Thursday, 6 June 2019

PUBLIC INVESTMENT CORPORATION INSTIGATES APPOINTMENT OF MCEBISI JONAS AS MTN’S BOARD CHAIRMAN

MTN’s largest shareholder, Public Investment Corporation, is demanding the restructuring of the leadership of mobile phone company to avoid the regulatory, legal and political disputes on the continent.

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The PIC built a 26 per cent stake in Johannesburg-based company in late November and used the opportunity to call for the replacement of the Board Chairman, Phuthuma Nhleko.

It was gathered that Africa’s biggest fund manager, which is South African state-owned, also sent a letter to MTN demanding a board reorganisation, which resulted in the appointment of more politically-connected directors.

Last month, the network operator, announced Nhleko’s planned exit and replacement, along with other director changes and the introduction of a new separate group of prominent advisers.

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The PIC was moved to act following a series of disputes in Nigeria, Iran and Uganda, with the biggest fine of $5.2bn  in Nigeria in October 2015, which was eventually settled for less than $1bn after negotiations and was completely paid off on May 24, 2019.

The PIC, which manages the pension funds of South African government workers, wants the new chairman, former South African Deputy Finance Minister, Mcebisi Jonas, and the board to resolve outstanding issues such as a $2bn tax dispute in Nigeria, the sources said.

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MTN’s separate advisory board is a council of “wise old men,” who can directly contact lawmakers and decision makers in the countries where MTN operates, one of the people said.

MTN Group had announced significant changes to its Board of Directors with the Emir of Kano, His Royal Highness Sanusi Lamido Sanusi, resuming on the board by July 1, 2019. (Punch)

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