“MTN Nigeria Releases 2023 Sustainability Report, Pioneers Adoption of ISSB Standards”

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MTN Nigeria Communications PLC (“MTN Nigeria” or the “Company”), the leading telecommunications provider in Nigeria, proudly announces the release of its 2023 Sustainability Report. The report sighted on Nigeria Exchange Limited (NGX) traded data showcases MTN Nigeria’s unwavering dedication to sustainable development, emphasizing the Company’s strategic initiatives, achievements, and commitment to creating shared value for all stakeholders through responsible and innovative business practices. This report also marks a significant milestone as MTN Nigeria becomes one of the first companies in Nigeria to adopt the International Financial Reporting Standards (IFRS) 51 and 52 issued by the International Sustainability Standards Board (ISSB).
Uto Ukpanah, FCIS, Company Secretary, explained that the ISSB is an independent, nonprofit organization established by the International Financial Reporting Standards (IFRS) Foundation to develop and maintain a comprehensive global framework for sustainability-related disclosures. By providing a unified global approach to sustainability reporting, the ISSB’s standards offer investors and other stakeholders consistent, comparable, and decision-useful information on a company’s sustainability performance.
The report underscores MTN’s commitment to creating shared value for all stakeholders, aligning with its strategy to drive digital solutions for Africa’s progress. “We’re proud of the progress we’ve made so far, expanding connectivity to 79.7 million people, achieving 92.9% nationwide coverage, investing N2.6 billion in Corporate Social Investment programs that have impacted over 58,000 lives through the MTN Foundation, contributing N549.3 billion in taxes and levies to the government, and investing over N571.0 billion in capex, up 13.2% in 2023.
However, we recognize that this is only the beginning. We remain steadfast in our pursuit of excellence and are committed to continuously improving our sustainability practices while striving for an even greater impact in the communities we serve. Our goal is to set the benchmark for responsible business practices in Nigeria, and we will continue to ensure our operations positively impact the environment, society, and governance,” said Karl Toriola, Chief Executive Officer, MTN Nigeria.
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, also commented on the report, explaining the company’s commitment to Environmental, Social, and Governance (ESG) principles. “We have embedded sustainability and ESG considerations at the core of our governance structure, recognizing their critical role in driving long-term value creation for our stakeholders. Our commitment to sustainability is reflected in our actions, from establishing a dedicated Sustainability and Shared Value function to adopting the IFRS Sustainability Reporting Standards. We are pleased with our progress so far, including achieving a reputation index score of 84, up 3.0 points from 2022, and achieving a 10.3% reduction in Scope 1 and 2 emissions from the 2021 baseline as part of the Project Zero initiative, progressing towards net zero emissions by 2040.”
MTN Nigeria continues to push boundaries and set new standards, contributing to a better future for Nigeria and Africa as a whole.

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