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PIC, MTN’s Largest Shareholder Pushes for Board Changes

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Public Investment Corp. (PIC), MTN’s largest shareholder, is reportedly pushing for the restructuring of the leadership of the mobile-phone company to avoid the regulatory, legal and political disputes on the continent.

 

The PIC built a 26 per cent stake in the Johannesburg-based company in late November and used the opportunity to call for the replacement of Phuthuma Nhleko, board Chairman, people familiar with the matter told Bloomberg.

 

Nigeria CommunicationsWeek cannot independently confirm the story as at press time.

 

It was however gathered that Africa’s biggest fund manager, which is South African state-owned, also sent a letter to MTN demanding a board reorganisation, which resulted in the appointment of more politically-connected directors.

 

Last month, the network operator, announced Nhleko’s planned exit and replacement, along with other director changes and the introduction of a new separate group of prominent advisers.

 

The PIC didn’t respond to a request for comment. Nhleko declined to comment, Bloomberg said.

 

Interactions with the PIC have been at the board level, MTN Chief Executive Officer, Rob Shuter, said in an interview in London last week.

 

“An important thing for them was on our board evolution,” he said. MTN’s media office didn’t comment further.

 

The PIC was moved to act following a series of disputes in Nigeria, Iran, and Uganda, with the biggest fine of $5.2bn  in Nigeria in October 2015, which was eventually settled for less than $1bn after negotiations and was completely paid off on May 24, 2019.

 

The PIC, which manages the pension funds of South African government workers, wants the new chairman, former South African Deputy Finance Minister, Mcebisi Jonas, and the board to resolve outstanding issues such as a $2bn tax dispute in Nigeria, the sources said. MTN’s separate advisory board is a council of “wise old men,” who can directly contact lawmakers and decision makers in the countries where MTN operates, one of the people said.

 

MTN Group had announced significant changes to its Board of Directors with the Emir of Kano, His Royal Highness Sanusi Lamido Sanusi, resuming on the board by July 1, 2019.

 

Another Nigerian, the former African Union Commissioner for Political Affairs, Dr Aisha Abdulahi, also made the board as a member of the International Advisory Board, whose operations will commence on July 1, 2019.

 

The group, in a statement issued by its Corporate Affairs unit, said the IAB would be chaired by a former President of South Africa, Mr Thabo Mbeki.

 

It added that the restructuring had become necessary in view of “recent challenging regulatory environments and competitive trading conditions.”

 

According to the statement, a Kenyan national, Vincent Rague, will join the board effective July 1, 2019.

 

Other changes that will be effected over the next 12 months, according to the telecom company, is the stepping down of Chairman of MTN Group, Phuthuma Nhleko, from his position on December 15, 2019, after ensuring a smooth transition of the Board and the establishment of the IAB.

 

It added that Mcebisi Jonas has been appointed Chairman-designate and would assume the position of Chairman of MTN Group effective December 15, 2019.

 

On the same day, MTN said Dr Khotso Mokhele would assume the responsibilities of Lead Independent Director while Alan Harper, Jeff Van Rooyen and Koosum Kaylan would step down from the Board after an orderly transition and handover to incoming directors.

 

The PIC “need us to manage portfolio risk,”  Ralph Mupita, MTN’s Chief Financial Officer, said in the London interview.

 

“As a company, we operate in markets such as the Middle East and others, so how do we manage the risk that comes with sanctioned markets and other issues.”

 


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Irvine Partners CEO Rachel Irvine Sweeps Top Industry Honours in the UK and EMEA

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Irvine Partners, the woman-led, African-born creative communications agency operating across Nigeria, has cemented its position as a disruptive force on the global stage following a landmark week of international industry recognition for its CEO and founder, Rachel Irvine.

Irvine Partners CEO Rachel Irvine Sweeps Top Industry Honours in the UK and EMEA

Rachel-Irvine-CEO-Irvine-Partners

Irvine has been named to Campaign UK’s prestigious 40 over 40 list for 2026, while simultaneously earning a place on PRovoke Media’s Innovator 25 EMEA index – two of the communications industry’s most closely watched honours, secured in the same week. The achievement places her among the most influential and progressive communications leaders across Europe, the Middle East, and Africa.

For Nigeria – Africa’s largest economy and one of its most competitive and complex communications environments – the recognition speaks directly to something the local industry has long understood: that the strategic thinking, cultural intelligence and executional precision forged in African markets is not a regional advantage. It is a global one.

Irvine Partners brings this philosophy to some of the world’s most prominent digital and consumer brands in the Nigerian market, including TikTok, Spotify, Uber and Google – organisations that demand communications work of the highest international calibre, delivered with genuine local understanding.

An African agency rewriting the global narrative

Campaign UK’s 40 over 40 celebrates individual excellence, leadership and lasting impact within the British media and marketing landscape. PRovoke Media’s Innovator 25 spotlights those who are dismantling traditional PR structures, advancing data-led practice, and reshaping how the industry operates. To earn both in a single week is rare by any measure.

What underpins both honours is a story that begins not in London but in Africa – in the dynamic, high-stakes communications environments of markets like Nigeria, where agencies must be sharper, faster and more culturally precise than anywhere else in the world.

“These accolades are less about my own journey and far more about where Irvine Partners is going as a collective,” says Rachel Irvine. “For a long time, the global communications industry treated African agencies as local executors of global strategies. What we’ve proven over the past few years is that the technical craft, cultural capital, and data frameworks built within our agency are not just scalable for the continent; they are world-class.”

Built on the same ethos that works in Lagos

The recognition follows the agency’s strong performance at the IN2 SABRE Awards EMEA, where Irvine Partners took major wins for Unicorn School – its proprietary internal talent development programme – and for its advanced data analytics capability, alongside notable shortlists for global clients including Spotify and Uber.

Nigeria’s communications market is one of the most demanding in the world. Consumer audiences are sophisticated and discerning. The media environment is layered, fast-moving and deeply attuned to authenticity. Brands that succeed here do not do so through generic messaging – they do so through precision, cultural credibility and strategic consistency. These are precisely the competencies that Irvine Partners has built its international reputation on.

“The PR landscape has fundamentally shifted,” Irvine adds. “Clients no longer want siloed regional strategies; they want intelligent, culturally intuitive storytelling backed by bulletproof analytics that move the business needle. We built our foundations on that exact ethos in highly dynamic markets, and bringing that specific DNA to the UK and EMEA regions is why we are winning.”

The agency’s agile, borderless model – deliberately structured to move at the speed of modern brands rather than the pace of legacy networks- is one that Nigerian communications professionals will recognise as a natural evolution of how the best African agencies have always operated: lean, sharp and built for impact.

Underlying both honours is Irvine’s sustained commitment to talent development and cultural diversity across all of the agency’s wholly owned offices – a principle as central to its Lagos work as to any other market in its growing global footprint.


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Big Tech Shake-Up: Zuckerberg Announces Sudden WhatsApp Leadership Change

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Mark Zuckerberg, Meta Chief Executive Officer, has announced a major leadership change at WhatsApp, confirming that Will Cathcart will step down as head of the messaging service after seven years in office.

Big Tech Shake-Up: Zuckerberg Announces Sudden WhatsApp Leadership Change

Zuckerberg made the announcement in a post shared on Facebook on Monday, June 22, 2026, praising Cathcart’s contributions to the growth of the platform.

According to him, Cathcart played a key role in expanding WhatsApp’s global user base to over three billion people while promoting privacy-focused communication across its services.

“Will’s been one of Meta’s most important and effective leaders, helping to bring WhatsApp to over 3 billion people and championing privacy for our community,” Zuckerberg stated.

The Meta CEO also announced that Kunal Shal will take over leadership of WhatsApp.

He described Shal as a “builder” with strong international experience, adding that his leadership style aligns with Meta’s long-term vision for the messaging platform.

Meta said the transition is aimed at strengthening WhatsApp’s role in both personal and business communication globally, as the platform continues to expand its services across markets.

Industry observers say the leadership change marks a significant transition for WhatsApp, which has grown rapidly under Cathcart’s stewardship, particularly in areas of privacy, encryption, and enterprise messaging solutions.

However, Meta has not disclosed the exact timeline for the leadership handover or further structural changes within the messaging division.

The company reaffirmed its commitment to maintaining WhatsApp’s security standards and continued innovation under the new leadership.


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MTN Nigeria Commits to Ethical Conduct with IFRS S1, S2 Compliance

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MTN Nigeria has raised the bar for corporate disclosure in Africa after publishing its 2025 sustainability report in full compliance with International Financial Reporting Standards S1 and S2.

MTN Nigeria Commits to Ethical Conduct with IFRS S1, S2 Compliance

Dr. Karl Toriola, CEO of MTN Nigeria,

The report, independently assured by Ernst & Young, marks the telecom operator’s seventh consecutive annual sustainability publication and third year as an early adopter of the global framework ahead of its mandatory implementation.

Dr. Karl Toriola, CEO of MTN Nigeria, said, “strong governance and ethical conduct are foundational to our sustainability strategy. We reinforced compliance through our Conduct Passport Framework and robust internal controls.”

He added that “in May 2025, we became the first telecommunications company in Nigeria to publicly present a sustainability report on the Nigerian Exchange Group platform, an important milestone in our commitment to IFRS S1 and S2- aligned disclosure and accountability.”

The company also secured Carbon Disclosure Project ratings of ‘B-’ for climate change and ‘C’ for water security.

Under the IFRS S2 framework, the telecoms operator disclosed climate-related risks linked to flooding, heat stress, regulatory changes and possible future taxes or charges on carbon emissions, following a climate scenario analysis completed in 2024.

The report also showed that MTN Nigeria now uses a digital reporting format – XBRL. This makes its sustainability and governance data easier for investors and ESG rating agencies to access and analyse through automated systems.

The Company also carried out assessments to understand how sustainability issues affect both its business operations and society at large, while measuring its overall economic, environmental and social impact from 2021 to 2024.

In addition, over one-third of MTN Nigeria’s biggest suppliers (based on spending) have committed to supporting the company’s net-zero emissions goals, although these commitments have not yet gone through an independent audit or verification process.

 


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