ActionAid Nigeria (AAN) has called for MTN Nigeria to be investigated over alleged corporate governance breaches in board appointments at the largest mobile phone company in the country.
The Country Director of AAN, Andrew Mamedu, expressed concern over the appointments of former government officials to key positions within MTN Nigeria.
Mamedu highlighted the inclusion of individuals such as Ernest Ndukwe, former Chief Executive Officer of the Nigerian Communications Commission (NCC); Ifueko M Omoigui Okauru, former Executive Chairman of the Federal Inland Revenue Service (FIRS); Omobola Johnson, Nigeria’s former Minister of Communication Technology, and Mr. MK. Ahmad, the pioneer Director-General and Chief Executive Officer of the National Pension Commission.
“It is unacceptable that MTN Nigeria,” Mamedu said, “a company entrusted with providing essential telecommunications services to millions of Nigerians, would choose to stack its board with individuals who have a history of regulatory oversight, pensions, and taxation authorities. This move raises serious concerns about the potential for backdoor negotiations and conflicts of interest, as well as the impact on the Nigerian community.”
The ActionAid Nigeria Country Director alleged that that such appointments raise significant issues related to corporate governance, regulatory capture, and conflicts of interest.
“It is unacceptable that MTN Nigeria,” Mamedu said, “a company entrusted with providing essential telecommunications services to millions of Nigerians, would choose to stack its board with individuals who have a history of regulatory oversight, pensions, and taxation authorities. This move raises serious concerns about the potential for backdoor negotiations and conflicts of interest, as well as the impact on the Nigerian community.”
The ActionAid Nigeria Director furthe said that, “By allowing former government officials who were supposed to regulate MTN Nigeria to occupy top positions on its board, there is a risk of regulatory capture and undue influence over regulatory decisions. This not only undermines the integrity of our institutions but also jeopardises the interests of consumers, investors, and shareholders.”
AAN has demanded that MTN Nigeria reconsider its board appointments immediately and ensure future appointments adhere to principles of transparency and accountability. Furthermore, the organisation has called on the Nigerian Communications Commission (NCC) and the Securities and Exchange Commission (SEC) to investigate these appointments thoroughly and “hold MTN Nigeria accountable for any breaches of regulatory standards or corporate governance norms.’’
In addition, ActionAid Nigeria has made specific demands. The first demand is for the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an investigation into MTN Nigeria’s board appointments, examining potential acts of corruption, regulatory capture, or abuse of power. The investigation should include “examining the selection process, evaluating potential conflicts of interest, and scrutinising any undue influence exerted by former government officials,” AAN added.
In addition, ActionAid Nigeria has made specific demands. The first demand is for the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an investigation into MTN Nigeria’s board appointments, examining potential acts of corruption, regulatory capture, or abuse of power. The investigation should include “examining the selection process, evaluating potential conflicts of interest, and scrutinising any undue influence exerted by former government officials,” AAN added.
The second demand is for the Federal Government to conduct an independent investigation into MTN Nigeria’s board appointments to determine the extent of regulatory capture and conflicts of interest. It also calls for strengthening regulatory oversight in the telecommunications sector and imposing penalties on MTN Nigeria if violations are found regarding regulatory standards or corporate governance norms.
AAN emphasised that both ICPC and the Federal Government must take decisive action to “send a clear message” that it would not tolerate or abuse of power by companies.
Mamedu further stated, “ICPC cannot stand idly by while corporations like MTN Nigeria undermine the integrity of our institutions and exploit regulatory loopholes for their own benefit. It is time for MTN Nigeria to recognise that its actions have real consequences for the people of Nigeria, particularly investors and the integrity of the country’s institutions.”
He urged MTN Nigeria to recognize the consequences of its actions and act swiftly to address these concerns and restore public trust in its operations.
