MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover.
Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon. Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform.
A break down of the aggregate information showed Toriola acquired 920,000 ordinary shares at N118 per share on June 25, 2020, in Lagos, Nigeria. Accordingly, the total purchase stood at 920,000 shares valued at N108,560,000.
During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services. Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive.
Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria. Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School.
In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.