Telecom
How Holder, US Lawyer Helped Cut Billions off MTN Fine
Telecoms firm MTN hired former U.S. Attorney General Eric Holder in January to help it reduce a $3.9 billion fine imposed in Nigeria over unregistered SIM cards. Five months later, it struck a deal to pay less than half of that.
The entrance of Holder, who stood down as attorney general last year after presiding over some of the largest corporate settlements in American history, marked a change of strategy for the South African company.
MTN dropped a three-month legal challenge against the fine and, according to government sources and letters seen by Reuters, asked Nigerian Attorney General Abubakar Malami to put forward a proposal for a reduced fine to the communications regulator, the official authority in the dispute.
The regulator, the Nigerian Communications Commission (NCC), rejected the proposal as unjustifiable, documents show, but three months later it accepted a broadly similar deal. Reuters was unable to determine the role, if any, that Holder played in the change of heart.
MTN, Holder, Malami and the NCC all declined to comment on the negotiation process.
There is no indication that any individuals acted improperly, and companies have often reached settlements with regulators in Nigeria.
Lawmakers have however criticised the opaque nature of the settlement process, saying it set a precedent for other firms dealing with Nigerian authorities.
The 780 billion naira fine – $3.9 billion at the exchange rate at the time – was set by the NCC in December over MTN’s failure to deactivate more than 5 million SIM cards not registered by customers. Nigeria has been trying to halt the use of unregistered cards over concerns they are being used for criminal activity, including by Islamist militant group Boko Haram.
MTN, Africa’s biggest telecoms company, initially launched a high court challenge against the fine, arguing the watchdog had no legal grounds to order it. The law states that the NCC does have the right to impose such a penalty.
In February, however, MTN withdrew the lawsuit and paid a “good faith” payment of 50 billion naira to the government which it said was part of efforts to reach an amicable settlement and would go towards the eventual fine agreed.
The NCC said at the time that it had not agreed to enter into any talks with MTN and that it stood by the 780 billion naira penalty.
Rather than dealing directly with the regulator, Holder approached Malami to help broker a settlement, according to the government sources and letters seen by Reuters.
LETTERS
In a letter dated the same day MTN announced it was dropping its court challenge – Feb. 24 – Holder wrote to Malami on behalf of the company offering to pay 300 billion naira and list MTN’s local unit on the Nigerian stock exchange to end the dispute.
Under the Nigerian constitution, the attorney general can mediate in a dispute involving a state body after the matter has been taken to court.
Malami asked NCC to review the MTN offer but the regulator was not impressed, according to another letter seen by Reuters.
“The proposal to pay the sum of 300 billion naira … is not supported by any verifiable justification,” NCC Chief Executive Umar Garba Danbatta said in a March 1 letter to Malami.
Nor was the NCC convinced by MTN’s sweetener of a local listing. “This is a business decision absolutely within MTN’s prerogative and primarily to its benefit. There is no justification for bringing this along in discussing the present issue,” Danbatta said.
But when MTN announced on June 10 that it reached a deal with the government to pay a fine of 330 billion naira – just 30 billion naira more – the NCC appeared to have altered its view, notifying parliament in a letter dated the same day of a “full and final” settlement.
“It was never about the money it was about making clear the rules are the rules,” NCC spokesman Tony Ojobo told Reuters on June 13. “The MTN listing is a big positive for Nigeria and will benefit the country.”
When asked about the March 1 letter and what had changed the NCC’s view, Ojobo said he would not discuss the negotiations.
A parliamentary committee on telecommunications is reviewing the deal and the negotiations that led to it. Such reviews by lawmakers are standard practice after big corporate settlements and are aimed at ensuring that there has been no wrongdoing by any party involved and that the public interest has been served.
“What concerns us most is what MTN proposes in February is so similar to what is agreed in June. It is clear MTN were dictating the pace,” committee chairman Saheed Akinade-Fijabi told Reuters.
“What does this say to other businesses? That to get the best deal you use unofficial back channels and keep the public in the dark?”
DIVISIONS
The deal has exposed divisions within the Nigerian government; officials within President Muhammadu Buhari’s team were also unhappy with Malami’s plans to strike a deal with MTN which they considered too generous, leading to heated discussions between the two camps, two government sources said.
There has been no official comment from Buhari on the settlement.
Holder was hired by MTN through his Washington-based law firm Covington and Burling which he joined last year after six years as U.S. attorney general.
Settlements he presided over in public office included the $13 billion JPMorgan Chase paid to settle charges of mis-selling mortgages in the run-up to the financial crisis and the BP Deepwater Horizon oil spill case, which has topped $20 billion.
It is unclear whether Holder has been based in Nigeria during his time working for MTN, which counts Nigeria as its biggest market. It also is unclear whether he still advises MTN. Covington and Burling declined to comment.
Following the settlement MTN’s share price, which had fallen around 30 percent between a fine being announced and Holder being hired, has risen by around 25 percent.
News
NITDA Communications Director Hadiza Umar Named in 2026 PR Power List, Graces Glazia Magazine Cover
Mrs. Hadiza Umar, Director of the Corporate Communications and Media Relations Department at the National Information Technology Development Agency (NITDA), has been officially recognised as one of Nigeria’s top public relations professionals in the prestigious 2026 PR Power List.
The definitive annual list, compiled by GLG Communications in partnership with The Guardian, was unveiled to commemorate World PR Day.
It celebrates 50 outstanding professionals within Nigeria and the diaspora whose strategic communication strategies have significantly shaped organisations, influenced public discourse, and advanced the profession over the past 12 months.
Adding to the momentous milestone, Mrs. Umar was hit with a major surprise at the exclusive PR Power List Soirée and Awards ceremony held at the Alliance Française in Ikoyi, Lagos, where she was unveiled as a front-cover personality for the Glazia Magazine PR Power List Special Issue.
The double recognition highlights her exceptional distinction and impact in public sector communications and narrative management.
Speaking on the dual achievement, Mrs. Umar expressed profound gratitude for the honours, describing the magazine cover appearance as a breathtaking surprise.
“I am deeply humbled and honored to be recognized on the 2026 PR Power List and to feature on the cover of Glazia Magazine alongside other exceptional industry titans,” Umar said.
“This milestone is a testament to the enabling environment and visionary leadership of the Director General of NITDA, Kashifu Inuwa Abdullahi, CCIE, which has allowed us to strategically drive the narrative of Nigeria’s digital economy and technological innovation.”
Mrs. Umar, a highly respected corporate communications strategist, holds professional fellowships in the Nigerian Institute of Public Relations (Chartered), the African Public Relations Association (APRA), and the Institute of Corporate Administration (CICA).
Under her supervisory role, NITDA’s media relations have consistently projected national information technology frameworks, start-up support frameworks, and digital literacy initiatives, to position Nigeria competitively on the global stage.
The 2026 PR Power List selection process involved a rigorous, independent evaluation led by a distinguished international jury.
The organisers noted that the class of 2026 represents professionals raising the standard of strategic communications and introducing new ideas to the industry.
The need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
The board of global payments company, PayPal, says a 53 billion dollars takeover offer from financial technology firm, Stripe, and private equity company, Advent International, does not adequately reflect the company’s long-term value.
PayPal
According to reports, the proposed acquisition, valued at 60.50 dollars per share, remains under consideration, with the board yet to formally respond to the offer.
The directors are said to be evaluating not only the financial value of the proposal but also the structure of the financing, the timeline for completing the transaction and the likelihood of obtaining regulatory approvals.
They are also considering the possibility of competing bids emerging.
Although the offer represents a premium of about 28 per cent above PayPal’s recent share price, the board believes the company could deliver greater value to shareholders if its ongoing turnaround strategy succeeds.
Following reports of the bid, PayPal shares gained about two per cent to close at 56.73 dollars.
Sources familiar with the discussions said Stripe and Advent have secured approximately 50 billion dollars in debt financing from JPMorgan and Morgan Stanley, while both firms would jointly contribute 17 billion dollars in equity.
Under the proposal, the two companies would jointly own PayPal instead of dividing its operations.
PayPal, Stripe, Advent International, JPMorgan and Morgan Stanley have all declined to comment on the proposed transaction.
The discussions come as PayPal seeks to strengthen its business after years of increasing competition from rivals including Apple Pay, Google Pay and emerging financial technology firms.
The company, which was valued at about 360 billion dollars in 2021, now has a market capitalisation of approximately 36 billion dollars.
Since assuming office as Chief Executive Officer in March 2026, Enrique Lores has embarked on a restructuring programme aimed at improving operational efficiency and restoring growth.
The restructuring includes the creation of three business divisions comprising Checkout, Venmo and Consumer Financial Services, and Payments and Crypto.
The company is also targeting 1.5 billion dollars in cost savings through the deployment of artificial intelligence technologies.
PayPal’s latest financial results indicated signs of recovery, with first-quarter revenue rising seven per cent year-on-year to 8.35 billion dollars, while total payment volume increased by eight per cent to 464 billion dollars.
If approved, the transaction would combine two of the world’s largest digital payments companies.
The combined business would process an estimated 3.7 trillion dollars in annual payment volume, significantly strengthening its position in the global online payments market.
However, analysts expect the proposed acquisition to face intense regulatory scrutiny because of the companies’ combined market share in merchant payment services.
To address possible antitrust concerns, the bidders have reportedly considered options, including separating PayPal’s Braintree business or other assets if required by regulators.
Sources said Stripe and Advent remain interested in pursuing the acquisition despite the board’s reservations, although negotiations are expected to continue.
Market observers are also awaiting PayPal’s earnings report scheduled for July 28 for further indications of the company’s financial recovery and future growth prospects.
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