Nigerian mogul Pascal Dozie’s stake in MTN Nigeria now worth $148 million
Nigerian multimillionaire businessman and Diamond Bank Founder Pascal Dozie is one of the top 20 wealthiest investors on the Nigerian Exchange thanks to his stake in MTN Nigeria, the largest telecom company in the nation, which is valued at more than $148 million.
Dozie, who made his first business move in 1985 after recognizing an opportunity in the Nigerian financial services industry — a move that resulted in the birth of Diamond Bank, one of Nigeria’s largest retail banks until its acquisition by Access Holdings in December 2018 — played a key role in MTN Nigeria’s growth.
With about 69 million people connected across the country, MTN Nigeria is one of Africa’s largest telecom service providers. Its 4G network now covers 70 percent of the population, up from 60 percent in December 2020.
The telecom giant, which is now led by Karl Toriola, is the most profitable subsidiary of MTN Group, a multinational telecom conglomerate with operations in 20 African and Middle Eastern countries.
Dozie still owns a 1.6-percent stake in MTN Nigeria, valued at N165.36 billion ($148.5 million), despite leaving the telecom service provider in 2019 after serving as chairman from 2001 to 2019.
His stake in the leading telecom firm is now worth $60.3 million less than it was 175 days ago, on May 19, when the group’s share price soared above N270 ($0.6135) per share on the Nigerian Exchange, increasing the market value of his stake to nearly $210 million.
Due to the group’s strong financial performance in 2021, when earnings soared above $710 million, Dozie received a mega dividend of $6.6 million this year.
He is also on track to receive another mega dividend in 2023, as the telecom company reported a double-digit increase in earnings at the end of the first three quarters of its 2022 fiscal year.
Figures contained in the group’s recently published financial results revealed that MTN Nigeria’s profit rose by 22.1 percent in the first nine months of 2022, from N220.31 billion ($500.6 million) in the first nine months of 2021 to N269.04 billion ($611.3 million), as it maintained service revenue growth, while unlocking efficiencies through the execution of cost-cutting strategies.