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EXCLUSIVE: SEC reviewing petition on MTN board appointments

EXCLUSIVE: SEC reviewing petition on MTN board appointments
September 28
10:44 2019
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The Securities and Exchange Commission (SEC) is reviewing a petition against the appointment of some members of the newly appointed board of MTN Nigeria, TheCable can report.

This is coming after the Human and Environmental Development Agenda (HEDA) petitioned SEC on the appointments and gave the commission 14 days to sack them.

In a letter written in response to HEDA and seen by TheCable, SEC said it is reviewing the petition.

“This is to acknowledge the receipt of your petition and to inform you that it is under review and will revert to you,” the letter signed by S.S/. Alhassan.

“Please accept the assurance of the Ag. Director General’s highest regard.”

HEDA had said the new board members were “picked to offer the South African communications concern undue advantage in Nigeria’s political and economic environment”.

The listed board members are Ernest Ndukwe, former chairman of the Nigerian Communications Commission (NCC) now MTN chairman; Muhammad Ahmed, former chairman of the technical committee of the Nigerian Code on Corporate Governance; Omobola Johnson, a former minister for communication; and Ifueko Okauru, a former chairman of the Federal Inland Revenue Service (FIRS).

HEDA said the appointments are an attempt to “insulate MTN from adverse local political action given its recent history with the regulatory agency, the Nigerian Communications Commission, NCC, and the office of the Attorney General of the Federation, AGF”.

Quoting rule 601 (5), HEDA said SEC is empowered by the Securities and Exchange Commission rules and regulations of 2013 to impose sanctions on registered companies and listed removal of executive officers as one of the sanctions that can be imposed.

TheCable has contacted the telco for its reaction but it has not responded as at publication time.

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