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Lawyer Asks Court to Stop MTN from Listing on NSE

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Dr. Charles Mekwunye, Lagos lawyer, has urged the Court of Appeal to restrain MTN from listing its shares on the Nigerian Stock Exchange (NSE), pending the determination of a suit involving him, the telecom giant and four other firms.

 

In the appeal marked CA/L/1349/16, Mekwunye is praying for an interlocutory injunction restraining MTN from listing its shares on THE NSE or any globally recognised stock exchange.

 

Other prayers include an injunction restraining MTN from putting up signs, advert or notice which may suggest the listing of its shares.

 

An order of interlocutory injunction restraining MTN from inviting the public to buy or purchase its shares in any public offer pending the determination of the appeal.

 

The appellant is also asking the court to reverse the alleged interference of IHS Holding and INT Tower in the agreement among him, MTN, Lotus Capital and Stanbic IBTC Management Limited.

 

Mekwunye sued MTN at the Federal High Court, Lagos for alleged breach of an agreement by firms representing the company in a privately placed share units offer.

 

Joined in the suit as co-defendants were Lotus Capital Limited, Stanbic IBTC Asset Management Limited, IHS Holding Limited and INT Towers Llmited.

 

Mekwunye contended at the Federal High Court that after buying about 5,000 MTN Linked Units share through MTN’s nominee, Stanbic IBTC Asset Management Limited via a private placement memorandum, the firm failed to fulfill its obligation of converting the share units into MTN Nigeria shares.

 

But ruling on a preliminary objection raised by MTN on the competence of the suit, Justice Mojisola Olateru asked parties to explore the arbitration clause embedded in the disputes contract.

 

Dissatisfied with the ruling of the lower court, Mekwunye through a motion on notice filed on February 26, approached the Court of Appeal.

 

He insisted in the appeal papers that the crux of the matter is the failure of the respondents to list MTN shares in NSE in 2013 as agreed by parties and that until the suit or appeal is properly determined, MTN ought not be allowed to list its shares at the stock market.

 

In an affidavit in support of the motion on notice, the appellant averred that sometime in February, 2008, Lotus Capital and Stanbic IBTC Asset Management via a private placement memorandum, represented that MTN International was offering to allocate shares of MTN Nigeria to the Nigerian public as investors through private placement arrangement.

 

According to the deposition, Stanbic IBTC Asset Management which was appointed as nominee for the  MTN linked offer, subsequently engaged Lotus Capital Limited to procure investors.

 

Mekwunye bought 5,000 units of the shares at the rate of $122,800 (N18, 376, 800,00).

 

The appellant averred that the nominee structure as spelt out in the agreement papers was to last for three months after which the shares will be transferred to an exit special purpose vehicle (SPV) which will then be exchanged for MTN Nigeria shares.

 

According to the appellant, at the end of three years, the respondents failed to create the agreed exit SPVon the ground that MTN International is already quoted on the Johannesburg Stock Exchange.

 

He further averred that the respondents opted to create an alternative exit mechanism which is not listed on NSE without his consent or knowledge.

 

Mekwunye claimed that series of deductions were made on his share units by the respondents in the new agreement which he never gave his consent.

 

No date has been fixed for the hearing.

 

 


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Cyber Immunity Emerges as Shield for Nigerians Amid Rising Scams

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Cyber immunity is gaining traction as essential defence for everyday Nigerians facing surging online scams, phishing attacks, and SIM swap fraud that now target ordinary smartphone users.

Cyber Immunity Emerges as Shield for Nigerians Amid Rising Scams

Once limited to corporations, threats like fake bank alerts, WhatsApp investment links, and account takeovers have infiltrated daily digital life, outpacing basic antivirus and passwords.

Digital Immune System for Resilience

Cyber immunity integrates devices, apps, and user habits to prevent, detect, and recover from breaches, mimicking a body’s immune response rather than relying solely on firewalls.

Modern smartphones exemplify this with instant app restrictions, suspicious site warnings, and secure hardware for payments and biometrics, curbing damage from human errors like clicking bad links.

In Nigeria’s fintech-driven economy—banking, shopping, education online—individuals lag behind banks in security, making consistent vigilance critical.

Practical Steps Build Personal Defences

Key actions include password managers with 2FA and biometrics, automatic updates for vulnerability patches, cautious browsing (verify URLs, shun urgent requests), and routine data backups to cloud or external drives.

Ignoring updates to save data heightens risks on dominant Android devices, while messaging app scams demand wariness.

Technology aids via OS behaviour detection and isolation, reducing third-party app reliance for safer defaults.

As Nigeria’s digital expansion accelerates, cyber immunity shifts security from one-off setups to ongoing habits, averting minor scares from escalating to major losses.


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Uwaje Pays Tribute to Leo Stan Ekeh @70

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Renowned digital innovation expert, Prof. Chris Uwaje, has celebrated Leo Stan Ekeh as a visionary “digital anticipator” and pioneer on the occasion of his 70th birthday.

Uwaje Pays Tribute to Leo Stan Ekeh @70

Leo Stan Ekeh

In a heartfelt tribute, Uwaje hailed Ekeh as the “Saint Leo of all Stars from the Ekeh Universe,” saluting his masterclass contributions to human innovation, development, and global youth empowerment.

Visionary Impact on Africa, World

Uwaje praised Ekeh’s foresight, emotional intelligence, and resilience in transforming digital entrepreneurship, creating millions of jobs, billions in economic value, and expanded education access worldwide.

The encomium spotlighted Ekeh’s trailblazing solutions driving sustainable development, employment, and economic growth across Africa and beyond.

“Your legacy continues to shape a brighter future,” Uwaje noted, adding that Ekeh’s “extraordinary best is yet to come” as the “Field-Marshall of ANTICIPATORS.”

Cheers to More Foresighted Legacy

Uwaje declared: “From the gaze into the digital cloud: ‘the world ain’t seen nothing yet’!” while toasting Ekeh as the “true digital Conqueror of Africa and the world.”

The tribute underscores Ekeh’s enduring influence in digital disruption, innovation, and youth-focused initiatives that continue to inspire global progress.


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IXPN Positions as the Regional Internet Exchange Hub for West Africa

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L-r: Charles Nmeregini, Business Development Manager at Internet Exchange Point of Nigeria (IXPN); Chidi Ibisi, Executive Director at Broadband Network, Ikechukwu Nnamani, CEO of Digital Realty; Muhammed Rudman, CEO of Internet Exchange Point of Nigeria (IXPN; Yen Choi, Board Member of Internet Exchange Point of Nigeria (IXPN), Aminu Tijjani, Board Member of Internet Exchange Point of Nigeria (IXPN) and Krishnan Ranganath, Regional Executive – West Africa at Africa Data Centre during this year’s Internet Exchange Point of Nigeria (IXPN’s Members Engagement Forum in Lagos on Thursday.
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Internet Exchange Point of Nigeria is positioning as a regional Internet Exchange hub for West Africa in terms of infrastructure and traffic. Muhammed Rudman, chief executive officer, IXPN, stated this at its 2026 members engagement forum held in Lagos. He noted some of the major milestone IXPN achieved last year to include one terabit of traffic recorded in March 2025.

“At that time, we became the 63rd internet exchange point in the world. Among all the exchanges in Europe and America and in the entire world, we become the number 63 in the world. To achieve that one terabit of traffic. Again, we were able to achieve two terabits of traffic within seven, eight months of the year.

“We achieve this by ensuring that we push for members to upgrade, those that were on 1 Gig to 10 Gig, those on 10 Gig to 100 Gig. We had a strategic infrastructure upgrade across our networks, put 400 Gig enable switches, increase our fiber links to all the data centers and we onboarded 17 new members last year. All the trainings and the operational excellence ensured that our network is up and running 24/7,” he said.

Industry Impact

The impact of that one terabit traffic is data sovereignty. “We were able to domesticate. Based on the survey we conducted, 54% of our members said that they are exchanging 50% of their traffic and above locally, which is really, significant one.

“We are also setting up a benchmark for other African IXPs. I can assure you that in all the community driven internet exchange points in Africa, we are the number one. There’s a community driven internet exchange point in South Africa that was established 10 years before IXPN. There is one in Kenya that was established 6 years before IXPN, but we are way ahead of them when it comes to internet traffic.

“We are also promoting intra African connectivity. As at today, we have customers from Niger, from, Burkina Faso, trying to reach to Nigeria. Recently, we onboarded a very large company in Ivory Coast, to connect to Nigeria.

“Gradually, Nigeria is tilting towards becoming the regional hub for West Africa, where you see Internet Service Providers coming to achieve that. And in terms of the traffic, in 2015 we were at four Gigabits per second. It moves to 21 in 2017 and 52 gigabits per second.

“But by the year 2023 it has reached 540 gigabits. By 2024 we have reached 900 gigabits. But by the end of 2025 we have achieved the two terabits of traffic”.

Network Infrastructure Development

Some of the technical feet IXPN achieved includes, deployment of sFlow; which is a peer to peer traffic analysis. “We’re able to see what members are exchanging between themselves and between the data centers, not the actual content or information, but rather the volume of traffic, and also between our data centers. And based on this, we’re able to do the upgrades.

“We did a multiple link upgrades from 300 Gigabits last year from Digital Realty to Equinix. It was 300 Gig as at the end of 2024, and by 2025, we’ve increased that to 500 gigabits per second. Digital Realty to Rack Center, it was 200 Gigabits per second. We also upgraded that to 500 Gigabits per second.

Open Access Data Centre to Equinix. We’ve upgraded from 20 Gigabits per second to 200 Gigabits per second. We always monitor the ports, and based on that, we increase immediately we reach the threshold of 80%.

“We did an upgrade on the IXP manager. This allows each member to have a login portal to see the traffic they are exchanging and other details, the port as well as to do their own configuration,” he added.

Technical Project Milestones

Microsoft connected cache. “We deployed Microsoft content cache and that has been deployed in Lagos. It was 25 Gigabits per second as of 2024 by 2025 we had to upgrade the infrastructure to 75 Gigabits per second servers, that will be able to accommodate all the Microsoft updates they are doing, exports, download and among others.

“This is part of the content that Microsoft is not providing locally, but we got those servers deployed, and our intention is by next year to see how we can replicate this across the country. Last year, we also deployed the same server in Abuja so that the Abuja people and the Kano people can reach that content without coming back to Lagos.

The Google Global Cache (GGC); “We are hosting all these at IXPN. We also upgraded from 53 Gigabits per second servers in 2024 to 153 Gigabits per second. And this is a huge traffic of YouTube. And as we speak, we are also working towards upgrading those servers,” he explained.

Strategic Partnerships

“We signed an MoU last year between us and an IXP in Senegal, when we went for West African peering forum. A lot of African ISPs are looking to us to see how we can guide them and support them.

“For example, internet exchange point from Gabon, internet exchange point from Rwanda and ISPs in Africa are looking at us as a model to copy, and we tend to support them. We also had a strategic partnership with CIRA, the Canada Internet Registry Association, which is similar to Nira, the Nigerian Internet Registration Association, to have their secondary authoritative servers into Nigeria as an anycast instance. And when they are hosting that, they are hosting other top-level domains as well, like alibaba.info.org.ca, are also hosted with us.

“Since they launched last year, we have seen a traffic of over 1000 DNS responses per second. Presently, there are 13 global root servers in the world, and those 13 servers are the ones that translate your IP address into a domain name. Any website you browse, you put a domain name, it translates into an IP address and its chain of referrals, Nigeria has.ng as a country, called Top Level Domain”.

Earlier in his welcome address, Charles Nmeregini, Business Development Manager, IXPN, said that the members engagement forum is more than an annual country. “Today, we pause to celebrate the milestone, the milestone that we have reached together, the milestone that have bolstered our local traffic exchange, reduce latency and significantly lower the cost of Internet access across the nations and beyond.

“However, today is equally about the horizon. It is a strategic moment as we unveil our 2026 service road map, a forward-looking rubbing designed to deepen interconnection, enhance service delivery and unlock new value across the ecosystem. In an era defined by rapid technological shift, standing still is not an option.

“This forum will spotlight exclusive, strategic business opportunities, new avenues for growth, enhanced pairing capabilities and innovative service model tailored to give your organization a competitive edge. We are not just exchanging data, we are exchanging ideas that will drive the next wave of Nigeria digital economy,” he added.


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