MTN Nigeria has reshuffled its top management team with the appointment of Mr Karl Toriola as its new Chief Executive Officer (CEO) effective March 1, 2021.
This was disclosed on Monday in a notice to the Nigerian Stock Exchange (NSE) and signed by the company’s secretary, Mrs Uto Ukpanah, who explained that the March 2021 handover date is to provide enough time for a smooth transition.
Mr Toriola, who currently serves as the vice president West and Central Africa (WECA), excluding Nigeria and Ghana, is taking over from the current CEO, Mr Ferdinand Moolman, who will exit the role to assume a new role as MTN Group Chief Risk Officer.
In his capacity as VP WECA, Mr Toriola, since 2016, has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.
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, he 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.
He obtained a Bachelor of Science in Electric and Electrical Engineering from the University of Ife, a Master of Science degree in Communication System from the University of Wales, and attended the General Management Programme 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.
He is a Fellow, Nigerian Society of Engineers and Council Registered Engineers of Nigeria (COREN) as well as a member, Institute of Directors.
Speaking on the appointment, Mr Ernest Ndukwe, Chairman of MTN Nigeria, in his remarks, said, “After a thorough and rigorous selection process, we are delighted to welcome Karl back to MTN Nigeria.
“Recognized throughout the industry as a highly experienced and well-regarded business leader, Karl has been a member of the MTN family for over 14 years and has an intimate understanding of the telco business. His appointment further reaffirms the company’s commitment to succession planning as well as retaining and developing identified high performing executives.
“With his rich credential, I am personally pleased that Mr Karl Toriola is well-suited to lead MTN Nigeria’s executive management team through the next stages of growth in the years ahead.”
The current CEO of MTN Nigeria, Mr Ferdinand Moolman, joined MTN in 2002 and has held several senior positions within the group in Nigeria and Iran. He joined the board of MTN Nigeria in 2014 as chief financial officer and became CEO in 2015.
Under his leadership, significant progress has been made in stabilising the business and setting it on a sustainable growth path. He will remain on the board of MTN Nigeria in his new role as the MTN Group Chief Risk Officer.
“The board of MTN Nigeria wishes to express its gratitude to Ferdi for his exemplary leadership at MTN Nigeria. He has played a critical role in the company’s development and success and while we will miss him, we wish him the best in his new role at MTN Group,” said Mr Ndukwe.
