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How Holder, US Lawyer Helped Cut Billions off MTN Fine

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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.


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Bharti Airtel Named Fourth Largest Mobile Network Operator in the World

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The top ten mobile network operators in the world account for roughly 3.8 billion subscriptions, about 43 percent of the 8.8 billion mobile lines in service worldwide as of mid-2024.

Bharti Airtel Named Fourth Largest Mobile Network Operator in the World

The composition of that top ten has changed substantially over the past decade.

China Mobile crossed one billion subscribers in the second quarter of 2024 and remains in first place by a wide margin.

Reliance Jio, which did not exist before September 2016, is now the world’s second-largest mobile operator and a clear example of how quickly the rankings have moved.

Vodafone Group, long counted second worldwide, has divested operations in India, Italy, Spain, and Australia since 2019 and now sits well outside the top five.

This article runs through the major operators with current subscriber figures, then closes with a fifteen-country table and a short note on what has changed since the industry’s last reshuffle.

China Mobile

China Mobile reached 1.004 billion subscribers in the second quarter of 2024, the first single operator anywhere to pass the one-billion line.

It accounts for roughly 19 percent of all global mobile subscriptions on its own.

The company was carved out of the original China Telecom in 1999 and listed on both the Hong Kong and New York stock exchanges, though it remains majority-owned by the Chinese state.

Growth has slowed sharply as the Chinese market has saturated: China Mobile took until Q4 2014 to reach 800 million subscribers and nearly another full decade to add the next 200 million.

Its 5G subscriber base reached 599 million by the end of 2025, by far the largest 5G network in the world.

In revenue terms China Mobile reported roughly 98.4 billion euros in 2024, comparable to Deutsche Telekom but well below Verizon and AT&T.

Reliance Jio

Reliance Jio launched commercial 4G service across India in September 2016 with an aggressive bundled-data pricing strategy that effectively ended the previous Indian market structure.

Subscriber numbers reached 481.8 million by mid-2024, ranking Jio second worldwide and the largest single-country operator outside China.

Jio is a subsidiary of Reliance Industries, the conglomerate founded by Dhirubhai Ambani and now led by his son Mukesh Ambani; the unit’s data plans in 2025 included tiers as low as roughly US$2.17 for three gigabytes of data, with cricket-season offers pushing that to 15 gigabytes for US$2.73 on a 90-day validity. The combination of low ARPU and very high subscriber volumes is now the standard story across Indian telecoms, and Jio is the operator that set it.

China Telecom

China Telecom, the parent of the 1999 break-up that produced China Mobile, ranks third globally with 422.67 million mobile subscribers in 2024.

Like China Mobile and China Unicom, it is a state-owned enterprise headquartered in Beijing and listed in both Hong Kong and (until 2021) New York.

China Telecom historically held the largest share of the Chinese fixed-line market and entered mobile services later than China Mobile; its mobile business has grown steadily through the 5G transition, with 5G handset subscribers crossing 350 million in 2024.

Bharti Airtel

Bharti Airtel, headquartered at Bharti Crescent in New Delhi, ranked fourth in 2024 with 395.15 million subscribers across India, Sri Lanka, and fourteen African countries.

The company was founded by Sunil Bharti Mittal as Bharti Telecom in 1995, with the Airtel brand launched the same year for mobile service in Delhi. Airtel’s African operations are run through Airtel Africa, listed separately on the London Stock Exchange since 2019, and account for roughly a third of total group subscribers.

Airtel posted the strongest revenue growth of any of the world’s top twenty telcos in the year to Q3 2024 (4.6 percent), driven by ARPU gains in both India and several large African markets.

China Unicom

China Unicom, the third state-owned Chinese carrier, ranked fifth globally in 2024 with 339.3 million mobile subscribers.

The company was created in 1994 to break China Telecom’s then-monopoly on telecommunications services, and it remains the smallest of the three Chinese state operators by mobile market share. China Unicom merged its mobile and fixed-line networks with China Telecom for 5G deployment in 2019, sharing infrastructure to reduce build costs across the country’s vast rural areas.

The Global Multinationals

América Móvil, headquartered in Mexico City and controlled by the family of Carlos Slim, served 323 million mobile subscribers as of 2024, anchored by Telcel in Mexico (the dominant national operator) and Claro brand operations across most of Latin America. Telefónica, headquartered in Madrid, served roughly 300 million across Spain, Brazil (under the Vivo brand), Germany, the United Kingdom, and several other markets, though it has been divesting non-core operations and the global subscriber number has trended down.

Orange, the former France Télécom rebranded in 2013, served 253 million across France, Spain, Belgium, Poland, and twenty-plus African and Middle Eastern markets through its Orange Middle East and Africa subsidiary. MTN Group, headquartered in Johannesburg, served roughly 290 million subscribers across 21 African countries (with Nigeria and South Africa as its two largest markets), making it the largest African operator and the eighth-largest worldwide.

Vodafone Group

The Shard in London, with the wider city skyline of the United Kingdom in the background.

The Shard, London. Vodafone Group is headquartered in the United Kingdom.

Vodafone Group is no longer the world’s second-largest mobile operator.

The company has spent the past six years divesting from markets where it was unable to lead: it sold Vodafone India to merge with Idea Cellular in 2018 (creating the standalone Indian operator Vodafone Idea, in which Vodafone Group retains a 23.2 percent stake); sold Vodafone Italy to Swisscom; sold Vodafone Spain to Zegona Communications in 2023; exited Australia through a merger; and in 2025 merged Vodafone UK with Three UK to create the largest mobile operator in the British market.

The remaining Vodafone Group footprint is concentrated in Germany, the UK (post-Three merger), and African markets where it operates through Vodacom.

Total Vodafone Group mobile subscribers, including Vodacom but excluding the minority-held Vodafone Idea stake, sit in the 270 to 300 million range depending on which businesses are counted in or out, well below the 469.7 million figure that placed Vodafone second worldwide a decade ago.

 


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MTN Reportedly Spends N60Bn on Diesel Annually

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MTN Nigeria has cut its greenhouse gas emissions by 6.4 per cent even as it estimates that powering its nationwide network with diesel costs more than N60 billion every year.

MTN Reportedly Spends N60Bn on Diesel Annually

In its newly released 2025 Sustainability Report, the telecom operator said its operational emissions fell by 6.4%, driven by investments in cleaner and more efficient energy solutions.

The company’s climate efforts are anchored on Project Zero, MTN’s long-term strategy to achieve net-zero emissions by 2040.

In 2025, the telco invested N10.1 billion in the initiative and recorded savings of about N8.5 billion.

The programme built on work done in 2024, when MTN replaced 86 outdated cooling systems with more energy-efficient units across data centres, switch centres, and telecom sites.

In 2025, the company expanded its strategy further by replacing diesel-powered systems with gas-powered electricity and inverter solutions, while also increasing its solar-powered rural telephony sites from 194 to 229 to improve connectivity in underserved communities.

The progress, however, has occurred within stark realities.

Diesel made up of 58.11% of the telco’s total energy consumption in 2025, far exceeding gas-powered independent power producers at 23.63% and electricity from the national grid at 18.04%, with renewable energy contributing just 0.05%.

This is not merely an environmental challenge but a financial one. MTN estimates that powering its nationwide network with diesel costs more than N60 billion every year.

Nigeria’s power sector is marked by persistent grid instability, with 12 national grid collapses reported in 2024 alone, conditions that continue to force telecom operators to lean heavily on generators to sustain network operations.

Notably, MTN Nigeria was one of only four Nigerian companies (alongside Seplat Energy, Access Bank, and Fidelity Bank) that published inaugural financial reports using IFRS S1 and S2 sustainability reporting standards as early adopters, well ahead of the mandatory compliance deadline.

More than one-third of MTN Nigeria’s major suppliers have also aligned with the company’s long-term environmental goals, focused on reducing emissions across its supply chain and operations.

Dr. Karl Toriola, chief executive officer, MTN Nigeria, described the 2025 report as “an important milestone in our commitment to IFRS S1 and S2-aligned disclosure and accountability,” adding that sustainability remains central to the company’s long-term value-creation strategy.

In presenting the 2024 report, Toriola had similarly anchored the company’s ambition to the dual imperatives of building business resilience and unlocking long-term value a consistency of message that suggests the techo’s climate commitments are not a seasonal gesture but a structural shift, even if the road to net zero remains long and diesel-drenched.

In September 2025, Nigeria strengthened its climate goals, committing to reduce emissions by 32% by 2030 while promoting greener jobs, innovation, and a fair transition to a low-carbon economy.

Before then, MTN Nigeria was working to expand its own climate efforts.

In its 2024 Sustainability Report, the company disclosed an 11% reduction in Scope 1 and 2 greenhouse gas emissions compared to 2021 levels.

 

 

 


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MTN Nigeria Reaches 93.7% Population Coverage, Invests N2.7bn In Communities as Child Online-Safety Drive Launches

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Nigeria’s push to deepen broadband penetration and digital inclusion received a boost in 2025, as MTN Nigeria expanded network coverage to 93.7 per cent of the population.

MTN Nigeria Reaches 93.7% Population Coverage, Invests N2.7bn In Communities as Child Online-Safety Drive Launches

MTN Nigeria

According to the company’s just-released 2025 Sustainability Report, the company invested N2.7 billion in social-impact initiatives that reached more than 534,000 people.

The company says the improved coverage, up from 93% in 2024, was driven by the continued rollout of base stations across rural and underserved communities.

This included the deployment of 229 integrated renewable, solar-powered rural telephony sites under its Project Zero initiative. Broadband penetration across MTN’s network footprint reached 90.1%, while 4G population coverage remained stable at about 82%.

And there’s more. The Nigerian Communications Commission says MTN Nigeria accounted for more than half of the country’s active GSM connections in 2025, serving approximately 89.64 million active mobile lines.

The CSR footprint of the company also expanded last year. MTN Foundation’s increased recipients rose to more than 534,000.

The programmes in 2025 spanned community infrastructure, maternal healthcare, youth empowerment and digital access. Under its STEM scholarship scheme, 300 students studying science and technology disciplines in public tertiary institutions received scholarships worth N300,000 annually through graduation.

The company also continued its Scholarship for Blind Students and Top-10 UTME Scholarship initiatives, while distributing more than 25,000 learning devices in partnership with state governments.

Another focus for the year was child online safety as MTN Nigeria’s ‘Help Children Be Children’ in response to growing concerns around online grooming and exposure to harmful digital content.

The initiative includes school sensitisation programmes, parental workshops and collaborations with civil society organisations.

On the flip side, the company disclosed that it spent more than NGN1 billion on infrastructure repairs and security interventions following 9,218 fibre cuts recorded nationwide during the year, incidents linked largely to vandalism and theft of telecoms assets.


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