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CBN Lacks Powers to Order MTN to Refund $8.1Bn- ATCON

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Association of Telecoms Companies of Nigeria (ATCON) has said that the Central Bank of Nigeria (CBN), has no powers to order MTN Nigeria to refund $8.1billion.

 

ATCON said that the cash in question belongs to MTN in the first place and wondered what the CBN wants to achieve by its order.

 

Recall that the CBN accused MTN of untidy business transactions involving alleged repatriation of $8.1billion which it ordered the carrier to refund, while the Office of the Attorney General of the Federation has also issued demand notice of $2billion unpaid taxes over a 10-year period to the telco.

 

Four local lenders alleged to have facilitated the repatriation were also sanctioned by the apex bank but MTN has strongly denied both allegations, adding that it had the clearance of the apex bank and a clean bill of record with the tax authorities.

 

But Oulsola Teniola, president, ATCON, said the industry does not understand what the CBN intends to achieve by the directive to an operator on which it has no regulatory oversight.

 

He said: “It is very important to note that the figure referred to has almost been fully paid by MTN and that the $8.1billion doesn’t belong to CBN but belongs to MTN. So, on this basis, it is hard to understand  what CBN seeks (to achieve) by its demands on MTN that it doesn’t have regulatory oversight over.”

 

On how the logjam could be resolved, he said dialogue and transparency would do the magic.

 

“Clarity, transparency and continued dialogue among  CBN, the banks and MTN to amicably resolve this matter in the interest of the wider stakeholder community, especially, potential investors closely watching developments on this issue.

 

“At the moment, processing of CCIs (Certificate of Capital Importation) is shrouded in confusion in what should be a relatively straight forward process in between the banks and CBN their regulator.

 

According to him, there is no likelihood that MTN refund such huge cash because of its timing.

 

He said: “A refund is very unlikely. The size of the demand and timing is unreasonable and not in the interest of the country. After all, the Naira equivalent will have to be returned to MTN Nigeria. It is then an interesting situation that this seeks to redress events that occurred when CBN had full oversight and approved the transactions. How do they intend to do that?”

 

According to Teniola, the matter should be between the banks and the apex bank and not necessarily the banks’ customers (MTN).

“This I believe is a matter that should be in between the banks and CBN and not the client of the banks. NCC may decide to intervene if events unfold that threaten the survival of MTN and the telecom industry that they regulate. For now, it is too early to see which way this will take,” he said, adding, however, that he is not in an official capacity or position to quantify or qualify the impact of the development to corporate brand of the telco.

 

“I fully believe MTN will continue to engage with the relevant authorities to resolve this latest setback,” Teniola said.

 

CBN, had in a letter to MTN, said its investigation revealed that the shareholders of the telco invested $402,590,261.03 in the company from 2001 to 2006, which was carried out through the inflow of foreign currency cash transfers and equipment importation, as evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB);  and the CCIs issued at the time of the investment by the above banks to MTN for $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity.

 

“However, a review of your organisation’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks

 


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Telecom

Irvine Partners CEO Rachel Irvine Sweeps Top Industry Honours in the UK and EMEA

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Irvine Partners, the woman-led, African-born creative communications agency operating across Nigeria, has cemented its position as a disruptive force on the global stage following a landmark week of international industry recognition for its CEO and founder, Rachel Irvine.

Irvine Partners CEO Rachel Irvine Sweeps Top Industry Honours in the UK and EMEA

Rachel-Irvine-CEO-Irvine-Partners

Irvine has been named to Campaign UK’s prestigious 40 over 40 list for 2026, while simultaneously earning a place on PRovoke Media’s Innovator 25 EMEA index – two of the communications industry’s most closely watched honours, secured in the same week. The achievement places her among the most influential and progressive communications leaders across Europe, the Middle East, and Africa.

For Nigeria – Africa’s largest economy and one of its most competitive and complex communications environments – the recognition speaks directly to something the local industry has long understood: that the strategic thinking, cultural intelligence and executional precision forged in African markets is not a regional advantage. It is a global one.

Irvine Partners brings this philosophy to some of the world’s most prominent digital and consumer brands in the Nigerian market, including TikTok, Spotify, Uber and Google – organisations that demand communications work of the highest international calibre, delivered with genuine local understanding.

An African agency rewriting the global narrative

Campaign UK’s 40 over 40 celebrates individual excellence, leadership and lasting impact within the British media and marketing landscape. PRovoke Media’s Innovator 25 spotlights those who are dismantling traditional PR structures, advancing data-led practice, and reshaping how the industry operates. To earn both in a single week is rare by any measure.

What underpins both honours is a story that begins not in London but in Africa – in the dynamic, high-stakes communications environments of markets like Nigeria, where agencies must be sharper, faster and more culturally precise than anywhere else in the world.

“These accolades are less about my own journey and far more about where Irvine Partners is going as a collective,” says Rachel Irvine. “For a long time, the global communications industry treated African agencies as local executors of global strategies. What we’ve proven over the past few years is that the technical craft, cultural capital, and data frameworks built within our agency are not just scalable for the continent; they are world-class.”

Built on the same ethos that works in Lagos

The recognition follows the agency’s strong performance at the IN2 SABRE Awards EMEA, where Irvine Partners took major wins for Unicorn School – its proprietary internal talent development programme – and for its advanced data analytics capability, alongside notable shortlists for global clients including Spotify and Uber.

Nigeria’s communications market is one of the most demanding in the world. Consumer audiences are sophisticated and discerning. The media environment is layered, fast-moving and deeply attuned to authenticity. Brands that succeed here do not do so through generic messaging – they do so through precision, cultural credibility and strategic consistency. These are precisely the competencies that Irvine Partners has built its international reputation on.

“The PR landscape has fundamentally shifted,” Irvine adds. “Clients no longer want siloed regional strategies; they want intelligent, culturally intuitive storytelling backed by bulletproof analytics that move the business needle. We built our foundations on that exact ethos in highly dynamic markets, and bringing that specific DNA to the UK and EMEA regions is why we are winning.”

The agency’s agile, borderless model – deliberately structured to move at the speed of modern brands rather than the pace of legacy networks- is one that Nigerian communications professionals will recognise as a natural evolution of how the best African agencies have always operated: lean, sharp and built for impact.

Underlying both honours is Irvine’s sustained commitment to talent development and cultural diversity across all of the agency’s wholly owned offices – a principle as central to its Lagos work as to any other market in its growing global footprint.


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Big Tech Shake-Up: Zuckerberg Announces Sudden WhatsApp Leadership Change

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Mark Zuckerberg, Meta Chief Executive Officer, has announced a major leadership change at WhatsApp, confirming that Will Cathcart will step down as head of the messaging service after seven years in office.

Big Tech Shake-Up: Zuckerberg Announces Sudden WhatsApp Leadership Change

Zuckerberg made the announcement in a post shared on Facebook on Monday, June 22, 2026, praising Cathcart’s contributions to the growth of the platform.

According to him, Cathcart played a key role in expanding WhatsApp’s global user base to over three billion people while promoting privacy-focused communication across its services.

“Will’s been one of Meta’s most important and effective leaders, helping to bring WhatsApp to over 3 billion people and championing privacy for our community,” Zuckerberg stated.

The Meta CEO also announced that Kunal Shal will take over leadership of WhatsApp.

He described Shal as a “builder” with strong international experience, adding that his leadership style aligns with Meta’s long-term vision for the messaging platform.

Meta said the transition is aimed at strengthening WhatsApp’s role in both personal and business communication globally, as the platform continues to expand its services across markets.

Industry observers say the leadership change marks a significant transition for WhatsApp, which has grown rapidly under Cathcart’s stewardship, particularly in areas of privacy, encryption, and enterprise messaging solutions.

However, Meta has not disclosed the exact timeline for the leadership handover or further structural changes within the messaging division.

The company reaffirmed its commitment to maintaining WhatsApp’s security standards and continued innovation under the new leadership.


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MTN Nigeria Commits to Ethical Conduct with IFRS S1, S2 Compliance

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MTN Nigeria has raised the bar for corporate disclosure in Africa after publishing its 2025 sustainability report in full compliance with International Financial Reporting Standards S1 and S2.

MTN Nigeria Commits to Ethical Conduct with IFRS S1, S2 Compliance

Dr. Karl Toriola, CEO of MTN Nigeria,

The report, independently assured by Ernst & Young, marks the telecom operator’s seventh consecutive annual sustainability publication and third year as an early adopter of the global framework ahead of its mandatory implementation.

Dr. Karl Toriola, CEO of MTN Nigeria, said, “strong governance and ethical conduct are foundational to our sustainability strategy. We reinforced compliance through our Conduct Passport Framework and robust internal controls.”

He added that “in May 2025, we became the first telecommunications company in Nigeria to publicly present a sustainability report on the Nigerian Exchange Group platform, an important milestone in our commitment to IFRS S1 and S2- aligned disclosure and accountability.”

The company also secured Carbon Disclosure Project ratings of ‘B-’ for climate change and ‘C’ for water security.

Under the IFRS S2 framework, the telecoms operator disclosed climate-related risks linked to flooding, heat stress, regulatory changes and possible future taxes or charges on carbon emissions, following a climate scenario analysis completed in 2024.

The report also showed that MTN Nigeria now uses a digital reporting format – XBRL. This makes its sustainability and governance data easier for investors and ESG rating agencies to access and analyse through automated systems.

The Company also carried out assessments to understand how sustainability issues affect both its business operations and society at large, while measuring its overall economic, environmental and social impact from 2021 to 2024.

In addition, over one-third of MTN Nigeria’s biggest suppliers (based on spending) have committed to supporting the company’s net-zero emissions goals, although these commitments have not yet gone through an independent audit or verification process.

 


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