MTN Nigeria has appointed two former senior executives of Etisalat Nigeria, Boye Olusanya and Ibrahim Dikko, as independent non-executive directors as part of a five-member board expansion aimed at strengthening corporate governance and supporting the company’s growth strategy.
The appointments, which take effect on December 1, 2026, were disclosed in a notification to the Nigerian Exchange (NGX) on November 3.
Olusanya, who led Etisalat Nigeria through its transition to 9mobile in 2017, and Dikko, who served as Vice President of Regulatory and Corporate Affairs at the operator for a decade, are among five new directors joining the telecommunications company.
The other appointees are Professor Fabian Ajogwu, Imoni Akpofure and Lwazi Bam, who will serve as non-executive directors.
MTN Nigeria said the appointments were expected to strengthen the effectiveness of its board and contribute to the company’s growth and future direction.
Dikko served at Emerging Markets Telecommunication Services (EMTS), the company that operated under the Etisalat Nigeria brand, from 2007 to 2017. He was responsible for regulatory and corporate affairs and is a lawyer by training. He also chaired First Securities Discount House between 2002 and 2012.
Olusanya was appointed Chief Executive Officer of Etisalat Nigeria on July 4, 2017, following a financial crisis that led to the withdrawal of its UAE-based partner.
The appointment formed part of a new board arrangement brokered by the Central Bank of Nigeria and the Nigerian Communications Commission after the operator defaulted on its loan obligations.
He subsequently unveiled the 9mobile brand and led the business through its sale to new owners.
Olusanya previously served as Deputy Managing Director of Celtel Nigeria, now Airtel Nigeria, and is currently Group Chief Executive Officer of FMN Holdings, an African food and agro-allied business.
The operator formerly known as Etisalat Nigeria has since undergone another ownership and brand transition. Following its acquisition by UK-based LH Telecoms, it was rebranded as T2 Mobile in August 2025.
Its subscriber base had declined from more than 22 million to approximately 3.2 million by the time of the rebranding. The company also relies partly on a national roaming agreement with MTN, allowing its customers to access MTN’s network in areas where T2 has no coverage.
The remaining appointments bring additional expertise in corporate governance, infrastructure finance and risk management to MTN Nigeria’s board.
Ajogwu, a Senior Advocate of Nigeria and Professor of Corporate Governance at Lagos Business School, contributed to the development of Nigeria’s first Code of Corporate Governance through the Securities and Exchange Commission.
He also served on the Financial Reporting Council of Nigeria committee responsible for the 2018 national code and founded the Society for Corporate Governance Nigeria.
Akpofure brings nearly three decades of experience in finance, infrastructure and sustainability, including senior positions at the International Finance Corporation and CDC Group, now British International Investment. She currently serves on the boards of Africa50 and the Development Bank of Nigeria.
Bam, MTN Group’s Chief Risk Officer since June 1, 2026, previously served as Chief Executive Officer of Deloitte Africa from 2012 to 2022. He is the only appointee drawn from within the MTN Group.
The board changes come as MTN Nigeria reports strong financial performance, recording a profit after tax of US$867.31 million for the nine months to September 2026, representing a 55.3 per cent increase from US$555.97 million in the corresponding period of 2025.
The latest performance follows a recovery from significant losses in previous years. The company recorded a loss after tax of US$380.99 million in the first nine months of 2024, largely attributed to foreign exchange losses arising from the naira’s devaluation.
All five directors are expected to assume their positions on December 1, 2026.
