MTN Nigeria Chief Executive Officer, Karl Toriola, has said that the company’s decision to invest in Nigeria over two decades ago was driven by the transparency of the country’s telecoms liberalisation process at the time.
Speaking on Thursday at the Nigeria–South Africa Ministerial Business Roundtable, hosted by MTN at the Rooftop Event Centre, MTN Plaza, Ikoyi, Toriola recalled that Nigeria’s openness during the 1999–2000 GSM licence auction was what gave the South African telecommunications giant the confidence to enter the market.
“What encouraged MTN to come to Nigeria then was a transparent process with which the licences were auctioned,” he said. “There was no influence by the government, it was just a bid and the person with the highest figure for the licenses won.”
He recounted how MTN Group paid $285 million for the licence—an amount many considered excessive for a market that was, at the time, projected to reach just 300,000 subscribers in five years.
“And when MTN group won, quite a few people thought it was quite insane. $285 million for a market which was projected in five years to have approximately 300,000 subscribers,” he noted.
Toriola explained that MTN’s success story in Nigeria was not only built on its early confidence in the market, but also on a deliberate strategy to localise leadership and develop Nigerian talent.
“There was a clear intent and understanding from MTN group and the people who started off that journey in Nigeria that this operation, this company was going to be run eventually by Nigerians and Nigerians had the drive, the skill, the competence and the knowledge to do so. And so, there was a programme of development that was undertaken and there were no limits, there still is no limit to how far Nigerians can go in Nigeria.”
Toriola’s remarks came as business leaders from both Nigeria and South Africa explored ways to deepen economic cooperation between the two countries.
The MTN chief said the company’s journey from a bold investment to becoming one of Africa’s largest telecoms operators was proof that transparency, fair competition, and trust in local capacity can attract sustainable foreign investment and deliver long-term growth.
Melissa Enoch
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