Chairman of MTN Nigeria, Dr. Ernest Ndukwe, has said the success of the company from its early years to its dominance as Nigeria’s leading telecom operator stems from strong corporate governance and merit-based recruitment.
Speaking at the 31st Nigerian Economic Summit in Abuja, during a panel session themed “Titans on the Move: Africa’s Multinationals,” Ndukwe said MTN’s consistency and disciplined structure have been the foundation of its growth.
“One of MTN’s strongest success stories is that it remains the most stable mobile operator in Nigeria,” he said. “We’ve never had boardroom struggles or frequent leadership changes. Recruitment has always been based purely on merit.”
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Ndukwe revealed that during its formative years, MTN actively recruited Nigerians professionals i in the diaspora with international exposure and technical expertise to drive innovation and long-term stability.
“They went international looking for Nigerians willing to return home and selected people based on their capacity to deliver,” he added.
Founded in South Africa in 1994, MTN entered Nigeria in 2001, transforming not just communications but the national economy. Ndukwe, who also served as the pioneer Executive Vice Chairman of the Nigerian Communications Commission (NCC), said MTN’s early investment in governance and local talent set it apart from its competitors.
He described the company as “a Pan-African telecommunications brand or better still, an ICT company that continues to shape Africa’s digital evolution.”
“MTN is never afraid to enter new markets when there’s business potential,” he noted. “Even with its global expansion, Africa remains its core anchor.”
Global Recognition and Local Impact
That bold strategy has paid off. Today, MTN Group ranks among the top six mobile operators worldwide, while MTN Nigeria stands among the top 20 globally a rare feat for an African brand.
Ndukwe said the company’s ability to withstand economic headwinds, from currency swings to regulatory pressures, stems from its governance culture and sense of accountability.
“Once a company is well-managed, it thrives anywhere not just in Africa,” he remarked.
MTN Nigeria’s recent financial performance reinforces that resilience.
According to a report published in August 2025, the company posted a Profit After Tax (PAT) of ₦414.9 billion, a strong rebound from the ₦519.1 billion loss recorded the previous year.
At an average exchange rate of ₦1,531 per US dollar, this translates to about $271 million. The recovery also pushed MTN Nigeria’s market capitalization beyond ₦10 trillion, making it only the second company on the Nigerian Exchange (NGX) to cross that mark.
Its share price, which more than doubled to around ₦480 since January, underscores investor confidence in its leadership and long-term strategy.
The company now serves 84.7 million subscribers, up 6.7 per cent year-on-year, while active data users grew 11.8 per cent to 51 million, confirming its expanding footprint in Nigeria’s digital economy.
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For Ndukwe, MTN’s success story carries a lasting lesson, sustainability comes from structure, not chance.
“Our success didn’t happen by luck,” he concluded. “It happened because of the systems, stability, and the right people driving it from within.”
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
