Eyitope Kola-Oyeneyin exits MTN Nigeria board after NIPC appointment

MTN Nigeria Communications Plc has announced the exit of Eyitope Kola-Oyeneyin from its Board of Directors, less than two months after she was appointed Chairperson of the Nigerian Investment Promotion Commission.

Her resignation as an Independent Non-Executive Director will take effect on August 31, 2026, according to a regulatory notification filed with the Nigerian Exchange Limited and signed by MTN Nigeria’s Company Secretary, Uto Ukpanah.

MTN Nigeria did not disclose a specific reason for her departure in the regulatory filing. The company, however, expressed appreciation for Kola-Oyeneyin’s contributions to the board and wished her well in her future endeavours.

Joined MTN board in 2025

Kola-Oyeneyin joined the board of MTN Nigeria in January 2025 as an Independent Non-Executive Director, alongside other newly appointed directors.

Her appointment was part of a broader effort by the telecommunications company to strengthen the expertise and diversity of its board. At the time, MTN described the new directors as bringing significant experience that would support the company’s growth and strategic direction.

Her tenure on the board will therefore last about 20 months before her exit at the end of August.

New role at NIPC

Kola-Oyeneyin’s departure from MTN comes shortly after President Bola Ahmed Tinubu approved her appointment as Chairperson of the Board of the Nigerian Investment Promotion Commission.

The appointment was announced by the Federal Ministry of Industry, Trade and Investment in July 2026, alongside the appointment of Muhammad Hadi Mutallab as Chairman of the Nigerian Export Processing Zones Authority.

The Federal Government said the appointments were part of efforts to strengthen governance and strategic oversight at key institutions responsible for promoting investment and economic development in Nigeria.

As NIPC Chairperson, Kola-Oyeneyin is expected to provide strategic oversight to an institution responsible for attracting, facilitating and retaining investment in Nigeria.

Brings extensive private-sector experience

Kola-Oyeneyin has more than two decades of experience spanning financial services, management consulting, digital transformation, public policy and institutional development.

She is the Founder and Managing Partner of Augmentum Advisory, where she provides strategic and transformation advisory services to businesses and institutions.

Her professional experience has included working with governments, regulators, investors and private-sector organisations across Africa.

The combination of private-sector and public-policy experience was a major factor in her appointment to the NIPC board, where she is expected to support efforts to improve Nigeria’s investment environment.

MTN records strong first-half performance

Her exit comes at a strong period for MTN Nigeria, which recently reported record financial results for the first half of 2026.

The telecommunications company posted N1.09 trillion in profit before tax for the six months ended June 30, representing a 75.4 per cent increase compared with the corresponding period in 2025.

Revenue also rose by 25.9 per cent to N2.99 trillion, while shareholders’ equity increased by 69.6 per cent to N930.6 billion.

The company attributed the performance largely to strong demand for data services, improved operational efficiency and lower borrowing costs.

Change comes amid broader leadership developments

Kola-Oyeneyin’s exit is one of several recent leadership developments within the wider MTN Group.

MTN Group recently announced the appointment of Ikenna Ikeme, who previously served as General Manager of Regulatory Affairs at MTN Nigeria, as Executive for Group Regulatory Affairs.

Ikeme is scheduled to take up the new role on September 7, 2026, as the group continues to strengthen its leadership structure in line with its Ambition 2030 strategy.

For MTN Nigeria, Kola-Oyeneyin’s departure will require the board to manage the transition and maintain its existing governance structure.

Focus shifts to investment promotion

For Kola-Oyeneyin, the move from a major telecommunications company to the leadership of Nigeria’s investment promotion agency marks a shift from corporate board oversight to a broader public-sector economic mandate.

Her new role comes at a time when the Federal Government is seeking to attract more domestic and foreign investment, improve the ease of doing business and strengthen investor confidence.

The NIPC is expected to play a central role in these efforts by facilitating investment, coordinating investor support and helping to address barriers that affect investment flows.

Kola-Oyeneyin’s experience across business transformation, finance and public policy could therefore be particularly relevant as the commission seeks to improve Nigeria’s investment proposition.

Her departure from MTN Nigeria is expected to take effect on August 31, after which her focus will shift fully to her responsibilities at the NIPC.