MTN CHAIRMAN

MTN Nigeria was badly hit by the recent reprisal attacks on South African businesses in Nigeria. While some of its offices were attacked, the company’s stock has also been struggling to make Gainers’ List since the attack on Tuesday. Now, the Chairman of MTN Nigeria, Ernest Ndukwe, has voiced his concerns regarding the attack in both Nigeria and South Africa.

Ndukwe condemned both attacks in a statement. He said working together serves a better purpose than being divided. According to him, violence should not be accepted as the solution, rather everyone involved should collaborate to resolve the issues.

His statement came two days after MTN Nigeria’s Chief Executive Officer, Ferdinard Moolman, condemned the attack on properties belonging to Nigerians in South Africa. According to Moolman, violent acts should have no place in society.

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Reiterating Moolman’s statement, Ndukwe said violence should be rejected.

“The board of MTN Nigeria wishes to add its unequivocal condemnation of the xenophobia and violence against Nigerians and other nationalities in South Africa over the recent days, as well as the violent response to it in Nigeria. Violence cannot and must never be acceptable and we must reject it in the strongest terms possible.

“We offer our profound sympathies to all those affected and urge all stakeholders and communities in Nigeria, South Africa and other countries, to act with restraint, and to work collaboratively to address these issues.”

Ndukwe added that, “It is in all of our interests to work together,”

In response to the attack on its centres and stores, MTN Nigeria closed its offices across Nigeria due to fear of further attack. The company later informed the Managers to resume yesterday, September 7, 2019, while other staff are expected to resume their duties on Monday, September 9, 2019.

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However, apart from the company’s offices that were hit in the attack, its shares price was also affected as investors’ confidence seemed to have dropped amidst calls for a boycott. MTN Nigeria closed the week lower than what it opened the week with.

Although the company had a decline in its share price at the end of trading on Monday, September 2, 2019, after its share price dropped from N141 (as of Friday, August 30, 2019) to N138.50 kobo per share, it, however, recovered on Tuesday, rising to N140 per share.

On Wednesday, it, however, fell back to what it closed with on Monday, N138.50. And on Thursday, September 5, 2019, MTN Nigeria’s share price fell again, dropping to N138.05. And on Friday, the leading network provider’s share price dropped further, hitting N138 per share compared to what it had closed with last week Friday (August 30, 2019) which was N141.

Note: Ndukwe was announced as the Chairman of the company in July, but only took over from Pascal Dozie on September 2, 2019. Before his retirement from MTN Nigeria, Dozie had occupied the Chairmanship position for 18-years since MTN began operation in Nigeria.

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