In what may be putting in place a board peopled by influential and experienced public servants, especially given its many troubles of recent months, MTN Group, on Friday announced the appointment of Emir of Kano and immediate past Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, one of the country’s most powerful traditional and religious leaders and corporate giants to its board, ahead of its planned Initial Public Offering (IPO) of the Nigerian subsidiary.
Before his emergence as CBN Governor, Sanusi was an Executive Director and later Managing Director of 125-year old First Bank of Nigeria Plc, now First Bank of Nigeria Limited, following the adoption of a holding company structure.
A statement by the MTN Group on Friday also appointed is Vincent Rague, a Kenyan national who worked for the International Finance Corporation for 24 years in a number of senior positions.
The appointment of Sanusi and Rague takes effect from July 1, 2019.
The group also announced the appointment of South Africa’s former deputy finance minister, Mcebisi Jonas, as chairman-designate in a board shake-up.
Jonas will assume chairmanship of MTN Group from December 15, once Chairman Phuthuma Nhleko steps down, MTN the statement said.
“In recent years MTN Group has experienced challenging regulatory environments and highly competitive trading conditions,” it said, adding that the board has also managed the transition of senior management during the period.
“The board is of the view that MTN Group has entered a more stable and settled phase, enabling it to now affect an evolution of the board.”