours) and University of Pennsylvania, Philadelphia (LL. M Honours) where he graduated in 1979 and 1982, respectively.

Mr. Victor Odili, Nigeria Communications Limited

Chief Victor Odili serves as Director at MTN Nigeria Communications Limited.

The move will make Nigeria’s largest mobile carrier the second largest traded company by market capitalization of about N1.8 trillion.

Mr. Robert D. Nisbet, Director, MTN Nigeria Communications Limited

Mr. Robert D. Nisbet, also known as Rob, BCom, BAcc, CA (SA) served as the Chief Financial Officer of MTN Group Ltd. and also served as its Group Finance Director until July 2009. Mr. Nisbet served as Financial Director of Mathieson and Ashley.

He held financial directorships in both listed and unlisted companies. He serves as Director of MTN Nigeria Communications Limited. He served as an Independent Non-Executive Director at Tiger Brands Limited since August 01, 2010 until September 7, 2018.

He serves as a Director of MTN Network Operator, MTN Service Provider and MTN International. Mr. Nisbet served as an Executive Director of MTN Group Ltd. from October 1, 2001 to September 30, 2009. He served as a Director of other Private and Public Companies.

Mrs. Fatima Daniels, Clicks Group

Ms. Fatima Daniels , also known as Jakoet, B.Sc., CTA, CA (SA), served as a General Manager of Denel. She worked in the Eskom Group for ten years in positions ranging from regional and corporate finance to General Manager of Telecommunications. She has depth experience in various facets of large corporate business, from both a strategic and operational perspective. She is an advocate of competition and free-market principles. She has extensive corporate experience ranging from finance to telecommunications.

She has in-depth experience in various facets of large corporate business, from both a strategic and operational perspective, including industrial relations, transformation and employment equity issues. She has been an Independent Non-Executive Director of Tongaat Hulett Limited since 2008, Clicks Group Limited since March 1, 2008 and SAB&T Ubuntu Holdings Limited since October 13, 2006. She serves as a Director of MTN Nigeria Communications Limited. She served as a Director at Public Investment Corporation Limited, South African Mint Company (Pty) Limited, South African Bank Note Co (Pty) Ltd., MTN Cameroon Ltd., MTN Congo Ltd., MTN Côte d’Ivoire, MTN Côte d’Ivoire, Qualsa Healthcare (Pty) Ltd., Abathwa Capital Holdings (Pty) Ltd., Philelana Holdings (Pty) Ltd and Metropolitan Life (Pty) Ltd. She serves as a Director at Rand Refinery Limited. She has been a Independent & Non-Executive Director of MMI Holdings Limited since 2010. She serves as an Independent Non-Executive Director of MMI Group Limited. She has been a Independent & Non-Executive Director of JSE Ltd. since October 1, 2018. She serves as a Non-Executive Director of the SA Reserve Bank, Impala Platinum Ltd., Clicks Group Ltd., Metropolitan Health Group and MTN West and Central Africa Region.

She served as an Independent Non-Executive Director of South African Reserve Bank from August 29, 2000 to September 12, 2010. She served as a Director of Impala Platinum Holdings Ltd. from August 2007 to May 28, 2010. She served as served on the Metropolitan board from May 1996 to November 2001. She served as an Independent Non-Executive Director at Metropolitan Holdings Ltd. since March 11, 2005. She served as a Director at Telkom SA (Pty) Ltd., Unitrans Rentals (SA), Alisa Car Sales (Pty) Ltd., Alisa Finance Corporation (Pty) Ltd., Woolworths Holdings (Pty) Ltd and African Bank (Pty) Ltd. She is a Member of South African Institute of Chartered Accountants.

Dr. Babatunde Tijani Folawiyo, Coronation Merchant Bank

Dr. Babatunde Tijani Folawiyo, also known as Tunde D.BA serves as the Managing Director of Yinka Folowiyo Power. Mr. Folawiyo is Chairman of Coronation Merchant Bank Ltd. Mr. Folawiyo serves as Director of MTN Nigeria Ltd. Mr. Folawiyo serves as an Executive Director of Yinka Folawiyo Petroleum Co. Ltd. He serves as Executive Director of Yinka Folawiyo Group of Companies.

He has been a Director of Abacan Resource Corp. since December 1993. Over the course of his career, he has been actively involved in petroleum exploration activities under the indigenous programme of the Nigerian Petroleum Industry, and was instrumental in pioneering developmental activities in the Benin Embayment. Since 1996, he has served as Vice President of the Nigeria Association of Indigenous Petroleum Explorers and Productions (NAIPEC). During the 2005 recapitalisation/consolidation of the banking industry, he led Marina International Bank Ltd into a successful merger with Access Bank Plc, and served on the board of the Bank until February 2016. He was also a Director at Unic Insurance Plc. He served as a Non-Executive Director of Access Bank Plc (formerly, Access Bank Nigeria) since October 11, 2005 until January 29, 2014.

He serves as a Director of MTN Nigeria Communications Limited. He was called to the Bar of England and Wales (Honorable Society of the Inner temple) in 1985, he started his law Practice in Nigeris with the firm of Ogunsanya and from where he resigned in 1989. Mr. Folawiyo holds a B.Sc degree in Economics obtained in 1980 from the London School of Economics coupled with LL.B and LL.M degrees obtained from the famous University College London in June 1984 and 1985 respectively. His achievements include an appointment as Honorary Consul of Barbados in Lagos, Nigeria, a position he holds to this day, and the receipt of the African Business Leadership Award in 2010. He is a member of the Bar Association of England and Wales, and the Nigerian Bar Association.

Mallam Ahmed I. Dasuki, Nigeria Communications Limited

Mr. Mallam Ahmed I. Dasuki serves as the Executive Chairman of Quaditect Consultants. Mr. Dasuki serves as a Director of MTN Nigeria Communications Limited. He serves as a Director of Phillips Project Centre. He served as a Director of Stanbic IBTC Bank PLC from 1989 to 2010. He is an Architect and Businessman.

Mr. Ahmed Farroukh, Smile Telecoms Holdings Limited

Mr. Ahmed Farroukh, MBA, CPA, has been Executive Director of Operations at Smile Telecoms Holdings Limited since May 1, 2017. Mr. Farroukh served as the Chief Executive Officer of Mobily since July 2015.

He served as the Chief Executive Officer of MTN South Africa since August 2014 until July 31, 2015. He served as Chief Executive Officer of Etihad Etisalat Company since July 12, 2015. He served as Chief Executive Officer of MTN Nigeria. Mr. Farroukh served as the Chief Executive Officer and Managing Director of MTN Nigeria Communications Limited, a unit of MTN Group Ltd. since July 19, 2006. Mr. Farroukh served as Group Chief Operating Executive of MTN Group Ltd. from April 1, 2012 to August 2014 and as its Vice President of West and Central Africa (WECA) Region since March 2011 until August 2014.

He served as Acting Vice President of WECA Region at MTN Group Ltd. until March 2011. He served as Regional Manager for West Africa of Investcom and Managing Director of Scancom Limited, in which position he ran the Areeba Network in Ghana. He served as Managing Director of Scancom Ltd., operators of Areeba, Ghana. He worked for Mediterranean Investor Group, KPMG and Deloitte & Touche. He is an experienced telecoms executive with a distinguished record of commercial success, extensive experience working in Africa and an impressive ability to drive strategy and profitability in accordance with international standards. He serves as a Director of MTN Nigeria Communications Limited.

He lectured in accounting at the American University of Beirut. Mr. Farroukh holds an MBA and belongs to a host of high profile professional bodies including the American Institute of Certified Public Accountants (AICPA), the New York State Institute of Certified Public Accountants and the Lebanese Institute of Certified Public Accountants. He is a Certified Public Accountant. He holds a Master’s Degree in Business Administration and Accounting from the Lebanese American University.

Mr. Raymond Sifiso Dabengwa, MTN Nigeria Communications Limited

Mr. Raymond Sifiso Ndlovu Dabengwa, BSc Elect Eng, MBA, EDP, served as the Chief Executive Officer and President of MTN Group Ltd. from March 31, 2011 to November 9, 2015. Mr. Dabengwa served as Chief Operating Officer of MTN Group Ltd. until March 31, 2011. He served as Managing Director of MTN SA of MTN Group Ltd. Mr. Dabengwa served as Chief Operating Officer-South Africa of MTN Nigeria Communications Limited.

He served as Chief Executive Officer of -MTN Nigeria Communications Limited since November 1, 2004 and also served as its Managing Director. He was responsible to develop and implement strategic direction, ensure profitable growth and meet required performance targets.

He served as Group Chief Operating Officer of MTN Group Ltd. until November 2004. His major achievements have been to maintain and improve the MTN’s group’s market position, despite increased competition and demand for resources. Prior to MTN, he served several years at Eskom, where as a Member of Eskom’s Management Board, where Mr. Dabengwa was responsible for all of its distribution operations, including sales, customer service, marketing, engineering and technology.

At Eskom, he was also responsible for the planning and implementation of the national electrification programme, one of the most successful projects of the Reconstruction and Development Plan. He serves as a Director of MTN Nigeria Communications Limited. He serves as Director of Leaf, e-Bucks, MTN International, MTN Network Operator and MTN Service Provider.

He serves as a Non-Executive Director of Peermont Global Limited. Mr. Dabengwa served as an Executive Director of MTN Group Ltd. from October 1, 2001 to November 9, 2015. He served as an Independent Non-Executive Director of Impala Platinum Holdings Ltd. from January 1, 2004 to November 10, 2004. Mr. Dabengwa holds B.Sc. in Electrical Engineering, MBA and EDP.

Mr. Christian M. DeFaria, Airtel Uganda Limited

Mr. Christian M. DeFaria, CA, serves as the Chief Executive Officer of Airtel Africa of Airtel Uganda Limited. Mr. de Faria has been the Head of Telecom at Bharti Enterprises Limited since January 2014.

Mr. de Faria served as Chief Executive Officer of Bharti Airtel Africa B.V. until January 1, 2017. Mr. de Faria served as the Chief Executive Officer of Africa at Bharti Airtel Limited since January 1, 2014 and served as its Managing Director of Africa. He has been Executive at MTN since 2006. He served as Group Chief Commercial Officer at MTN Group Ltd. until January 31, 2013 and also served as its Regional Vice President of West Africa since May 2006.

He served as Senior Vice President of Commercial & Innovation, Vice President of Operations and Regional Vice President for WECA Region at MTN Group Ltd. He served as the Chief Executive Officer of PT Excelcomindo Pratama, known as XL. He served as the Chief Executive Officer of Axiata Group Berhad since February 2003. He served as the Chief Executive Officer of TM International Sdn Bhd at Telekom Malaysia Berhad since February 2003 and served as its Chief Executive Officer of Excelcomindo since January 2005.

He also served various positions including Finance Director, Group Financial Controller, Group Finance Director and Business Development Director in various companies in Europe and Asia. Mr. de Faria has extensive experience in the telecommunication and multimedia industry. He served as the Chief Executive Officer of Telekom Malaysia, where he was responsible for international strategy. He contributed to the divestment in Africa and concluded acquisitions for the group. He was involved in the rapid growth of investments in Sri Lanka, Bangladesh and Cambodia. He served as President Director of PT XL Axiata Tbk since January 2005. He served as Chairman of Bharti Airtel International (Netherlands) B.V. at Bharti Airtel Limited since November 1, 2013 until October 2017. He serves as the Executive Chairman of Bharti Airtel Africa B.V.

He served as a Director of Airtel Networks Zambia Plc since December 1, 2013 until October 31, 2017. He serves as a Director of MTN (Dubai) Ltd. and MTN Nigeria Communications Limited. He served as a Director of Bharti Airtel Limited. He served as a Director of PT XL Axiata Tbk. Mr. de Faria holds Degree in Finance and Administration from the University of Toulouse, France from 1969 to 1972.

Mr. MTN Group Limited, Paul D. Norman

Mr. Paul D. Norman, MA (Psychology), MBA, serves as Group Chief Human Resources Officer of MTN Group Limited. He served as Group Chief Human Resources & Corporate Affairs Officer at MTN Group Limited since 1997.

Mr. Norman served as Group Executive, Human Resources of MTN Group Ltd. since 1997. He has spent more than 10 years in the field of HR. He has worked extensively in the transport and telecommunications industry. He serves as a Director of MTN Nigeria Communications Limited.

He serves as Trustee of CAMAF (“Chartered Accountants Medical Aid Fund”). He was awarded HR Practitioner of the Year in 2003 by the Institute for People Management (IPM). He is a registered psychologist and completed various executive development programmes at Wits Business School and IMD in Switzerland.

Mr. Joseph Solan, Bharti Airtel Africa B.V.

Mr. Joseph Solan serves as Senior Manager of Credit Review and Portfolio of Global Information and Communication Technologies Department at International Finance Corporation.

Mr. Solan served as an Investment Officer in Europe, the Middle East, and in Latin America, covering a range of industries and banks. He worked at 3i Group plc.

Mr. Solan joined the IFC Telecommunications Division at its formation in 1992 and has wide experience of financings and restructurings in the wireline, wireless, satellite and cable TV sectors. Mr. Solan is a Director at MTN Nigeria Communications Limited and Bharti Airtel Africa B.V.

He has also participated in the privatization of several national wireline operators and served as a director of one of those.