It is no small feat to find a company in the Nigerian stock exchange that is offering strong dividends and growth at the same time, the chief executive officer, MTN Nigeria, Olutokun Toriola says while narrating a compelling growth story of the telco giant.
Sharing the perspective at the Enugu roadshow, as part of the nationwide campaigns to engage interested retail investors in the ongoing offer by MTN Group for shares in MTN Nigeria, the CEO said the compelling growth story of MTN Nigeria comes from the fact that it is a well-managed company.
“We are very efficient in what we do, and we are very well-governed. We are disciplined, we have a board of directors that oversee what we do, we have a group that also ensures we are providing the profit margins that are expected of us and this makes us well-positioned for the long term,” he said.
MTN plans to sell 90 percent of its public offering of 575 million shares in Nigeria to retail investors, the telco giant is allowing individual investors to have a stake in one of the country’s most profitable businesses at an attractive entry price.
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The first to be delivered digitally in Nigeria, the shares of MTN Nigeria’s public are being sold to retail investors at N169 per share. The offer is the first from MTN since the 2019 listing on the Nigeria Exchange Limited (NGX) and the company seeks to take advantage of digital integration to ensure substantial participation from investors across Africa’s most populous nation.
The offer, which opened at 8:00 am on December 1, 2021, is expected to close at 5:00 pm on December 14, 2021, with a minimum subscription of 20 shares and lots of 20 shares thereafter. Subscribers are also offered one free share for every 20 shares they buy.
Making a case for MTN, Toriola said, out of MTN Nigeria’s 1,711 staff, only nine are foreigners. According to him “We are through and through a Nigerian company, we have a great workforce, driven primarily by Nigerians, we have also exported a significant number of Nigerian talents outside Nigeria to hold key offices. The reason why we are putting up some of our shares for sale is that we truly want as many Nigerians as possible to own a share in MTN Nigeria and to benefit from the growth of the company.”
According to the telco giant, investors can submit applications through the issuing houses, receiving agents (authorized stockbrokers and Nigerian banks), and online via a unique digital application platform, PrimaryOffer, administered by the Nigerian Exchange Limited.
Also present at the Enugu roadshow were Chief Financial Officer, MTN Nigeria, Modupe Kadri, Chief Corporate Services Officer, MTN Nigeria, Tobechukwu Okigbo, Chief Marketing Officer, MTN Nigeria, Adia Sowho, Company Secretary, MTN Nigeria, Uto Ukpanah, Divisional Head, Listings Business, The Nigeria Stock Exchange, Olumide Bolumole, and Head of Investment Banking, Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu.
