ActionAid Nigeria (AAN) has strongly condemned MTN Nigeria’s recent board appointments, citing concerns about transparency, accountability, and ethical governance. The appointments have sparked controversy due to the inclusion of former government officials who previously held positions in regulatory, pensions, and tax institutions.
Andrew Mamedu, AAN’s Country Director, voiced the organization’s concerns in a statement released in Abuja on Monday. He said: “The appointments of former government officials…raise serious concerns about corporate governance, regulatory capture, and conflicts of interest.”
MTN Nigeria, a leading telecommunications company, is being criticized for its decision to appoint individuals with a history of regulatory oversight, and working with pensions, and tax institutions to its board. This move has raised questions about the potential for backdoor negotiations and conflicts of interest, as well as the impact on Nigerian subscribers.”
Mamedu added, “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 jeopardizes the interests of consumers, investors, and shareholders.”
Action Aid Nigeria therefore called on MTN Nigeria to immediately reconsider its board appointments and ensure that future appointments are made in a transparent and accountable manner, with due consideration given to the principles of diversity, independence, and expertise. Action Aid similarly urged the Nigerian Communications Commission and the Securities and Exchange Commission to investigate these appointments and take appropriate action to hold MTN Nigeria accountable for any breaches of regulatory standards or corporate governance norms.
In addition, Action Aid has demanded that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) launch an investigation into the circumstances surrounding MTN Nigeria’s board appointments to determine whether there have been any acts of corruption, regulatory capture, or abuse of power. The Federal Government has also been called upon to launch an independent investigation into MTN Nigeria’s board appointments to determine the extent of regulatory capture and conflicts of interest.
Mamedu concluded: “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.
“We urge MTN Nigeria to act swiftly and decisively to address these concerns and restore public trust in its operations,” he added
