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Toriola, MTN Nigeria CEO Shells Out N108m for Company Shares

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Karl Toriola, CEO-MTN Nigeria
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Karl Toriola, managing director and chief executive officer of MTN Nigeria, is now among the class of 102 shareholders that control about 2.1% of the total shareholding of MTN Nigeria Plc.

Toriola, MTN Nigeria CEO Shells Out N108m for Company Shares

The CEO spent over N108 million on 679,370 Ordinary shares at an average price of N159.30 per share.

The transactions which occurred in 12 separate deals since March, 202, now positioned Toriola with better opportunity with the Nigeria’s telecom giant.

As at December 31, 2019, MTN Nigeria reported that the number of shareholders in the company amounted to 4,872 with a total shareholdings worth about 20.35billion Ordinary shares.

Meanwhile, MTN International (Mauritius) Limited is the biggest shareholder in MTN Nigeria, accounting for 76.08% of the total shareholdings as at December 31, 2019. It is among the shareholders that could boast of more than five percent of the company’s Issued Capital as at 2019.

Toriola, is expected to increase its dividend earning capacity in the company by over N4 million with a Dividend per Share of N5.90 proposed to pay shareholders by the Board of Directors for the financial year ended December 31, 2020.

MTN Nigeria expanded its revenue in the financial year ended December 31, 2020 by 15.1% year-to-year to N1.3 trillion.

It was the best any company listed on the Exchange in Nigeria had ever achieved. The strong revenue growth was basically due to its data-led segment as sales from the segment expanded by an impressive 51.5% Year to Year.

Voice sales rose relatively by 5.6% year to year as the global switch to data-enabled communication subsisted. MTN Nigeria Plc also announced a N5.90/share final dividend on impressive growth in its free Cash Flow for the financial year of 2020.

Notably, MTNN’s 4G network now covers 60.1% of the population compared to 43.8% in 2019.

According to MTN Nigeria, the suspension of new SIM registration enforced in mid-December did not have a material effect on the voice segment, which managed a 10.6% YoY revenue growth in Q4 ’20 (vs 7.0% YoY in Q3’20). In contrast, data revenue growth notably moderated to 37.5% YoY in Q4 ’20 compared to 55.5% YoY in Q3’20.

 


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NDPC Warns Content Creators Against Privacy Violations in Viral Videos

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Nigeria Data Protection Commission (NDPC) has issued a stern warning to content creators filming and sharing videos of unsuspecting citizens on social media, describing such practices as direct violations of citizens’ rights to informational self-determination.

NDPC Warns Content Creators Against Privacy Violations in Viral Videos

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The Commission drew attention to individuals capturing pictures and footage of the general public without consent, breaching Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and the Nigeria Data Protection Act, 2023 (NDP Act).

NDPC specifically flagged a content creator in Lagos State who films unsuspecting passersby at roadsides for a “reality show”. The Commission stressed that processing personal images in this manner demands explicit consent or a justifiable lawful basis under the NDP Act.

Preliminary investigations revealed no public or legitimate interest served by this “wilful invasion of privacy”. Data subjects, the Commission noted, have no reasonable expectation that their images would be captured and broadcast globally by an unknown individual.

National Commissioner/CEO Dr Vincent Olatunji has instructed social media platform owners—including TikTok, X (formerly Twitter), and Meta—to intensify enforcement of community guidelines to prevent harm from unlawful and unfair personal data processing.

Platforms failing to act promptly face sanctions under the NDP Act. Individual creators remain personally liable for violations, potentially facing criminal prosecution for infringing citizens’ and data subjects’ privacy rights.

The advisory was signed by Babatunde Bamigboye, Esq. CDPRP, Head of Legal, Enforcement and Regulations.

NDPC emphasised that abuse of rights under the guise of entertainment will not be tolerated, urging compliance to safeguard Nigerians’ data privacy in the digital age.


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Techeconomy Unveils IWD 2026 Power List Celebrating 100 Women Shaping the Future

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In celebration of International Women’s Day (IWD) 2026, Techeconomy, a leading business news platform in Nigeria, has unveiled its “100 Women Shaping the Future: Techeconomy Power List 2026,” recognizing exceptional women driving innovation, leadership, and impact across technology and the broader digital economy.

Techeconomy Unveils IWD 2026 Power List Celebrating 100 Women Shaping the Future

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The annual recognition spotlights women who are transforming industries through entrepreneurship, policy leadership, digital innovation, financial inclusion, media, education, and emerging technologies.

The initiative is part of Techeconomy’s commitment to promoting gender inclusion and highlighting female leadership shaping Africa’s technology ecosystem.

The Techeconomy IWD Power List features a diverse group of women, from corporate executives and startup founders to policymakers, ecosystem builders, and social innovators, whose work continues to influence the future of technology, business, and digital transformation in Nigeria and across Africa.

Speaking on the initiative, Joan Aimuengheuwa, the Managing Editor at Techeconomy, noted that the recognition goes beyond celebrating titles, focusing instead on impact, resilience, and the ability to shape the future through innovation and leadership.

According to her, “the women on the list represent different sectors including fintech, banking, healthcare, agriculture, education, communications, and the creative economy, demonstrating the growing role of women in advancing technology-driven development.

The unveiling aligns with the global celebration of International Women’s Day, which highlights the achievements of women and calls for accelerated progress toward gender equality. Across the world, the technology sector continues to push for greater female representation and leadership as part of efforts to build more inclusive digital economies.

Also speaking, Oluwatosin Aloba, the Brand Manager at Techeconomy, said: “Techeconomy IWD 2026 Power List is specially designed to inspire the next generation of female innovators and leaders by showcasing role models who are breaking barriers and redefining possibilities in the technology landscape.

“Techeconomy encouraged industry stakeholders, institutions, and the broader public to celebrate the achievements of these women while continuing to support policies, programs, and investments that expand opportunities for women in technology”, she added.

The full list of the “100 Women Shaping the Future: Techeconomy Power List 2026” is available on the Techeconomy website or visit: https://techeconomy.ng/techeconomy-iwd-2026-power-list-celebrates-100-women-shaping-the-future-of-tech/.


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NITDA, JICA Open iHatch Cohort 5 to Boost State-Level Startup Hubs Nationwide

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National Information Technology Development Agency (NITDA), via its Office for Nigerian Digital Innovation (ONDI), has partnered with the Japan International Cooperation Agency (JICA) to launch applications for the fifth cohort of the iHatch Startup Incubation Programme, targeting 37 innovation hubs—one per state and the Federal Capital Territory (FCT).

NITDA, JICA Open iHatch Cohort 5 to Boost State-Level Startup Hubs Nationwide

NITDA

The initiative selects hubs as state-level managers to run incubation programmes, addressing uneven support outside Lagos and Abuja. “Nigeria’s startup ecosystem has grown rapidly, but access remains uneven,” said ONDI National Coordinator Victoria Fabunmi. “iHatch builds stronger hubs, standardises quality, and boosts investment readiness across all regions.”

Amid Africa’s $3.42 billion startup funding in 2025, Nigeria’s innovation clusters in major cities, sidelining rural founders. Selected hubs will incubate five startups each for at least one year, providing structured guidance for growth and funding. Hubs gain operational support, resources, and performance rewards—prioritizing ecosystem leadership over cash grants.

Eligibility and Timeline

Eligible hubs must:

  • Operate for at least one year with local engagement.

  • Possess infrastructure for incubation activities.

Applications close March 16 at ondi.nitda.gov.ng/#/ihatch.

Fabunmi emphasized: “By equipping hubs with tools, curriculum, and oversight, iHatch ensures consistent outcomes for founders everywhere,” tackling geographic gaps to scale local innovation.


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