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MTNN CEO designate raises equity stake in the telco by over N80million

MTNN CEO designate raises equity stake in the telco by over N80million

As a show of confidence in the future prospects of MTN Nigeria Communications Plc, Karl Toriola the CEO Designate has raised his equity stake in the leading Telecommunications Company through various share purchase deals worth about N85million.

Notification of the share dealing by the insider shows that Toriola, who is currently a non-executive director purchased 253,982 ordinary shares at average price of N162.96 per share. The MTNN CEO designate also bought 515,102 ordinary shares at an average price of N165.61 per share. Both transactions were on December 31, 2020.

Toriola was in October 2020 appointed the CEO designate of MTN N Plc. His appointment becomes effective on March 19, 2021 providing enough time for an orderly handover.

Details at the Nigerian Stock Exchange (NSE) show he purchased 130,510 ordinary shares at N160.50 per share; 185 ordinary shares at N161.80 per share; 100,159 ordinary shares at N163 per share; 2,722 ordinary shares at N164.50 per share; and 20,406 ordinary shares at N165 per share.

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Further details of the share purchase deal show Toriola bought 3,000 units at N164.90 per share; 26,401 units at N165 per share; 1,000 units at N165.90 per share; 1,000 units at N166 per share; 31,477 units at N168 per share; 39,297 units at N169 per share; 79,351 units at N169.80 per share and 100,000 units at N169.90 per share.

The N165.2 per share the Telco shares exchanged on Tuesday January 5, 2021 shows it is below its 52-week high of N175 against a corresponding week low of N90.

In the nine months to September 30, 2020, MTNN grew its mobile subscribers by 3.9million to 75million; active data users increased by 1.7million to 30.7million; service revenue increased by 13.9percent to N973.8billion; earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 9.1 percent to N497.9billion; profit before tax declined 0.6 percent to N211.6billion; while earnings per share declined by 3.3percent to N7.1kobo.

Since joining the Group in 2006, Toriola has held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive.

He has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group’s subsidiaries and served on various MTN boards, including MTN Nigeria.