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Karl Toriola appointed new MTN Nigeria CEO

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MTN has announced that Karl Toriola will be taking over as CEO of MTN Nigeria and the current Nigeria CEO, Ferdi Moolman, will be returning to South Africa to take up the role of group chief risk officer.

Toriola is the current vice president for MTN Group's West and Central Africa (WECA) region, a role he has had for five years. He will transition to leading the Nigerian operation at the beginning of March 2021.

Karl Toriola will take over as CEO of MTN Nigeria in March 2021.
Karl Toriola will take over as CEO of MTN Nigeria in March 2021.

MTN credits Toriola with overseeing the steady progress of the operating companies in the WECA region, particularly the turnaround of MTN Ivory Coast and MTN Cameroon over the past two years.

"In addition, the WECA markets have made significant commercial and strategic strides, including the improvement of market share and the development of mobile financial services. The latter in particular is an important driver of the group's medium- to long-term growth strategy," MTN said in a statement.

"Karl brings extensive technical and commercial experience, as well as a deep understanding of the Nigeria market to the role," commented MTN Group President and CEO Ralph Mupita. "Karl started his MTN career in his home country at MTN Nigeria 14 years ago and has all the attributes necessary to lead this very important business into the future."

Since joining the group in 2006, Toriola has also held a number of senior operational roles at MTN, including chief technical officer of MTN Nigeria and CEO of MTN Cameroon. He is also a board member on a number of companies within the group, including MTN Nigeria.

MTN said that Toriola's successor as VP for WECA will be announced after the group strategy review is completed by the end of November 2020.

MTN Group owns 78.8% of MTN Nigeria, which is listed on the Nigerian Stock Exchange and contributes around a third of the group's service revenue. At the end of June 2020 MTN had 71.1 million subscribers in Nigeria.

CEO Ferdi Moolman will be leaving MTN Nigeria in March 2021 to take up the role of MTN Group chief risk officer.
CEO Ferdi Moolman will be leaving MTN Nigeria in March 2021 to take up the role of MTN Group chief risk officer.

Moolman joined MTN in 2002 and has held several senior positions within the group in Nigeria and in Iran. He has spent the past five years as the CEO of MTN Nigeria and as its CFO prior to that. During that time, significant progress has been made in stabilizing the business and setting it on a sustainable growth path, MTN said.

"Ferdi has been an exemplary leader of MTN Nigeria and has put the business on a sound growth platform for the future," added Mupita.

"He brings significant strategic, financial and operational experience to the new group risk role, where we want to ensure that our enterprise-wide risk management systems are continuously strengthened and remain resilient as we drive our growth strategy."

He will remain on the board of MTN Nigeria and will in due course be appointed to other material subsidiary boards given his new group responsibility.

— The Staff, Connecting Africa

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