MTN Nigeria has appointed three Board of Directors to steer the affairs of the company effective January 2, 2025.
In a statement released on Monday and signed by the company’s secretary, Uto Ukpanah, the telecom giant said it has notified Nigerian Exchange Limited (NGX) of the new development.
The new Board of Directors include Eyitope Kola-Oyeneyi (Independent Non-Executive Director), Udemezuo Nwuneli (Independent Non-Executive Director) and Tim Pennington (Non-Executive Director).
The new directors will improve Board operations and help shape the company’s future by contributing their extensive experience and knowledge.
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Portfolios of the new MTN’s Board of Directors
Eyitope Kola-Oyeneyi (Independent Non-Executive Director)
Eyitope Kola-Oyeneyin is a seasoned systems change leader and transformation specialist with more than twenty (20) years of international experience working as a policymaker, operating executive in several African nations, and senior advisor.
She has a proven track record of working with investors, regulators, and institutions throughout Africa to create ambitious growth plans and carry out significant changes. She helps senior leaders create value and drive development through policy innovation, digital transformation, and large-scale program execution in her role as Managing Partner at Augmentum Advisory.
She was the Head of First Bank’s international banking division and the first co-lead of McKinsey’s Eastern Europe, Middle East, and Africa Payments and Fintech Practice.
Along the African financial services value chain, she has worked with important stakeholders and spearheaded the creation of ground-breaking projects like Cashless Africa. She led the creation of ground-breaking projects including Cashless Lagos and SANEF agent banking, which greatly improved financial inclusion in Nigeria, and she has worked with important figures in the financial services sector throughout Africa.
Mrs Kola-Oyeneyin frequently speaks on international stages and has co-authored several papers, some of which have appeared in the Economist and Financial Times.
She has a master’s degree from Stanford University and is enthusiastic about empowering young Africans and digital innovation, contending that doing so may revolutionise African countries and boost economic growth.
Udemezuo Nwuneli (Independent Non-Executive Director)
Udemezuo Nwuneli is the managing partner of Sahel Capital, a private investment firm that focuses on food and agribusiness and makes investments in sub-Saharan Africa.
His career spans more than twenty-seven (27) years in corporate finance, investment banking, and private equity. Throughout his career, he has led investment deals, raised money, and provided advice on mergers and acquisitions in a variety of sectors. He has prior experience in the telecom, downstream petroleum, and financial services industries.
He has been working in Africa’s food and agriculture industries since 2010 and has led investment transactions in these fields. In Nigeria, he has also made a significant contribution to the growth of the impact investment ecosystem.
Having graduated from Carnegie Mellon University with a B.Sc. in Industrial Management and a minor in Information Systems, Mr Nwuneli is a Harvard Business School Master of Business Administration (MBA) graduate. He holds both the Archbishop Tutu and Eisenhower Fellowships. The prestigious Alumni Achievement Award from Harvard Business School was given to him in 2021.
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Tim Pennington (Non-Executive Director)
Tim Pennington is an associate of the Chartered Institute of Bankers, UK, and a graduate of the University of Manchester with a BA (Hons) in Economics. He serves on the board of MTN Group Limited as an Independent Non-Executive Director.
From 2014 until March 2022, he served as Millicom International Cellular’s Chief Financial Officer (CFO). Other multinational corporations with listings in New York, London, Stockholm, and Hong Kong have had him as their CFO.
Mr Pennington was a key contributor to Millicom’s development into a preeminent supplier of mobile and fixed broadband services. Through the sale and acquisition of numerous businesses, the company effectively turned into a major Latam telecom operator under his direction as CFO. The company was then listed on the U.S. stock exchange, NASDAQ.
Mr Pennington was a non-executive director on the board of Euromoney Institutional Investor PLC, which was listed in London. He is driven by business and has a wealth of experience in telecommunications, corporate finance, and strategy across multiple international jurisdictions.