MTN Nigeria now has a market valuation of $6 billion. It is second behind Dangote Cement as the most valued company on the Nigerian Stock Exchange. Dangote Cement has a market value of $8.3 billion.

Instead of opting for an IPO, MTN Nigeria simply listed its existing shareholders’equity. According to listing documents with the Nigerian Stock Exchange, Nigerian billionaire Victor Odili is the top individual shareholder in MTN. He holds shares worth $244 million in the South African telecom company’s Nigerian unit.

Victor Odili heads Nigeria’s Aeromaritime Group a holding company for eight group companies that operate across oil and gas, shipping, and stevedoring. Second behind Victor Odili is businessman Pascal Dozie who owns 1.67 percent of MTN Nigeria’s equity. Pascal Dozie’s stake in MTN Nigeria is worth $102 million. He is the founder of a commercial bank called Diamond Bank and has invested in energy, hotels, and financial services in Nigeria through his family office.

Sani Mohammed Bello, the founder of Amni International Petroleum Development, a Nigerian oil exploration company, owns 1.3 percent of MTN Nigeria. His stake is worth $80 million. Babatunde Folawayio, a Nigerian businessman with interests in energy, agriculture, shipping, real estate, and engineering owns 1.07 percent of MTN. His holdings in MTN Nigeria are valued at $66 million.

Gbenga Oyebode, a top commercial lawyer in Nigeria, is the fifth largest individual shareholder in MTN Nigeria. He owns less than 1 percent of MTN Nigeria and his stake is currently worth $55 million. Closely behind him is the founder of Quaditect Consultants Ahmed Dasuki. Dasuki owns close to .75 percent of MTN Nigeria valued at $53 billion. He also owns Drill Masters Africa, the largest indigenous exploration drilling company in Ghana.

Kari Olutokun Toriola owns a small stake in MTN Nigeria worth approximately $280,000. According to the listing documents, Ahmed Dasuki and Kari Olutokun Toriola own 25 million and 920,000 additional ordinary shares respectively in MTN Nigeria. These additional holdings come through the unwinding of the nominee arrangements.  Olutokun Toriola is vice president, west and central Africa at MTN.

According to Forbes, most of these leading shareholders in MTN Nigeria have used their shareholdings to take large loans.

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The bill is touted as a major step to address corporate challenges and enhance the business environment. The bill aims to resolve the impediments in the earlier companies act. In addition, it will bring issues such as company incorporation, liquidation, and insolvency in line with global standards.

The ultimate aim of the Nigerian Companies and Allied Matters Act is improving the ease of doing business in Nigeria and driving foreign investments into the country.

In terms of ease of doing business, Nigeria has progressed from 170 to 146 in global ranking, in four years until 2018. Ease of doing business in Nigeria hit a record high of 120 in 2008 and has averaged 145 between 2008 and 2018, according to Trading Economics.

Kenya and South Africa are ranked much ahead of Nigeria in ease of doing business in 2019. Kenya ranked 61 and South Africa ranked 82 in ease of doing business in 2019, while Nigeria ranked 146.

Nigeria ranked relatively better in getting electricity connections, registering property, trading across borders, and resolving insolvency.

According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment into Nigeria decreased by 36 percent to $2.2 billion in 2018. In 2017, Nigeria had seen foreign investments of $3.5 billion. Comparatively, Africa’ s FDI inflows as a whole increased 6 percent to $40 billion in 2018.

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