MTN Nigeria‘s shares fell a day after the telecommunication company announced that its Chairman, Pascal Dozie, his Vice and four Non-Executive Directors would be stepping down from their respective positions.

Earlier on Wednesday, the company had closed the market at N127 on the Nigerian Stock Exchange higher than its N126 opening this week. The announcement of the board changes was made on Wednesday evening.

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However, on Thursday, MTN Nigeria’s share price closed downward in the capital market, declining by 1.57% to hit N125, lower than the price share the network provider opened with this week on the Stock Exchange.

Reason for the drop: MTN Nigeria had done two days strong, sticking to N127 per share price after jumping from N126 it had on Monday, but the decline in share price came after the announcement of its board changes.

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Investors could be wary due to the calibre of individuals stepping down from the company’s Board. Pascal Dozie and his Vice, Col. Sani Bello (Rtd), alongside Non-Executive Directors like Chief Victor Odili, Mallam Ahmed Dasuki, Babatunde Folawiyo, and Gbenga Oyebode have been holding their roles since 2001 when MTN began operation in Nigeria.

The tenure of the board members would end in September 2019, while those who would replace them have already been disclosed. So investors are probably adjusting to the changes, but considering the activities of MTN Nigeria on the NSE so far, the company is likely to close higher than N125, as it has a knack for closing higher or level with the same number it opened the week with.

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Speaking on the exit of the aforementioned board members, MTN Nigeria said, “The Board of MTN Nigeria Communications Plc would like to express its appreciation to the six directors for their commitment, leadership and extensive contributions to the success of the Company since their appointment in 2001. The Board wishes them the very best in all their future endeavours.”

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