LET’S take a moment to examine the latest MTN brand ambassadors’ list.
Praiz, Iyanya, Chidinma, Falz, Tekno, Skales, Saka, Nedu, Osuofia and Adamu Zango.
Though the above names can be considered ‘rave of the moment’, the reality is they are B-list acts.
Now let’s look at the list of dropped acts…
Davido, Don Jazzy, Tiwa Savage, Dr. Sid, Sound Sultan, Banky W, KCee, Harrysong and others.
These names are certified A-list acts and investigations reveal that these A-list acts have been grumbling in the background, regarding the quality of treatment they get from the telco, and the fact that their colleagues signed to rival brands get more money, more incentives and leverage.
While most of the dropped acts refused to comment on the issue, a highly placed source tells us that ‘MTN is doing so much to cut costs and the fact that the A-list acts demanded for more money to renew their deals gave them a clean opportunity to dump them’.
ALSO SEE: MTN to list shares on NSE next year
According to Bloomberg, ‘minority shareholders of MTN’s stock may sell their holdings at a lower price or exit completely while MTN itself may also offer up a small portion of its stake’
MTN is also dealing with part of the conditions set in its fine settlement deal with theNigerian Communications Commission (NCC), as the company hopes to raise as much as $1b from its upcoming Initial Public Offering (IPO).
The news of the fine and the subsequent negotiations ultimately led to a 38% decline in MTN’s share price.
MTN however says it’ll continue to maintain good relationships with its past ambassadors, ‘we specially thank all our former ambassadors for their immense contributions to building our brand and making us the network of choice in Nigeria. We will definitely continue to maintain the strong and mutually beneficial relationship with them through the monetisation of their content on all our digital platforms’.