Damilola Toriola, daughter of Karl Toriola, the CEO of MTN Nigeria Plc, has become a minority shareholder in the telecom services provider after acquiring a total of 54,740 ordinary shares at an average price of N197.23 ($0.427) in five separate deals.
According to a notification of share dealings published after trading activities on May 11, 2023, the total cash consideration for the shares was N15.8 million ($34,300).
The transaction is a significant move for the young investor, who has now become a shareholder in one of Nigeria’s most successful companies.
It demonstrates the confidence that insiders have in the company’s future prospects, and it could inspire other investors to follow suit.
While Damilola joins the ranks of the company’s minority shareholders, her father, Karl Toriola holds a stake of 0.0201 percent in MTN Nigeria, which amounts to a total of 4,086,858 ordinary shares and places him among the top shareholders.
MTN Nigeria is a leading telecom services provider in Nigeria with a subscriber base of over 76 million. The company has invested heavily in infrastructure and technology to provide high-quality and reliable mobile services to its customers.
The group’s success in recent years has been driven by the company’s strong management team, including Karl Toriola, who has proven to be a valuable asset to the company.
Toriola became the CEO of MTN Nigeria in October 2020, after five years of impressive performance as the VP of MTN’s West and Central Africa region. He boasts 24 years of experience serving in various positions within MTN Group, WECA region, MTN Cameroon, Vmobile Nigeria, Ericsson Nigeria & AG Switzerland.
Since his appointment, the group’s revenue and profit have increased from N1.346 trillion ($2.92 billion) and N205.2 billion ($444.2 million) in 2020 to N2.012 trillion ($4.35 billion) and N358.2 billion ($775.36 million) in 2022, respectively.
In the first three months of its 2023 fiscal year, the group’s profit under Toriola rose by 4.6 percent from N96.82 billion ($209.57 million) in the first quarter of 2022 to N101.3 billion ($219.27 million).
The growth was driven by a double-digit 20.6-percent increase in its revenue from N470.9 billion ($1.02 billion) to N568.1 billion ($1.23 billion).
