MTN takes crown as most compliant listed company on NGX

MTN Nigeria has been named th3 Most Compliant Listed Company at the Nigerian Exchange Limited (NGX).

The award for legal and regulatory compliance from the NGX further demonstrates MTN Nigeria’s track record of compliance and contribution to Nigeria’s tax revenue, which have both been recognised and acknowledged recently.

MTN listed on the NGX as a result of the Nigerian Communications Commission regulatory action during the mobile network operator’s fine settlement agreement in 2016, which compelled the telco to, among other things, list on the Nigerian Exchange.

The Made of Africa Awards held at the Civic Centre, Victoria Island, Lagos on 6 December 2022. The award recognises the listed company with the highest levels of compliance with the Rules of The Exchange and other applicable laws and regulations.

“Since MTN Nigeria’s listing on the NGX in 2019, we have been very deliberate in the way we have approached our compliance with the rules and regulations of The Exchange, which are designed to ensure that the market operates credibly and transparently; two principles we believe are essential to the functioning of a world-class exchange. We hope that by continuing to demonstrate the highest levels of compliance, we can help bolster the reputation of The Exchange,” said Modupe Kadri, Chief Financial Officer, MTN Nigeria.

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Karl Toriola, CEO of MTN Nigeria said the award as recognition for the hard work the company’s team has done over the last few years.

“Compliance is at the heart of our business and embedded in the strategic priorities that underpin our Ambition 2025 strategy. Achieving this accolade early in that journey indicates that we are on the right track,” Toriola said.

In March 2022, MTN Nigeria was recognised as one of the most tax-compliant organisations and a top 20 taxpayer in Nigeria by the Federal Inland Revenue Service (FIRS). In November 2022, the FIRS appointed MTN Nigeria to withhold or collect value-added tax (VAT) on its behalf, demonstrating its faith in the Company.