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O&O Network Appeals Court Order to Deposit N22.5Bn for Airtel Shares

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O&O Network has filed a notice of appeal against the ruling of the Federal high court ordering it to deposit N22.5 billion with the chief registrar of the court pending the determination of the substantive suit.

 

Mojisola Olatoregun, presiding judge, stated that the sanctity of the court must be protected. She ordered further that the money should be kept in an interest yielding account in a commercial bank at the Central Bank of Nigeria interest rate.

 

Justice Olatoregun later adjourned till 29 May, 2019 for hearing of the substantive suit.

 

The $28,728,125 suit was jointly instituted by a Nigerian Industrial mogul Oba Otudeko and his company, Broad communications Limited against a cellular mobile telecommunications company, Airtel Networks Limited (formerly known as Econet Wireless Nigeria Limited )and 9 others.

 

The order of the court was sequel to an application filed before the court by the plaintiffs, Oba Otudeko and his company, Broad Communications Limited, urging the court to direct one of the defendants, O&O Network Limited to deposit the sum of N22.5 billion being the sum of a purported transfer of 16,002,404 shares of Airtel, into an interest yielding account in the name of the Chief Registrar of the Federal High Court to be domicile at Zenith Bank or First Bank pending the determination of the instant suit by the court.

 

Joined as co -defendants in the suit filed before a Federal high court in Lagos south west Nigeria are: a promoter of Airtel Jubril Adewale Tinubu, with 9,906,250 shares being 9.9% voting capital, O&0 Networks limited, Delta ministry of Finance Incorporated, Delta State Government, Corporate Affairs Commission, Econet wireless Limited, Econet Development Corporation,Ecobank Nigeria limited, Ecobank Transnational Incorporated.

 

The plaintiffs alleged that by order of the court issued on the 5th of February, 2015 the court mandated parties to maintain status quo in respect of shares held in Airtel Network Limited.

 

However notwithstanding the orders made by the court, O&O Network entered into arrangement for the sale and transfer of shares in Airtel Network limited to Bharti Airtel Nigeria BV. for the sum of N22.5billion.

 

The transfer of the shares to Bharti Airtel Nigeria BV, was alleged to be in violation of the order of the court.

 

According to an amended statement of claim filed on behalf of Oba Otudeko and Broad communications Limited by Chief Wole Olanipekun SAN, OFR, the plaintiffs alleged that sometime in 2011, Ecobank Transnational Incorporated acquired the defunct Oceanic bank Plc with all its liabilities and assets which at the time of acquisition included the 3rd defendant O&0 Network limited.

 

Prior to the acquisition of Oceanic bank the plaintiffs became aware that the 4th defendant, Delta State ministry of Finance incorporated and the 5th defendant Delta State Government purportedly transfer their beneficial ownership in the shares of the O&0 Network Limited back to 2nd defendant, Jubril Adewale Tinubu who subsequently purported to have transferred the shares to Oceanic bank Plc as part of a process of securitization and foreclosure arising from loans advanced to him by Oceanic bank.

 

The plaintiffs stated further that in the course of promoting Airtel, it was a fundamental term that in order to facilitate financing arrangements, Nigerian individual shareholders would take their shares in their own names or by the agency of their respective nominee vehicles. By this agreement Oba Otudeko was to hold directly or indirectly, 15% of the ordinary shares and Jubril Adewale Tinubu was to hold directly or indirectly about 10% of the ordinary shares of the company.

 

Further to the above arrangement and as preliminary step toward the acquisition of 40% equity stake in Airtel, Oba Otudeko and Adewale Tinubu through a special purpose corporate vehicle called First Independent Network limited FINL, executed a settlement agreement dated 11 June 2001,with Econet International Limited.

 

It was also selected fundamental term of the agreement that Nigerians would hold 40% of the ordinary shares and that Econet Wireless International EWI, being the original technical partner would hold 40%,while 20% was reserved for Transtel -a South African company.

 

Oba Otudeko took 13,035,936 shares in the name of Broad communication and 187,500 in his own name while Adewale Tinubu took 9,906,250 shares in the name of Ocean &Oil services and later transferred same to O&0 Network .

 

The shareholders agreement confers on the shareholders a’ ‘right of first refusal’ in relation to the disposal of shares or interest therein by any conceivable means;and outline procedures to be followed for giving notice of intention to dispose and further mechanism for dealing with such shares.

 

The plaintiffs alleged further that sometime in 2005, without any formal or informal notice they became aware that in 2001 and 2003, Jubril Adewale Tinubu acting as the alter ego of O&0 Network reached secret agreements to transfer all the company’s share in Airtel to Delta State ministry of Finance incorporated and Delta State Government for a premium.

 

The 9,906,250 ordinary shares of the O&0 Network sold, in breach of the plaintiffs pre -emptive right was valued at $4.50 thereby amounting to $44,578,125.

 

The transaction was deliberately concealed from the plaintiffs and other shareholders with Adewale Tinubu continuing to represent that he represented himself rather than the Delta State ministry of finance incorporated and Delta State Government on the board of Directors of Airtel.

 

The plaintiffs averred that Adewale Tinubu and one David Edevbie, the then commissioner for Finance and Economic Planning in Delta State made statements to the Economic and Financial Crimes Commission EFCC in or about August-November 2004 admitting that the respective transactions entered into between them had the sole objective of dealing in the shares of Airtel contrary to the agreement and the understandings binding parties and other shareholders in the Airtel company.

 

On 11th of March, 2013,the plaintiffs divested their interest in the Aitel Company.

 

The value of the 9,906,250 ordinary shares sold by Adewale Tinubu and O&0 Network to Delta State ministry of finance incorporated and Delta State Government in breach of the Plaintiffs pre -emptive rights had appreciated in value from $4.5 per share to $7.4 per share as at the time the plaintiffs divested their interest in the Airtel company amounting to $73,306,250, consequently the differential in the value of the shares when the plaintiffs divested their interest amounts to $28,728,125.

 

The plaintiffs claim against the defendants jointly and severally are as follows:

 

An order mandating the defendants to pay the Plaintiffs the sum of $28,728,125 being the interest /profit accrued on the 9,906,250, ordinary shares sold in breach of the plaintiffs pre -emptive rights in the Airtel Company.

 

Interest on same at the rate of 23% per annum from 15th July, 2003 till judgement is delivered.

Cost of this legal action assessed at N100 million.

 

However, In an affidavit in support of statement of defence sworn to by Airtel legal officer Kingsley Anyiam, filed on behalf of Airtel by a Lagos lawyer, Barrister C. A.Candide-Johnson SAN, the deponent averred that Airtel was not privy to the facts that led up to the dispute, as relayed by the Plaintiffs in their statement of claim.

 

In addition Airtel is not a party to the shareholders agreement which forms the crux of this dispute, as the shareholders agreement was entered strictly among the shareholders of Airtel as at the relevant time of this suit.

 

Consequently the Plaintiffs statement of claim do not have any adverse reliefs against Airtel. Therefore, Airtel need not be party to this suit in order to comply with any lawful order of the court.

 


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NCC Unveils Spectrum Roadmap to Power Nigeria’s $1tr Digital Economy

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As part of efforts to strengthen Nigeria’s digital infrastructure and accelerate the country’s push towards a $1 trillion digital economy, the Nigerian Communications Commission (NCC) has unveiled a new Spectrum Roadmap for 2026–2030, alongside draft guidelines for opening the lower 6GHz and 60GHz bands.

Stakeholders in the telecommunications sector on Monday converged in Abuja for the Consultative Forum on the Spectrum Roadmap 2026–2030 and the Guidelines for Opening the Lower 6GHz and 60GHz Bands, where the Commission presented the proposed policy frameworks and sought industry input.

Speaking at the Forum, the Executive Vice Chairman (EVC) and Chief Executive Officer of the NCC, Dr Aminu Maida, described spectrum as an invisible but indispensable national resource that powers mobile communications, broadband networks, satellite services, financial platforms and smart technologies across the country.

Represented by the Head of Spectrum Administration, Engr Atiku Lawal, the EVC said rising demand driven by data-intensive applications, cloud services, artificial intelligence and the Internet of Things has made forward-looking spectrum planning inevitable.

“The Spectrum Roadmap 2026–2030 is about creating a transparent, predictable and enabling regulatory environment that supports investment, encourages innovation, expands access and improves service quality for all Nigerians,” Maida said.

He explained that the roadmap is designed to give industry players confidence to invest and the flexibility to innovate, while ensuring that Nigeria’s digital growth remains inclusive, sustainable and aligned with national development priorities.

On the draft guidelines, Maida said the proposed opening of the lower 6GHz band for Wi-Fi 6 and the 60GHz licence-exempt band for multi-gigabit wireless systems marks a bold step towards expanding spectrum available for unlicensed use.

“These bands will significantly expand the spectrum available for high-speed, affordable and reliable connectivity, enabling faster Wi-Fi and innovative services across homes, schools, businesses, healthcare facilities and public spaces,” he noted.

The EVC added that with Wi-Fi carrying a large share of global internet traffic, opening the new bands would help Nigeria prepare for future data demands, not only on mobile networks but also across campuses, enterprises and public infrastructure.

Linking the initiative to national policy, he said the roadmap and guidelines support the Federal Government’s Renewed Hope Agenda and President Bola Ahmed Tinubu’s ambition of building a $1 trillion digital economy by 2030.

In a keynote address delivered by the Executive Commissioner, Technical Services, Engr Abraham Oshadami, he said the engagement reaffirmed the Commission’s commitment to ensuring that spectrum resources benefit every community.

Represented by the Head of Fixed Networks and Converged Services at the NCC, Engr Gidado Maigana, Oshadami described spectrum as the backbone of Nigeria’s digital economy and a scarce national asset that must be managed with transparency, prudence and collaboration.

“The way we plan, assign and regulate spectrum will determine our ability to achieve national targets, stimulate innovation and strengthen global competitiveness,” Oshadami stated.

While acknowledging progress in mobile broadband penetration, 5G deployment and quality of service, he warned that rising data demand from fixed wireless access, real-time applications and emerging technologies requires deliberate and forward-looking planning.

He said the Spectrum Roadmap 2026–2030 provides clarity, predictability and transparency, while aligning spectrum management with national priorities such as bridging the digital divide, enhancing quality of experience, promoting innovation and encouraging market-driven investment.

On the opening of the lower 6GHz and 60GHz bands, Oshadami said the move would help ease congestion on existing Wi-Fi bands, with the lower 6GHz offering wider channels and higher data rates, and the 60GHz band enabling multi-gigabit wireless connectivity for advanced use cases.

According to him, the draft guidelines clearly outline deployment scenarios, power limits, interference mitigation measures and compliance frameworks to ensure efficient and safe use of the bands.

Both speakers stressed that the success of the proposed frameworks would depend on sustained collaboration with industry stakeholders, noting that feedback from the consultative process would shape the final policies.

“The decisions we make today will shape Nigeria’s digital trajectory for years to come,” Oshadami remarked.

 


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Lebara Launches Agent Registration Portal

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Lebara Nigeria has launched the Agent Registration Portal (ARP), a new digital onboarding platform designed to accelerate the expansion of its retail and point-of-sale (POS) network nationwide.

Lebara Launches Agent Registration Portal

Through the Agent Registration Portal, Lebara aims to create awareness, build trust and credibility within the retail channel, create opportunities for Nigerians to register and become Lebara partners, and position the brand as a modern, digitally driven, and opportunity – focused telecom operator.

With the introduction of the Agent Registration Portal, alongside its earlier customer-focused digital tools, Lebara Nigeria is designed to empower SMEs, independent distributors, SIM sellers, and retailers nationwide by removing traditional barriers to entry and enabling compliant, digital-first onboarding at scale.

Also, positioning  itself as a digitally driven telecom entrant, focused on speed, compliance, and nationwide reach as it prepares for full-scale operations across the country.

The rollout comes as part of a national onboarding campaign running from January to March, 2026, targeting both low-scale retail agents and high-scale distributors.

Through the portal, Lebara aims to rapidly grow its digital and physical presence across Nigeria while ensuring all partners meet required compliance and verification standards

The Agent Registration Portal is accessible via the Lebara Nigeria website and allows prospective agents and distributors to complete the entire onboarding process online.

Once approved, partner locations are activated as Lebara POS outlets, trained and authorized to sell Lebara starter packs, data bundles, vouchers and other Lebara Nigeria products and services.

The launch builds on Lebara Nigeria’s earlier digital initiatives ahead of its full market entry.

Prior to the Agent Registration Portal rollout, the company introduced a Number Registration Portal, enabling prospective customers to select and reserve preferred phone numbers before the network goes live.

The service allows users to secure personalised numbers such as memorable dates, culturally significant digits, or easy-to-recall patterns through a simple online process, giving customers early control over their mobile identity.

The Agent Registration Portal onboarding process follows a structured flow from account creation and document upload to compliance checks, verification, approval, and activation. Applicants are required to submit details such as National Identification Number (NIN), valid government-issued ID, Tax Identification Number (TIN), and address information. Where all documentation is complete, onboarding can be completed within 30 minutes, after which applicants receive email confirmation and next steps.

Commenting on the launch, Mary O. Akin-Adesokan, Chief Operating Officer of Lebara Nigeria, said the portal is central to the company’s operational and growth strategy in the country.

“The Agent Registration Portal is a key part of our strategy to scale Lebara’s retail presence nationwide. It allows us to onboard partners faster, ensure full compliance, and provide both small retailers and large distributors with a transparent and reliable way to do business with Lebara.

“Together with our earlier Number Reservation Portal, it demonstrates our commitment to using digital innovation to simplify access, empower partners, and enhance the overall telecom experience,” she said.


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MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD

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MTN Nigeria CEO Karl Toriola has declared that the era of outsiders telling Africa’s story is over, positioning the continent as a global powerhouse of authors, architects, and innovators.

MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD

MTN Nigeria

Toriola made the remarks while accepting the ‘CEO of the Year’ award at the 2025 Most Influential People of African Descent (MIPAD) Recognition Ceremony in Lagos.

“For decades, stories about Africa were told about us, but rarely by us,” he said, rejecting outdated narratives of conflict and need. “We are no longer the subjects of the story; we are the authors. Africa’s time is now.”

He spotlighted African talent now leading global organisations, alongside Afrobeats and art reshaping world culture, drawing the Diaspora home with investments, not just emotions.

Toriola anchored his vision in MTN Nigeria’s journey, recalling a time when Nigeria’s 120 million people shared fewer than 500,000 telephone lines. “When MTN entered in 2001, analysts said Nigerians were too poor for mobile phones. They were wrong. They underestimated the Nigerian spirit,” he said.

From that first call in May 2001, MTN has connected over 84 million subscribers, building Nigeria’s “digital nervous system.”

He described Nigeria as uniquely investable due to its resilience and scalability, dedicating the award to MTN’s “real heroes”—engineers scaling masts and frontline customer service staff.

As MTN marks 25 years in 2026, Toriola pledged: “We are going nowhere. We are rooted in the soil of Nigeria and Africa.” He urged global elites to become the continent’s “Most Impactful Builders.”


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