MTN Invest 1% of PAT Earnings on Nigerians

MOBILE Telephone Network (MTN) has said that it invests one percent of its annual profit after tax(PAT) on the development of the Nigerians and the communities where it operates.

The remark was made on the sideline of a just concluded 2014 edition of the CSR West Africa Summit, which held in Lagos and had in attendance participants from the sub-region.

Corporate Services Executive of MTN Nigeria, Mr. Akinwale Goodluck, who made the disclosure in a remark said that MTN as a company considers corporate responsibility as a smart way of doing business.

According to him,“We believe in adding value while practicing good corporate governance and ethics”, stressing that MTN is currently committing up to 1% of its Nigeria's annual profit after tax to high impact corporate social investments.

He added it is a demonstration of the company's values and focus on developing people and their communities.

In a paper presentation, Executive Secretary of MTN Foundation, Nonny Ugboma advocated the adoption of corporate social investments and sustainability as business models.

The CSR West Africa Summit, which focuses on critical sectors of development such as employment, education, local community development and the environment, is a forum that brings Governments, Policy Makers, Corporate Organisations, NGOs, Regulators and Social Enterprises together to discuss CSR and its effects on the social and economic development of the West African sub-region.

The Summit also serves as a platform to engage attendees from the different economic and social sectors on how to adopt long-term sustainability frameworks, leverage stakeholder’s engagement, design positively impactful CSR initiatives and encourage partnerships as well as networking.

Ugboma, in her paper titled, 'How do you create a sustainably led organisation,' said that Africa is the next global frontier opening up to huge opportunities for investments. For businesses to succeed, they must operate within a healthy and stable society.

She noted that “a sustainable business model should involve its host community regardless of what challenges they are facing. A sound community involvement strategy in line with a company's overall business and corporate responsibility strategy can help organisations achieve business successes.”

The MTN Foundation began operations in 2005. After a thorough needs assessment exercise, the Foundation's strategic direction was focused on three key areas of interventions: Health, Education and Economic Empowerment. The Foundation receives its funding from MTN Nigeria, which commits 1% of its annual profit after tax for executing sustainable initiatives.