The appointments, effective from January 2, 2025, were disclosed in a regulatory filing to the Nigerian Exchange Limited (NGX).

The newly appointed directors are Mrs Eyitope Kola-Oyeneyin and Mr Odumezuo Nwuneli, who join as Independent Non-Executive Directors, while Mr Tim Pennington assumes the role of Non-Executive Director.

Profiles of the Appointees

Mrs Eyitope Kola-Oyeneyin
With over two decades of experience in systems transformation and leadership, Mrs Eyitope Kola-Oyeneyin is an expert in driving institutional growth and policy innovation across Africa. 

As Managing Partner at Augmentum Advisory, she supports organisations in creating value through digital transformation and large-scale project execution.

Mrs Kola-Oyeneyin’s achievements include spearheading initiatives such as the Cashless Lagos programme and SANEF agent banking, which advanced financial inclusion in Nigeria. 

Her prior roles include heading First Bank’s International Banking division and co-leading McKinsey’s Payments and Fintech Practice for Eastern Europe, the Middle East, and Africa.

An advocate for empowering young Africans, she has written a book titled UNLEASH, which provides a roadmap for youth development and economic transformation in Africa. Mrs Kola-Oyeneyin is a Stanford University graduate and a regular contributor to global discussions on digital finance and innovation.

Mr Odumezuo Nwuneli
Mr Odumezuo Nwuneli, a seasoned expert in private equity and corporate finance, brings 27 years of experience to the MTN Board. He is the Managing Partner at Sahel Capital, an investment firm focusing on food and agribusiness across sub-Saharan Africa.

Mr Nwuneli has helped in raising capital, advising on mergers and acquisitions, and leading investments across various industries. 

He has also played a major role in developing Nigeria’s impact investing ecosystem. Beyond Sahel Capital, he co-founded AACE Foods, a food manufacturing company, and Sahel Consulting, which provides strategic solutions in agriculture.

He holds a Master’s degree from Harvard Business School and a Bachelor’s in Industrial Management from Carnegie Mellon University. Recognised for his contributions, he is an Eisenhower Fellow and a recipient of Harvard Business School’s Alumni Achievement Award.

Mr Tim Pennington
Bringing a wealth of international experience in corporate finance and telecommunications, Mr Tim Pennington joins the MTN Nigeria Board as a Non-Executive Director. His extensive career includes serving as Chief Financial Officer (CFO) at Millicom International Cellular, where he led transformative projects that positioned the company as a major player in the Latin American telecom market.

Mr Pennington has held leadership roles in organisations listed on stock exchanges in New York, London, Stockholm, and Hong Kong. He is a former Non-Executive Director of Euromoney Institutional Investor PLC and holds a degree in Economics from the University of Manchester.

MTN Nigeria believes the diverse expertise of its new directors will strengthen the company’s governance and strategic decision-making. The appointments align with MTN’s focus on leveraging global best practices to drive its growth and innovation.

The decision was reached during the Board’s meeting held on December 19, 2023, where Jimoh’s appointment was unanimously approved. The move comes in the wake of Osunkoya’s passing on November 21, 2023, following a brief illness. The statement signed by Sunday Ekeochi, the Company Secretary, expressed the board’s deep sense of loss and outlined the succession plan.

Abubakar Aribidesi Jimoh, before assuming the role of Chairman, served as an Independent Non-Executive Director on the Access Holdings Plc Board. He previously held the position of Chairman on the Board of Audit Committee and Board Finance and Investment Committee. With a wealth of experience and a proven track record within the company, Jimoh is set to lead Access Holdings into its next phase of growth and development.

Access Holdings Plc had previously disclosed the passing of Bababode Osunkoya in a statement issued by Sunday Ekwochi, the Company Secretary. Osunkoya succumbed to a brief illness on November 21, 2023. The company expressed its condolences and deep sadness at the loss of its Chairman.

The statement provided an overview of the updated board structure at Access Holdings Plc. The board now comprises nine members, including six non-executive directors (two of whom are independent) and three executive directors, inclusive of the group chief executive officer. The company assured the investing public of a subsequent announcement regarding the choice of Osunkoya’s successor.

The appointment of Abubakar Aribidesi Jimoh brings a seasoned and capable leader to the fore, signalling continuity and stability for Access Holdings Plc. As the company scales this transition, investors and stakeholders can expect further updates on strategic initiatives and the company’s future direction under the leadership of the new Chairman.

Access Holdings Plc remains focused on its mission and vision, and the board is confident that Jimoh’s leadership will contribute to the sustained success and growth of the organization. The company will continue to uphold its standards of transparency, governance, and excellence in the financial sector.

Co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, AIPF 1 is Nigeria’s first Carbon+ (ESG-focused) naira-denominated infrastructure fund to be listed on the Exchange.

AIPF 1’s structure is a pool of equity and quasi-equity investments in Carbon+ infrastructure projects that promote sustainable development including, but not limited to roads, power, water supply, wastewater management, ports, and airports.

The Fund also acquires the shares and other investment instruments issued by socially responsible entities carrying on infrastructure business or executing infrastructure projects exclusively.

Commenting on the development, the Chief Executive Officer, NGX, Mr. Temi Popoola, stated that, “today’s listing marks a significant milestone in our commitment to promoting sustainable investing and reducing the drivers and impact of climate change.

We are proud to be at the forefront of this and look forward to more exploits as we drive growth in the capital market.”

Speaking to members of the media, Africa Plus Partners Chairman, Anhad Narula said, “This is a sustainable infrastructure fund that specializes in carbon-mitigating infrastructure investments.

The fund, whose investors include ordinary Nigerians via their pension fund administrators, is committed to investing in sustainable infrastructure businesses that align with the global energy transition and move towards cleaner sources of energy and efficiently run, sustainable infrastructure and utility services.”

On his part, the Managing Director,  Africa Plus Partners Plc, Mr Adeniran Ajakaiye, stated, “With this listing, we aim to demonstrate the highest levels of good governance and transparency, as we continue to deliver active returns to shareholders, whilst addressing Nigeria’s ‘missing middle’ infrastructure gap.”

AIPF aims to address the imbalance between the need for infrastructure development and the concerns about environmental and social impact by investing in projects that meet strict ESG criteria.

The listing of the fund on NGX is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same. NGX also plans to launch an Impact Board to further give visibility to sustainable financial instruments listed on The Exchange and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market.