MTN Group Limited has appointed former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Alhaji Lamido Sanusi and former South African Deputy Prime Minister, Mcebisi Jonas to its board as part of preparations for the listing of its shares on the Nigerian Stock Exchange. This came after conversion of its Nigerian unit into a public company two weeks ago.
The company has also applied to the Nigerian Securities & Exchange Commission for permission to proceed with the registration and the listing of its shares on the stock Exchange.
The listing, The Nigerian Xpress has learnt was part of the condition given to the company for the settlement of a $1 billion regulatory fine three years ago.
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While Jonas, 59, will replace Phuthuma Nhleko, who plans to step down in December after almost two decades as chairman or chief executive officer of the Johannesburg-based company, Sanusi, 57 was named a non-executive director.
The MTN business in Nigeria is the largest of the group’s 20-market portfolio, accounting for almost a quarter of all subscribers, and has been hampered by a series of government and local authority disputes that have hurt the company’s share price.
MTN shares traded 1.6 percent higher at 105.10 rand as of 4:26 p.m. in Johannesburg. The stock has gained 16 percent since CEO Rob Shuter announced a 15 billion-rand disposal plan in March, which included the carrier’s Botswana business.
