MTN has pledged to invest $1.6-billion (R23.4-billion) to expand its operations in Nigeria after settling the latest major dispute with authorities in its most profitable market.
Browsing: Mcebisi Jonas
Phuthuma Nhleko, the man who led MTN Group on an acquisition spree that turned the telecommunications operator into an emerging-markets giant, has stepped down from its board of directors.
An economy stuck in the longest downward cycle since World War 2, chronic electricity shortages and soft business confidence – after 20 months running South Africa, patience is wearing thin with Cyril Ramaphosa.
South Africa is in a precarious state and urgent action is needed to stabilise its finances, according to former deputy finance minister Mcebisi Jonas, who will assume the role of MTN Group chairman in December.
MTN Group’s biggest shareholder is pushing for changes at Africa’s largest mobile phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
Between 6 March, the day before MTN announced its results for the year to December, and 9 May, when it published a first-quarter trading update, its share price has increased by 36%.
Former deputy finance minister Mcebisi Jonas will replace Phuthuma Nhleko as chairman of MTN Group at the end of the year. At the same time, former President Thabo Mbeki will head a new advisory board.
Scepticism is mounting that the alleged masterminds of South Africa’s biggest-ever embezzlement of state funds will ever be held to account.
MTN Group is considering a replacement for long-time chairman Phuthuma Nhleko, with former deputy finance minister Mcebisi Jonas lined up as his possible successor.
For the past eight years, South Africa was heading down the road to being run as a criminal enterprise.