Telecom
CBN May Be Shooting Itself with MTN Witch-Hunt- Expert

Tunji Andrews, a Lead Economist at Time, Trade and Commodities (TTAC), has said that the Central bank of Nigeria (CBN) may not be making the best decision after all with the harassment and heavy fines on MTN Nigeria.
Andrews was reacting in a letter as the debate over the tax compliance of MTN and the alleged illegal transfer of equity through four banks continued to dominate the tabloids.
He wrote “The findings were brought to public knowledge when the letters sent by CBN to the four banks in question were released to the public.
These accusations have caused serious turmoil for MTN and its operations, so much so that Paul Theron – Veteran TV host and CEO of Vestact, a financial asset management company, has called out the Nigerian government in a statement saying “You could expect this kind of behavior from really third-string countries, but Nigeria is supposedly a country that takes itself seriously — it doesn’t seem to be consistent at all.”
The letters revealed by the CBN detailed a number of transactions which may have violated foreign exchange laws, especially those regarding the repatriation of MTN assets via what has been called “illegal” CCIs (Certificates of Capital Importation).
What this means in layman’s terms is that MTN transferred some of its assets from its country of origin to Nigeria, courtesy of a couple of banks and CBN is looking into the situation to validate if this process complied with its foreign exchange policies.
These accusations have seriously hurt the market share of the telco giants, as recent reports show a plunge in the company’s share price with about $3 billion knocked off from its market capitalisation, after tumbling by 14 percent to a nine-year low of 2,030.76 NGN.
It is safe to say the last 2 weeks have been less than pleasant for MTN Nigeria, and CEO Rob Shuter has decried the “peculiar and coincidental timing” of what appears to be a regulatory assault on its business in the country, but also reinforced MTN’s stance in proving its innocence of all allegations.
The first part of this bizarre saga is how such high-level information has been able to become so public. Considering the media coverage that has followed this story, one may have confused this for a gossip feature. The “confidential” letters sent to these banks were rather unusually released to the public and the CBN further corroborated the story by tweeting about the investigations.
The second interesting aspect of this story is how quickly the story has developed. From rumors and leaks to outright fines and even debiting of bank accounts, the speed with which this story has taken a turn for the worse, particularly for the banks, has been rather uncharacteristic of our usual tepid government.
To provide a quick retrospective look and to put this into proper context, let’s look back at how the story has evolved since the CBN released those letters.
The regulator immediately asked MTN to refund the sum of $8.1 billion dollars which it claims may have been illegally repatriated by the telecommunication company. While the 4 banks (Stanbic IBTC, Diamond Bank, Standard Chartered and CitiBank) were slapped with hefty fines ranging from NGN 250 million to NGN 2.4 million dollars.
MTN on its part expressed its innocence explaining that the MTN Group and the original shareholders injected a total of $402, 625,419 into MTN Nigeria between 2001 and 2006 in the form of loans and equity. These initial inflows were the basis for the issuance of various legacy CCIs obtained from Authorized Dealers in accordance with regulations. All of these, including the inflow of capital, has long been confirmed by the CBN.
The subject of “illegally” obtained CCIs has also been addressed. The reality is that the CCI process is essentially in place both for the protection of investors as well as to provide the CBN with documentary evidence for monitoring capital inflows and outflows.
Although over time the CCIs have been reissued, consolidated and reconstituted to reflect the changing MTN capital and shareholding structure, the amount of NGN 402,625,419, has remained the same.
One aspect of the changing capital structure was the conversion of shareholder loans to preference shares, meaning the latest transfer of equity is in no way a violation of the law.
Section 15 (5) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, states that, “The repatriation referred to in subsection (4) – which deals with foreign exchange imported into Nigeria and its remittance – of this section shall be communicated by an authorized dealer to the Central Bank, within fourteen days of the repatriation and the Central Bank shall furnish same to the Minister on a monthly basis for information and statistical purposes only.”
According to this law, this means that the dispute should be between the four banks and the CBN, not MTN, but once again, the brand’s name has been dragged through the mud without a proper investigation into the issue.
Even after all parties expressed their innocence and provided substantial proof, the attorney general, reprimanded MTN again and slapped the company with $2.0 billion fine.
The fine is due to alleged lack of tax compliance by the telco and this comes after the company has revealed its books detailing an assessment of the full period in question. The numbers indicate that the total payments made to the tax authorities in regard to these foreign imports and payments in aggregate are $700 million and also detailed the valid reasons for the differences between the actual payments and the Attorney general’s assessment.
Through it all, the brand has remained calm and consistent with CEO Rob Shuter quoted by Bloomberg as saying that, “We have a proud history of being a major partner to the people of Nigeria and notwithstanding our current difficulties are firmly resolved to continue to do so”.
One of the key talking points about this story is how MTN has once again become the scapegoat in yet another episode of what many are calling a witch-hunt. The banks who were involved in this saga have been relegated to a sub-plot in a story which MTN is front and center and continually being labeled a villain.
This would have been somewhat justifiable if the facts actually added up; but all indications suggest that the CBN may not have done proper investigations before name-dropping these brands.
On MTN’s side of the story, the telecommunications giant has been open with their books, revealing their tax payments over the course of their operations in Nigeria, and even detailing their $18 billion-dollar investment in the country since it began operations. This is in addition to the N2 trillion paid in taxes and levies since it began operation in Nigeria.
This is particularly worrying considering the latest revelations of dwindling foreign investment in Nigeria. In recent years, Nigeria’s FDI has been struggling. It reached a mediocre $981mn in 2017, a far cry from its previous peak of $5bn in 2008.
The plummeting FDI situation is worsened by a poor investment climate characterized by overly stringent or impromptu government policies, bureaucratic bottlenecks for securing permits, and a weak legal framework.
MTN is one of our most successful foreign investors and instead of encouraging the multi-national company, it seems like the government is hell-bent on frustrating the company.
MTN has been slammed with fine after fine for some rather ludicrous reasons. Such punishments cannot be encouraging for would-be investors, many of whom already hold the notion that they are regarded as cash cows for exploitation by African governments.
It is also noteworthy that Nigeria’s GDP hasn’t been impressive of late; the country has suffered a yearly dip since 2014 when it peaked at $568.5 billion. Even with the 0.82 percent increase 2017, the nation’s gross domestic output is still suffering from the inconsistency of oil prices. The real take away from these numbers is, looking at how much MTN has paid in taxes and levies (in excess of 2 trillion Naira), and realising just how big a contributor they are to Nigeria’s GDP.
MTN has directly and indirectly, provided 500,000 jobs in Nigeria and has contributed immensely to the economy and it’s somewhat bizarre that such a huge company is being dragged in the mud before an appropriate investigation is even carried out.
If MTN is guilty of these crimes then, by all means, they should face the penalty, but considering just how much facts have been provided by the telecom giant, they seem pretty convinced of their innocence.
Furthermore, neither the CBN nor the attorney general has provided a direct response to the facts provided by MTN, making this whole ordeal even more worrisome.
The reasoning for this inexplicable witch-hunt is up for anyone’s guess. This may be due to a lack of oversight by the government or to protect private interests. However, the fact still remains, if the government and its policies continue to deter foreign investors, it is only a matter of time before we lose these multinationals.
In a bid to protect its assets and investors against further action from the Attorney General of the Federation and the Central Bank of Nigeria, MTN on Monday, September 10th filed for an injunctive relief with the Federal High Court in Lagos.

In a statement issued by the company, Tobe Okigbo, MTN Nigeria’s Corporate Relations Executive was quoted as saying;
“MTN Nigeria Communications Limited (MTN Nigeria) continues to categorically and unequivocally deny all charges related to the Central Bank of Nigeria (CBN) and Attorney General of the Federation (AGF) investigations into the company’s CCIs and unpaid taxes respectively.
“The simple reality is that MTN Nigeria has never repatriated dividends on the CCIs referenced by the CBN and that MTN is fully compliant with Nigerian tax law.
“In order to protect MTN Nigeria’s assets and shareholder rights within the confines of the law, we have applied today in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while we continue to engage with the relevant authorities on these matters.”
Only time will tell how this story will eventually end; but if history has taught us anything, it is that MTN will persist through this just like they have in previous occasions or maybe, just maybe this may be the straw that breaks the camel’s back.
* Tunji Andrews, a Lead Economist at Time, Trade and Commodities (TTAC), writes from Lagos.
Telecom
NCC Begins Review Telecom Termination Rates after 8 Years

Nigerian Communications Commission (NCC) has commenced a comprehensive review of Mobile Termination Rates (MTR) eight years after the current rates were introduced, citing changing economic realities, technological advancements and shifts in telecommunications traffic patterns.

Mobile Termination Rates are regulated fees paid by one operator to another to complete calls across networks.
They influence competition, investment, and retail pricing.
The exercise, kicked off in Lagos at a mobile termination rate stakeholder forum on Tuesday, brought regulators, operators and industry participants into a structured process to reassess wholesale pricing rules that govern payments between networks for completing voice calls.
Speaking at a stakeholders’ engagement in Lagos, Mrs Omotayo Mohammed, head of Competition and Tariff at the NCC, said the review had become necessary because the existing rates no longer reflect prevailing operational and economic conditions in the telecommunications sector.
According to her, the current MTR stands at N3.90 per minute for generic operators and N4.70 per minute for new entrants, rates that have remained unchanged since 2018.
Mohammed noted that the telecommunications landscape has undergone significant changes over the years, driven by naira depreciation, rising inflation, escalating energy costs and evolving consumer behaviour.
“The foundation of wholesale interconnection affects every stakeholder in this room. Misaligned termination rates can enable dominant operators to foreclose smaller competitors, deter infrastructure investment and ultimately burden consumers through inflated retail prices,” she said.
She explained that the deployment of 5G networks, artificial intelligence (AI)-driven services and Internet of Things (IoT) applications has altered network usage patterns beyond what was envisaged in the 2018 cost model.
Mohammed further observed that over-the-top (OTT) platforms such as WhatsApp and Telegram now account for a significant share of voice and messaging traffic, reducing dependence on traditional interconnection services.
To drive the review process, the NCC has engaged KPMG as consultant for the study and stakeholder engagement exercise, which is expected to last four months.
The exercise will also examine issues relating to Unstructured Supplementary Service Data (USSD) services and application-to-person (A2P) short message service (SMS), both of which have become increasingly critical to Nigeria’s digital economy.
Mohammed stated that the review is being conducted in line with Sections 4, 96, 97 and 108 of the Nigerian Communications Act 2003, which empower the commission to promote investment, protect consumers and ensure fair competition.
She said the study would establish a cost-reflective MTR framework across different technology generations, operator categories and clearing house arrangements.
The review will also cover international termination rates (ITR) to tackle grey-route traffic concerns, develop a pricing framework for mobile virtual network operators (MVNOs) and assess the current asymmetric rate structure between established operators and new entrants.
“The consultancy adopts an evidence-based and consultative approach. Stakeholders will have opportunities to submit their views and validate assumptions before any determination is made,” Mohammed assured.
She added that the review is expected to enhance retail affordability, improve access to digital financial services and enable operators to recover costs in line with prevailing capital and operational expenditure realities.
According to her, transparent and cost-reflective rates will encourage infrastructure investment and boost investor confidence in Nigeria’s digital economy.
Mohammed also assured stakeholders that the NCC would make its methodology, key assumptions and cost model parameters available throughout the process to ensure transparency and accountability.
In her remarks, Mrs Nnenna Ukoha, director of Public Affairs at the NCC, noted that mobile termination rates remain central to pricing structures, competition, service quality and overall consumer experience.
“We are particularly encouraged by the rapt attention, intellectual rigour and keen interest demonstrated by participants throughout today’s session.
“This active engagement reflects not only the relevance of the issues discussed but also a shared commitment to the sustainable growth and development of Nigeria’s telecommunications sector,” Ukoha said.
She stressed that discussions at the forum highlighted both the challenges and opportunities associated with the MTR determination process and underscored the need for sustained stakeholder engagement.
Ukoha reiterated that the consultation window remains open and encouraged industry stakeholders to submit additional inputs, data and perspectives to support a balanced, forward-looking and sustainable outcome for the sector.
She reaffirmed the NCC’s commitment to collaboration and inclusive regulation aimed at building a resilient, competitive and future-ready telecommunications industry.
Telecom
Airtel Africa Foundation Completes Year One Scholarship Disbursement for 100 Tech Scholars in Nigeria

The Airtel Africa Foundation, through Airtel Nigeria, has completed the disbursement of first year funding to the first cohort of 100 beneficiaries under its flagship Airtel Africa Tech Fellowship Programme.

The initiative, which was launched to support high-performing but financially disadvantaged 100-level students studying technology-related courses in public universities, covers tuition, accommodation, stipends, and other essential materials such as laptop computers.
Each of the beneficiaries received an average of ₦500,000, making a total of ₦50 million disbursed as of May 29, 2026. Funding will continue, the Foundation has said, through the duration of the students’ four-to-five-year academic programmes.
The 100 recipients, referred to as Airtel fellows, were selected through an independent process from accredited public universities across Nigeria and are enrolled in courses including Computer Science, Information Technology, Data Science, Software Engineering, Cybersecurity, Artificial Intelligence, among others.
Participating institutions in the first batch of the scholarship scheme are the University of Lagos (UNILAG), the University of Nigeria, Nsukka (UNN), Ahmadu Bello University (ABU), the University of Benin (UNIBEN), Obafemi Awolowo University (OAU), the University of Ilorin (UNILORIN) and Tai Solarin University of Education (TASUED).
Commenting on the milestone, Chairman of Airtel Africa Foundation, Dr. Segun Ogunsanya, said, “We are not just funding education; we are building a pipeline of skilled innovators who will contribute meaningfully to Africa’s digital economy. The transparency of this process and the full delivery of our commitment to these 100 scholars are matters of great pride for the Foundation.”
Also speaking on the progress, the Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, noted that the initiative reflects Airtel’s long-standing commitment to empowering the youth through education and digital inclusion.
“At Airtel Nigeria, we believe that the future of our country lies in the hands of our youth. This ₦50 million disbursement is proof that when we say we are committed to empowering young Nigerians, we mean it fully and transparently. I congratulate every scholar and encourage you to make the most of this opportunity. Your success is our success,” he said.
The Airtel Fellowship Tech Fellowship forms part of the Foundation’s efforts to equip African youth with advanced digital and technical skills, within its broader F.E.E.D agenda which focuses on Financial Inclusion, Education, Environmental protection and Digital Inclusion.
Beyond financial support, the initiative is designed to equip beneficiaries with the skills, mentorship, and exposure required to thrive in an increasingly digital world.
Telecom
NDSF@17: Nigeria Must Be an “Active Architect” in Global Digital Compacts

As the world enters a pivotal era of digital policy negotiations, the 17th Nigeria DigitalSENSE Forum (NDSF) on Internet Governance for Development (IG4D) has set a clear mandate: Nigeria must evolve from a spectator to a leader in global digital governance.

R-L Delegation of the Executive Vice Chairman, Nigerian Communications Commission (NCC) led by Assistant Director, Mrs. Doyin Aiyenitaju and Mrs Olubunmi with the chairman Nigeria DigitalSENSE Forum on Internet Governance for Development (NDSF-IG4D) 2026, and Director, Strategic Business at ipNX, Dr. Olusola Teniola (hon) and Lead Convener of NDSF 2026 and Lead Convener, NDSF and Group Executive Editor, ITREALMS Media group, Ogbuefi Remmy Nweke during the event held at Welcome Centre Hotels, International Airport Road, Lagos.
In his welcome address at the forum, which convened on Thursday, June 11, 2026, at the Welcome Centre Hotels, Lagos, the Lead Convener of the NDSF and Group Executive Editor of ITREALMS Media Group, Ogbuefi Remmy Nweke, issued a rallying cry to industry stakeholders. “As the world negotiates the next phase of global digital compacts, Nigeria must not merely be a spectator; we must be an active architect,” Nweke declared.
Echoing this sentiment, the Chairman of the forum, Dr. Olusola Teniola, challenged participants to ensure that the multi-stakeholder dialogue translates into tangible progress. Emphasizing that “the ultimate measure of digital transformation is the positive impact it has on citizens and communities,” Dr. Teniola urged stakeholders to move beyond talk and commit to concrete, measurable, and actionable outcomes.
He further noted that “the complexity of today’s digital ecosystem requires stronger collaboration among government, the private sector, civil society, academia, the technical community, development partners, and users themselves” to realize the WSIS vision of an inclusive, people-centered information society.
To achieve this, Nweke emphasized the urgent need to strengthen Nigeria’s digital foundations, noting that true digital sovereignty requires robust infrastructure, including data center interconnectivity and carrier-neutral protections.
He further advocated for the expansion of Digital Public Infrastructure (DPI) to boost the .ng domain brand and support the SMEs that drive the national economy.
The forum also prioritized the empowerment of the next generation through several key initiatives:
The newly optimized Women, Youth & Students Track, which equipped attendees with cybersecurity skills through a “Phishing @ A Glance” presentation sponsored by the DNS WomenNG Foundation.
The formal adoption of the “2026 Nigerian Youth Declaration on Digital Rights” by secondary school participants, ensuring young voices are central to the policy conversation.
The launch of the 2026 National DigitalSENSE Youth Essay Competition, designed to institutionalize youth advocacy and digital rights awareness nationwide.
Nweke concluded by thanking the forum’s institutional partners, including the NCC, NITDA, ALTON, ISOC Nigeria, Digital Realty, DNS WomenNG Foundation, IHS Nigeria, and NLNG; for their commitment to the multi-stakeholder synergy necessary to bridge the digital divide.
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