Telecom
Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-dealing @Pan African Towers
As multiple legal disputes arising from the acquisition of Pan African Towers unfold before Nigerian courts, one name consistently appears across the proceedings: Adefolarin Ogunsanya.
Court filings involving the Board Chairman and DPI partner raise broader questions about shareholder influence, corporate governance and executive independence following the 2023 acquisition.
The relationship did not begin in conflict. According to court filings, former Pan African Towers CEO Azeez Amida played a leading role in identifying and engaging investors after the company’s shareholders decided to pursue a sale.
The filings state that negotiations led by Amida culminated in the acquisition of Pan African Towers by Development Partners International (DPI), Verod Capital Growth Fund III LP and African Development Partners International LLP in a transaction later recognised as African Deal of the Year. Less than three years later, the same acquisition has become the subject of three separate court cases, bringing its governance arrangements under judicial scrutiny.
According to separate Federal High Court filings, the Management Incentive Plan (MIP) was more than a compensation proposal—it was a key factor in Amida’s decision to select the DPI, Verod and African Development Partners consortium to join him in acquiring Pan African Towers from Chapel Hill Denham, Nigeria Infrastructure Debt Fund and Prime Infrastructure West Africa.
The affidavit states that Amida held discussions with several investment firms before ultimately recommending the consortium.
He alleges that he made it clear from the outset that management would retain a minimum 5% equity interest following the acquisition, a proposal the consortium accepted through the MIP and accompanying Term Sheets. According to the pleadings, that arrangement distinguished the consortium from competing investors and ultimately secured Amida’s support for the transaction.
The court documents place Board Chairman Adefolarin Ogunsanya at the centre of those negotiations. Among the exhibits is an email from Ogunsanya forwarding a document titled “PAT – MIP analysis.xlsx,” described as “an excel working of the incentive scheme,” together with an invitation to walk Amida through the proposed structure.
The MIP projected that Amida’s proposed 5% equity participation could generate returns exceeding $30 million, which he alleges formed a significant part of his decision to proceed with the consortium.
According to the claimant, those equity arrangements were never implemented after the acquisition closed, giving rise to the separate Federal High Court action in which he seeks damages exceeding $30 million.
DPI, Verod and their respective limited partners are yet to file a substantive defence more than twelve months after the suit was commenced.
According to filings governance tensions emerge after acquisition which Amida’s defence is in contention that governance dynamics changed significantly after the acquisition.
The filings allege that shareholder representatives and board members became increasingly involved in operational matters ordinarily reserved for executive management, particularly procurement and commercial negotiations, including advocating sourcing decisions involving companies in which they held interests.
The defence identifies Board Chairman Adefolarin Ogunsanya as one of the directors involved in those discussions, alleging that governance and procurement disagreements became a defining feature of the relationship between management and the new ownership structure. Those allegations remain disputed and will ultimately be determined by the court.
According to the filings, following the appointment of a new Chief Financial Officer, Amida deliberately stepped away from final expenditure approvals because of governance concerns and the potential for conflicts of interest.
Instead, the defence states that payments followed the company’s established approval process, with departmental reviews culminating in final approval by the Chief Financial Officer, who was hired by the consortium and remains in the company till date.
The defence argues that many of the expenditures now challenged were processed under that framework. It further notes that the Chief Financial Officer responsible for those approvals remains with Pan African Towers and has since been promoted, a fact Amida contends is relevant to the court’s assessment of responsibility for the approval process.
The defence disputes that the transactions were unilateral decisions by the former CEO, arguing that the expenditures passed through multiple approval layers involving Human Resources, Finance, Procurement, Executive Management and, where necessary, the Board. Internal emails, approval workflows, WhatsApp communications and financial records have been listed among the evidence to be relied upon at trial.
The defence further contends that the hospitality, investor engagement and related business expenses were recognised in the company’s audited financial statements and approved through established corporate processes before later becoming the subject of litigation.
Board Chairman Adefolarin Ogunsanya’s recurring role across the various proceedings is one of the more notable features of the litigation.
According to the pleadings, he participated in negotiations surrounding the Management Incentive Plan, later signed the October 2024 query issued to Amida before the Mutual Separation Agreement, and subsequently declined a demand for an amicable settlement in the National Industrial Court dispute.
Amida now alleges that Pan African Towers’ Federal High Court action is retaliatory and intended to pressure him in connection with his earlier proceedings against DPI, Verod and other parties involved in the acquisition. Those allegations remain contested and will ultimately be determined by the courts.
In an insightful assessment of governance standards across the continent, Mcebisi Jonas, chairman of MTN Group, has warned that Africa’s long-term economic redemption rests entirely on the independence and resilience of its core public institutions.
Speaking during the MTN’s The Y’ello Chair vodcast that debuted on August 2, 2026, the corporate titan asserted that fragile governance frameworks continue to destroy economic inclusion and starve the region of critical investments.
Jonas emphasised that building a sustainable economy requires deliberate structural effort rather than mere political promises.
According to him, Africa must consciously protect its public bodies from political interference if it ever hopes to build a globally competitive ecosystem.
Expressing deep worry over institutional decay, Jonas remarked, “You need to hardwire democracy, you need to hardwire economic growth, you need to hardwire economic inclusion. Institutions are central in that process… Once you rubbish your institutions, the country goes down the tube.”
Drawing on his own nation’s historical struggles, Jonas noted how South Africa narrowly averted a total systemic breakdown by protecting its judicial boundaries, though he cautioned that vigilance remains non-negotiable.
He observed that the ultimate test of any healthy democracy is whether a government can humbly submit to the rule of law. “There are few countries in the continent where [the] government goes to court and loses a case,” Jonas lamented, pinpointing judicial autonomy and impartial electoral commissions as the non-negotiable benchmarks of true institutional health.
Hard economic data strongly validates Jonas’s thesis. According to UNCTAD’s World Investment Report, foreign direct investment (FDI) into Africa rebounded to $97 billion in 2024, raising the continent’s share of global inflows from 4% to 6%, driven largely by 36% of global pro-investment policy reforms originating from the continent.
However, experts stress that such capital flows remain highly volatile and tend to flee at the slightest sign of political instability or judicial compromise.
Tying institutional integrity directly to investor confidence, Jonas noted that capital is fundamentally cowardly – it flows only to destinations where credibility is guaranteed by law rather than whim.
As fiscal headwinds worsen across developing economies, Jonas warned African governments against taking shortcuts or manipulating tax policies at the expense of structural credibility, emphasising that a country’s economic survival depends on predictable, independent institutions.
The 12th edition of the eWorld Forum will hold on Thursday, September 24, 2026, at the Oriental Hotel, Victoria Island, Lagos, under the theme: “The GSM Digital Milestones: 25 Years On.”
Since its inauguration in 2010, the eWorld Forum has grown into one of Nigeria’s leading platforms for dialogue on information and communications technology (ICT), bringing together policymakers, regulators, telecommunications operators, technology companies, investors, academics and other industry stakeholders to discuss the future of the country’s digital economy.
The 2026 edition coincides with the 25th anniversary of Nigeria’s GSM revolution, which began with the commercial rollout of GSM services in August 2001. Over the past two and a half decades, mobile telecommunications have transformed virtually every sector of the economy, reshaping communication, commerce, banking, education, healthcare, governance, entertainment and social interaction while accelerating digital inclusion and economic growth.
The forum will provide an opportunity for stakeholders to reflect on the industry’s achievements over the last 25 years, examine current challenges, and chart the path forward in key areas such as broadband expansion, artificial intelligence, fintech, digital infrastructure, cybersecurity, spectrum management and Nigeria’s evolving digital economy.
A major highlight of the event will be the public launch of two books authored by veteran ICT journalist, Publisher of eWorldnews and Convener of the eWorld Forum, Aaron Ukodie.
The first book, Nigeria’s GSM Revolution at 25: The Hall of Digital Pioneers and Players, has been specially published to commemorate the silver jubilee of GSM in Nigeria. The publication chronicles the remarkable evolution of the nation’s telecommunications industry and documents the vision, policies, investments, innovations and contributions of the pioneers, regulators, operators, institutions, companies and individuals whose collective efforts transformed Nigeria into one of Africa’s largest telecommunications and digital markets.
The book serves as a follow-up to Ukodie’s earlier publication, Nigerian Drivers of Digital Prosperity: The Trajectory of the Digital Evolution, Sector Analysis and Players’ Contribution, further preserving the history of Nigeria’s digital transformation.
The second publication, The Pilgrim Trail, is a deeply personal memoir that recounts the author’s life journey, professional experiences, Christian faith and reflections on God’s sustaining grace. The memoir also documents Ukodie’s recovery from the stroke he suffered in 2023 and how, despite prolonged physiotherapy and physical limitations affecting his right hand and right leg, he successfully completed both books. The work stands as a powerful testimony of resilience, perseverance, hope and unwavering faith.
Speaking ahead of the event, Ukodie said: “I am grateful for the opportunity to document both the history of Nigeria’s GSM revolution and my personal journey in The Pilgrim Trail.
“These books preserve important history while bearing testimony to God’s grace and faithfulness in my life. I look forward to sharing them with the public at the forum.”
Although both books will be officially launched during the forum, The Pilgrim Trail is already available for pre-launch orders.
According to the organisers, eWorld Forum 2026 is expected to be a landmark gathering that will celebrate one of Nigeria’s greatest technological success stories while preserving the history of the country’s digital transformation for future generations.
The forum will also honour the institutions, organisations and individuals whose pioneering efforts laid the foundation for Nigeria’s GSM revolution and continue to drive innovation across the nation’s digital ecosystem.
By Justice Winner
Nigeria’s startup ecosystem has entered a new era. Venture capital is no longer chasing bold ideas alone; investors are increasingly looking for businesses that combine innovation with sound governance, operational discipline, and long-term sustainability. As Nigeria reclaims its position as Africa’s leading destination for venture capital, founders must recognise that fundraising is no longer driven solely by product-market fit or revenue growth. Strategic communication has become a competitive advantage.
The collapse of once-promising startups despite raising millions of dollars demonstrates an important lesson: funding can accelerate growth, but reputation, trust, and transparency determine longevity. Investors now evaluate leadership credibility, governance standards, regulatory preparedness, and market positioning alongside financial performance.
Here are five strategic communication moves every startup should implement to improve investor confidence and strengthen enterprise value.
1. Build Trust Before You Need Capital
Investor relationships begin long before a fundraising round. Startups that consistently communicate their vision, milestones, customer impact, and business progress build familiarity and confidence within the investment community.
Rather than disappearing between funding announcements, founders should establish a regular cadence of updates through media engagements, company announcements, newsletters, and thought leadership. Consistent visibility demonstrates momentum, reduces uncertainty, and helps investors understand the long-term trajectory of the business.
Trust compounds over time, making fundraising conversations significantly easier when capital is eventually required.
2. Position Founders as Industry Thought Leaders
Increasingly, investors back founders as much as they back products.
Founders who contribute meaningfully to conversations around regulation, technology, financial inclusion, climate innovation, healthcare, or digital infrastructure establish themselves as credible industry leaders rather than startup operators chasing funding.
Strategic media interviews, opinion articles, conference speaking engagements, podcasts, and executive profiling help build authority. This visibility often places founders on the radar of venture capital firms long before formal introductions are made.
Strong executive visibility also reassures investors that company leadership can effectively represent the business during partnerships, regulatory engagements, and future expansion.
3. Communicate Governance as Clearly as Growth
One of the biggest lessons from recent startup failures is that rapid growth without strong governance creates significant investor risk.
Strategic communication should extend beyond customer acquisition and product launches. Founders should proactively communicate governance improvements, compliance initiatives, board appointments, internal controls, cybersecurity measures, and risk management practices.
Institutional investors increasingly evaluate operational maturity before deploying capital. Demonstrating transparency around governance signals that the company is built for sustainable growth rather than short-term expansion.
Clear governance messaging transforms compliance from a back-office function into an investor confidence strategy.
4. Own Your Narrative Before Others Do
Every startup has a story. The question is whether the company tells it first.
Without deliberate communication, external stakeholders—including competitors, critics, or market speculation—often define public perception. During periods of economic uncertainty, this can significantly influence customer confidence and investor sentiment.
A strategic communications plan should clearly articulate what problem the startup solves, why it matters, how the business creates measurable impact, and what differentiates it within the market.
Narrative ownership also becomes essential during difficult periods. Whether facing product challenges, regulatory changes, fundraising delays, or broader market volatility, startups that communicate openly and consistently are far more likely to preserve stakeholder trust than those that remain silent.
5. Showcase Impact, Not Just Investment
Funding announcements generate headlines, but sustained investor interest comes from demonstrating measurable impact.
Startups should regularly communicate meaningful business metrics, customer success stories, operational milestones, employment generation, market expansion, technology innovation, and contributions to national development.
Nigeria’s most attractive ventures increasingly solve structural challenges—from financial inclusion and agricultural distribution to clean energy and logistics. Communicating this broader economic impact positions startups as long-term infrastructure builders rather than short-term technology companies.
Investors increasingly seek businesses capable of generating sustainable value while contributing to broader economic transformation. The stronger the evidence of impact, the stronger the investment case.
Nigeria’s venture capital ecosystem continues to mature despite global economic headwinds. Improved foreign exchange stability, progressive policies such as the Nigerian Startup Act, increasing sector diversification, and stronger institutional participation have reinforced the country’s position as Africa’s leading innovation hub. However, capital is becoming more selective.
For today’s founders, strategic communication is no longer a marketing exercise—it is a business function that directly influences investor confidence, corporate reputation, partnerships, customer trust, and ultimately valuation. Companies that invest early in building credibility, communicating transparently, and positioning themselves as trusted market leaders will be better equipped to attract long-term capital and navigate future market cycles.
In an increasingly competitive investment landscape, startups that communicate strategically will not simply raise capital—they will command stronger valuations, build more resilient brands, and shape the next chapter of Nigeria’s innovation economy.
By Justice Winner, Senior Account Manager, IVI PR
NBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
Nigerians Lost N25.85Bn to Digital Payment Fraud in 2025 –CBN
NRS Announces 30 Percent Tax on Corporate Crypto Income
Kaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others
PalmPay’s Transaction Guard Gives Users More Control, As Fraud Tactics Evolve
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
News1 day agoAtte, Nigerian Develops AI Algorithm for Hair Transplants
E-Financial1 day agoCBN Exposes over 13,000 BVNs Tied to Fraud as Banks Tighten Security
E-Financial1 day agoFCT Court Awards Ex-Customers N15m against Stanbic IBTC over Data Privacy Breach
News1 day agoFG to Abolish Subsidies in Power Sector in 2027 – Minister
General News1 day agoDare Tackles Onaiyekan over Criticism of Tinubu, Says Economic is Working
General News1 day agoSERAP Asks Tinubu to Probe Alleged N6.79Bn Missing Police Funds, Firearms
General News1 day agoLenacapavir, HIV Injectable Drug Offers Pregnant, Lactating Mothers 100 Percent Protection – Study
Telecom1 day agoStarbase Technologies Introduces Yolly, a Reward-Based Social Entertainment Platform