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Toriola Emerges CEO as MTN Nigeria Reshuffles Management

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Karl Toriola MTN Nigeria

By Adedapo Adesanya

MTN Nigeria has reshuffled its top management team with the appointment of Mr Karl Toriola as its new Chief Executive Officer (CEO) effective March 1, 2021.

This was disclosed on Monday in a notice to the Nigerian Stock Exchange (NSE) and signed by the company’s secretary, Mrs Uto Ukpanah, who explained that the March 2021 handover date is to provide enough time for a smooth transition.

Mr Toriola, who currently serves as the vice president West and Central Africa (WECA), excluding Nigeria and Ghana, is taking over from the current CEO, Mr Ferdinand Moolman, who will exit the role to assume a new role as MTN Group Chief Risk Officer.

In his capacity as VP WECA, Mr Toriola, since 2016, has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.

During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.

Since joining the group in 2006, he has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive.

Mr Toriola has at various times in his career in MTN Group had oversight responsibility of 16 of the group subsidiaries and serves on various MTN boards, including MTN Nigeria.

He obtained a Bachelor of Science in Electric and Electrical Engineering from the University of Ife, a Master of Science degree in Communication System from the University of Wales, and attended the General Management Programme at Harvard Business School.

In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.

He is a Fellow, Nigerian Society of Engineers and Council Registered Engineers of Nigeria (COREN) as well as a member, Institute of Directors.

Speaking on the appointment, Mr Ernest Ndukwe, Chairman of MTN Nigeria, in his remarks, said, “After a thorough and rigorous selection process, we are delighted to welcome Karl back to MTN Nigeria.

“Recognized throughout the industry as a highly experienced and well-regarded business leader, Karl has been a member of the MTN family for over 14 years and has an intimate understanding of the telco business. His appointment further reaffirms the company’s commitment to succession planning as well as retaining and developing identified high performing executives.

“With his rich credential, I am personally pleased that Mr Karl Toriola is well-suited to lead MTN Nigeria’s executive management team through the next stages of growth in the years ahead.”

The current CEO of MTN Nigeria, Mr Ferdinand Moolman, joined MTN in 2002 and has held several senior positions within the group in Nigeria and Iran. He joined the board of MTN Nigeria in 2014 as chief financial officer and became CEO in 2015.

Under his leadership, significant progress has been made in stabilising the business and setting it on a sustainable growth path. He will remain on the board of MTN Nigeria in his new role as the MTN Group Chief Risk Officer.

“The board of MTN Nigeria wishes to express its gratitude to Ferdi for his exemplary leadership at MTN Nigeria. He has played a critical role in the company’s development and success and while we will miss him, we wish him the best in his new role at MTN Group,” said Mr Ndukwe.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Jobs/Appointments

Eko Disco Affirms Rekhiat Momoh Substantive CEO

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Rekhiat Momoh

By Adedapo Adesanya

Eko Electricity Distribution Company (Eko Disco) has confirmed Mrs Rekhiat Momoh as its substantive chief executive, following the redeployment of Mrs Tinuade Sanda to WPG Ltd, the core investor of the energy distribution company.

In March 2024, the Board of EKEDC announced the appointment of Mrs Momoh.

According to a statement by the company, Mrs Momoh, who hails from Etsako West Local Government Area of Edo State, brings nearly three decades of experience in Nigeria’s power industry, having served across defunct the National Electric Power Authority (NEPA) and the Power Holding Company of Nigeria (PHCN), which now falls under the balkanised Eko Disco.

The statement said her extensive background spans commercial operations, marketing, distribution management, and customer service, earning her a reputation as a results-driven executive with deep institutional knowledge.

She has held several key roles within Eko Disco, including General Manager (Commercial), Assistant General Manager (Marketing), and District Manager for Orile, Mushin, and Apapa business units positions where she oversaw operational, financial, and commercial activities.

Under her supervision, the company achieved a notable reduction in Aggregate Technical, Commercial, and Collection (ATC&C) losses, dropping from 32.78 per cent in 2017 to 26.82 per cent in 2019.

Mrs Momoh earned her OND in Business Administration and HND in Marketing from Auchi Polytechnic in 1991, followed by an MBA in Marketing from Lagos State University. She is a Fellow of both the National Institute of Marketing of Nigeria (NIMN) and the Nigerian Institute of Management (NIM), recognised in 2019 and 2020, respectively.

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Tinubu Appoints John Nwabueze as Nigeria’s Tax Ombudsman

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tax reform bills

By Adedapo Adesanya

President Bola Tinubu has appointed Mr John Nwabueze as the Nigeria’s tax ombudsman.

His appointment is in accordance with the provisions of the Joint Revenue Board of Nigeria (Establishment) Act, 2025, according to a statement from the presidency on Wednesday.

A Tax Ombudsman is an independent official who investigates and resolves complaints between taxpayers and tax authorities. His appointment comes as Nigeria prepares to fully begin a new tax regime from January 1, 2026.

Mr Nwabueze in his role will ensure fair treatment, mediate disputes, and help prevent unnecessary litigation by offering neutral solutions to all stakeholders. It is also within his duty to identify systemic issues within Nigeria’s new tax administration, recommend improvements, and educate taxpayers about their rights and obligations.

According to the statement, the appointment aligns with President Tinubu’s commitment to implementing far-reaching and sustainable reforms in the tax and revenue administration framework.

Mr Nwabueze, from Oshimili South Local Government Area of Delta State, brings extensive professional and public service experience to the new job.

Prior to his appointment, he served as Managing Partner of a reputable tax advisory firm, Technical Adviser to the Joint Senate Committees on the Federal Capital Territory and Finance of the National Assembly, and Technical Adviser to the Chief Economic Adviser to former President Olusegun Obasanjo, among other significant engagements in both the public and private sectors.

The new tax ombudsman holds a Doctor of Business Administration (Finance) from Walden University, Minneapolis, USA; a Master of Science in Accounting from Strayer University, Washington, D.C.; and dual Bachelor of Science degrees in Accounting and Mathematics from the University of Jos, Nigeria.

President Tinubu congratulated Mr Nwabueze on his appointment and expresses confidence in his capacity to discharge the responsibilities of his office with integrity, diligence, and utmost professionalism.

The federal government noted that the Office of the Tax Ombudsman has been established to strengthen transparency and accountability within the tax system, enhance confidence in tax administration, and provide a structured mechanism for the fair and impartial resolution of disputes between taxpayers and revenue authorities.

The Office shall be responsible for receiving, reviewing, and resolving complaints relating to taxes, levies, regulatory fees, customs duties, excise matters, and other related issues, in accordance with extant laws and regulations, it added.

Mr Tinubu mandated Mr Nwabueze to ensure that disputes are managed in an efficient, impartial, and non-adversarial manner, thereby safeguarding the rights of taxpayers against the arbitrary or abusive exercise of authority by tax officials.

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Lafarge Africa Appoints Ke Zhigang Chief Financial Officer

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lafarge africa shareholders

By Aduragbemi Omiyale

One of the leading cement firms in Nigeria, Lafarge Africa Plc, now has a new Chief Financial Officer (CFO) and he is Mr Ke Zhigang.

He was appointed by the cement miller to replace the former occupier of the position, Mr Puneet Sharma, who resigned from Friday, October 31, 2025.

A statement issued by the company and signed by its scribe, Adewunmi Alode, did not give any reason for the resignation of Mr Sharma.

However, it was noted that his replacement was approved by the board of Lafarge Africa and he was wished “success in his future endeavours.”

The appointment of Mr Zhigang as the new CFO of the cement giant has already taken effect from Saturday, November 1, 2025.

The new CFO, who was wished well by the board in his role as CFO, was described as “a strategic and result-driven financial expert with over 20 years experience in the cement manufacturing industry.

He began his career at Huaxin Cement Company Limited in 2003 and has served in various capacities. He was appointed as the Overseas Regional Finance Director at Huaxin Cement Company Limited in 2018.

As for his educational qualification, Mr Zhigang holds a Master of Business Administration (MBA) from Huazhong University of Science and Technology and a Bachelor’s degree in accounting from Huazhong Agricultural University.

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