Toriola attributes losses to currency devaluation, inflation, and higher operating expenses.
Karl Toriola
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A seasoned Nigerian business executive, Karl Toriola, took the helm as the CEO of MTN Nigeria in October 2020
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While Damilola joins the ranks of the group’s minority shareholders, her father, Toriola holds a stake of 0.0201 percent in MTN Nigeria.
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Toriola has been at the helm of MTN Nigeria since 2020.
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The approval comes five months after MTN Nigeria received preliminary approval from the Central Bank of Nigeria.
- Hot News
Led by Karl Toriola, MTN Nigeria reports profits of $718.5 million in 2021, 45-percent increase over previous year
During the year, its service revenue increased by 23.3 percent, from $3.22 billion in 2020 to $3.97 billion.
- Hot News
Led by Karl Toriola, MTN Nigeria’s 5G roll-out bid receives massive boost after spectrum license acquisition
The development comes hours after the telecom giant closed its first public offering of millions of shares held by MTN Group.
- Hot News
Karl Toriola-led MTN Nigeria launches $206-million public offering aimed at local retail investors
MTN Nigeria is one of Africa’s largest telecom services providers, connecting 68 million people across Nigeria.
- West & Central Africa
Karl Toriola-led MTN Nigeria receives preliminary green-light to operate payment service bank
Both MTN Nigeria and Airtel Africa have received approval-in-principle for a service bank license.