- MTN CEO invested N108.22 million in the telecommunications company to improve his grip at the y'ello network
- The acquisition of over 679,000 shares by Karl Toriola occurred a month after he took over the CEO position
- Toriola has shares in several companies aside from MTN, which includes Jumia and Main One Cable Nigeria Limited
The Chief Executive Director of MTN Nigeria, Karl Toriola, has increased his stake in the telecommunications company by purchasing more shares. The y'ello boss acquired the shares in twelve tranches.
Toriola purchased a total of 679,370 ordinary shares at an average price of N159.30 per share, on March 24, at the Nigerian Stock Exchange. This acquisition occurred twenty-three days after his appointment became effective.
He had been appointed on October 23, 2020, to take over from Ferdi Moolman, who was made the Chief Risk Officer MTN. Toriola had joined the telco as a chief technical officer in 2006.
The total shares acquired with the average price put the amount he invested in the telecom giant at N108.22 million. The acquisition is expected to improve his position and strengthen his grip on the company.
The lowest he purchased was 50 ordinary shares, while the highest was 200,000 in twelve transactions. He remains a majority shareholder with no indirect shares.
Note that the MTN boss is also a minority shareholder at Main One Cable Company Nigeria Limited.
He's the latest CEO to purchase their company's shares in large quantities after the release of 2020 financial performance.
Five days ago, Zenith Bank's Group Managing Director, Ebenezer Onyeagwu had also done the same.
The banker paid N112 million to acquire five million ordinary shares in the lender last week. Prior to the acquisition, Onyeagwu had 46.5 million direct shares in Zenith Bank as of December 31, 2020.
This is aside from the N13.16 billion he is going to earn from his sugar enterprise. In all, the richest black man will receive N247,54 billion from both companies.