Connect with us

Telecom

Melaye Fingers Minister, Banks in Illegal Transfer of $14Bn from MTN

Published

on

MTN logop.jpg
Kindly share this post

Dino Melaye, member of the Senate representing Kogi-West Senatorial District, yesterday, alleged that MTN Nigeria had repatriated $13.9 billion from Nigeria to other countries between 2006 and now with the help of a serving minister and some banks.

Melaye, who stated this as the Senate began a probe into allegation that MTN Nigeria had taken money out of Nigeria illegally, said that  Stanbic IBTC,  allegedly helped the firm to transfer $4.87 billion; Standard Chartered Bank, $5.72 billion; Citi Bank, $2.98 billion; and Diamond Bank, $0.35billion.

The lawmaker stated that he had documentary evidences to back his claims, some of which he brought to the floor of the chamber and said would be made available for investigation.

He said, “The Senate observes that MTN did not request for the Certificate of Capital Importation from its bankers, Standard Chartered Bank, within the regulatory period of 24 hours of the inflow. The Senate observes also that the CBN was not notified of this inflow by Standard Chartered Bank within 48 hours of receipt and conversion of the proceeds to naira as required by regulation.

“It further observes that the sum of $117,683,987bn was also brought in by MTN between 2001 and 2003 in three different tranches. It is concerned that since inception, MTN had sought the collaboration of influential and unpatriotic Nigerians to assist them in looting our external reserves.”

Advertisement

The Nigerians, Melaye added, included a serving minister, who he said MTN allegedly used in moving $13.92bn out of Nigeria, which was over 50 per cent of the country’s external reserves, to floated and incorporated offshore Special Purpose Vehicles in the Cayman Island, Mauritius and British Virgin Island.

The senator listed the names of the SPVs, their promoters/shareholders and their share loan between MTN South Africa as: Cel Telephone Investment Limited, Port Louis, Mauritius; Dr. Pascal Dozie and Dr. Okechuckwu Elenemah; $20,749,532; Celtel funded shares SPV (which was renamed NISPV Limited in 2008), Port Louis, Mauritius; Dr. Pascal Dozie, Ahmed Dasuki, Gbenga Oyebode, Babatunde Folawiyo and Dr. Okechukwu Elenemah, $2,019,232.

Others are Mobile Communication Investment Limited, Port Louis, Mauritius; Mohammed Sanni Bello; $3,862,985; Mobile Communication Holdings, Port Louis, Mauritius; Mohammed Sanni Bello; $3,454,102; Hermitage Overseas Corporation Limited; Victor Odili; $10,273,986; SASPV Limited and Ahmed Dasuki, $10,058,991.

The list also includes NCell Limited, Geneva Water Front Drive, British Virgin Island; Gbenga Oyebode, $4,512,593; Universal Communication Limited, Barkly House, George Town, Cayman Island; and Babatunde Folawiyo, $5,534,941.

The President of the Senate, Senator Bukola Saraki, noted that the allegations raised by Melaye were serious and required thorough investigation as the issues could not be ignored.

Advertisement

The lawmakers subsequently voted that the Committee on Banking, Insurance and Other Financial Institutions should carry out “a holistic investigation” into the matter and report back to the Senate.

The committee was given two weeks to carry out the task.

Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

Telecom

Subscribers, Telcos Warn FCCPC over Airtime Lending Enforcement

Published

on

Kindly share this post

Wireless Application Service Providers Association of Nigeria (WASPAN) has asked the Court of Appeal to suspend the enforcement of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

Subscribers, Telcos Warn FCCPC over Airtime Lending Enforcement

WASPAN warned that the implementation before the determination of its appeal could expose telecom value-added service providers to sanctions and disrupt their operations.

Millions of subscribers across the country rely on borrowed airtime to communicate.

Seun Sofoluwe, an Abeokuta, Ogun State resident, said another interruption would have severe consequences for many Nigerians who depend on airtime and data lending services for their daily communication needs.

“A lot of people depend on the services, and it will be very bad for them, especially those who are so reliant on it that they do debt-to-debt servicing,” he said.

Advertisement

Debt-to-debt servicing refers to the practice of repaying an outstanding airtime loan immediately to qualify for another advance, underscoring the extent to which some subscribers depend on the facility to remain connected.

Sofoluwe’s concerns echo the experience of Lagos-based employee Farouk Rabiu, who recounted the hardship caused by the six-month suspension of airtime lending services before they were restored.

“I was devastated because, after exhausting my data, I was hoping to borrow credit to access my bank account. Instead, it was a major disappointment,” Rabiu had said after the services resumed.

Adding another dimension to the debate, Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), said the earlier disruption showed that airtime credit had evolved far beyond a conventional telecommunications offering.

“What this episode demonstrated is that airtime credit is not a financial product in the way regulators initially characterised it. It is economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy,” Adebayo said.

Advertisement

WASPAN, which represents licensed value-added service providers, has asked the Court of Appeal to restrain the FCCPC from enforcing the DEON Regulations pending the hearing of its appeal against the July 20 judgment of the Federal High Court in Lagos.

The association argued that immediate enforcement would expose operators to sanctions, create regulatory uncertainty and disrupt telecom-enabled services, including airtime credit and data advances, used daily by millions of Nigerians.

The FCCPC, however, has defended the resumption of enforcement, insisting the regulations are intended to sanitise the digital lending industry, curb predatory debt recovery practices, protect consumer data and eliminate illegal digital lenders.

The Court of Appeal is expected to determine whether enforcement of the regulations should remain suspended while it considers WASPAN’s appeal, a decision that could shape the future of telecom-based digital lending services and determine whether subscribers continue to enjoy uninterrupted access to airtime and data credit.

 

Advertisement

 

Kindly share this post
Continue Reading

Telecom

NCC, REA Partner to Cut Telecom Costs with  Renewable Energy

Published

on

Kindly share this post

Nigerian Communications Commission (NCC) and the Rural Electrification Agency (REA) have entered into a partnership to deploy renewable energy solutions for telecommunications infrastructure in rural and underserved communities, a move expected to reduce operators’ energy costs and improve network availability.

NCC, REA Partner to Cut Telecom Costs with  Renewable Energy

Abraham Oshadami, executive commissioner for Technical Services at the NCC, disclosed this during the signing of a memorandum of understanding (MoU) in Abuja.

According to Oshadami, the NCC-REA Stakeholder Forum and MoU signing ceremony will enable telecom base stations located near mini-grids to access cleaner and more affordable electricity, reducing their reliance on diesel-powered generators.

He said the agreement came at a time when telecom operators are facing rising operational costs due to increased spending on diesel to power network sites amid unreliable electricity supply from the national grid.

The partnership reflects the growing relationship between the power and telecommunications sectors, as both rely on each other to deliver essential services.

Advertisement

Oshadami explained that while telecom infrastructure requires a steady power supply to remain operational, digital connectivity also supports electricity services such as smart metering, electronic payments and remote customer management.

According to him, the collaboration is aimed at improving access to reliable electricity and telecommunications services, particularly in remote communities where inadequate power supply has slowed digital inclusion.

He said both agencies had identified telecom base stations located within one to two kilometres of existing mini-grids, allowing the implementation of the initiative to begin immediately.

“Where mini-grids exist, we are able to identify nearby base stations and connect them to those power sources,” Oshadami said.

He added that future mini-grid projects would be planned with telecommunications infrastructure in mind, ensuring that electricity investments also support the expansion of digital services.

Advertisement

 

Kindly share this post
Continue Reading

Telecom

Nigeria Pushes for United African Front Ahead of Global Telecoms Elections

Published

on

Kindly share this post

Nigeria has called for greater unity among African nations to advance shared priorities and strengthen the continent’s influence in international decision-making, especially with Africa seeking a stronger voice in shaping the future of global telecommunications and digital innovation.
Nigeria Pushes for United African Front Ahead of Global Telecoms Elections

Executive Vice Chairman of the Nigerian Communications Commission, NCC, Dr Aminu Maida and the Executive Commissioner Stakeholder Management, NCC, Barr. Rimini Makama, congratulating Engr. Kezias Kazuba Mwale of Zambia (middle) as the newly elected Secretary General of the African Telecommunications Union, ATU, at the 7th Ordinary Session of the ATU Conference of Plenipotentiaries held in Abuja, Nigeria on 24th July 2026.

The call was made at the Seventh Ordinary Session of the African Telecommunications Union (ATU) Conference of Plenipotentiaries in Abuja, where policymakers, regulators and industry leaders from across the continent gathered to chart a common course for Africa’s digital future ahead of key international telecommunications engagements.
Speaking on behalf of the Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said Africa’s future competitiveness would depend largely on its ability to leverage digital technologies and deepen regional cooperation.
While noting that broadband infrastructure, artificial intelligence, cloud computing, satellite communications and secure digital networks have become critical drivers of economic growth, innovation and public service delivery, the Vice President stressed the need for coordinated action among African countries in expanding connectivity, strengthening cybersecurity and promoting responsible innovation.
“For Africa, this presents both an enormous opportunity and a profound responsibility. No single nation, regardless of its size or resources, can fully realise Africa’s digital ambitions in isolation. Our future depends on collaboration.” He said.
Also speaking at the conference, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, underscored the importance of coordinated African participation in global digital policy and innovation ecosystems.
He highlighted the launch of the APLAS Network, which builds on Nigeria’s N-ATLAS initiative to accelerate the development of locally relevant large language models and promote greater representation of African languages in artificial intelligence technologies.
According to the Minister, Africa must continue to invest in home-grown innovation and ensure that emerging technologies reflect the continent’s unique realities, cultures and development priorities.
The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, described the conference as a critical platform for building consensus on issues central to Africa’s telecommunications future and representation in global institutions.
Dr. Maida said Africa’s ability to advance its interests internationally would be enhanced through a united and coordinated approach and reaffirmed Nigeria’s commitment to fostering regional cooperation and supporting initiatives that strengthen Africa’s voice in global telecommunications policy discussions.
“This is a very important moment for us in Nigeria, especially because of the elections coming up in which we will be contesting for some positions. As I mentioned during the opening ceremony, Africa’s unity in taking decision is important as we move forward and secure our place in the telecommunications sector.” He said.
While reaffirming Nigeria’s commitment to fostering regional cooperation and strengthening Africa’s voice in global telecommunications policy and governance, Maida said closer collaboration among African administrations will support efforts to promote digital inclusion, accelerate infrastructure development and position the continent to take advantage of emerging opportunities in the digital economy
In his remarks, the Secretary-General of the African Telecommunications Union (ATU), John Omo, commended Nigeria and its partners for successfully hosting the conference and emphasized the importance of sustaining a common African voice in advancing the continent’s telecommunications and digital development objectives.
Similarly, the Secretary-General of the International Telecommunication Union (ITU), Doreen Bogdan-Martin, called for stronger African participation in shaping the global digital agenda, encouraging the continent to become a creator, innovator and contributor to future technologies and standards.
The conference also provided a platform for African candidates and Member States seeking election or re-election to positions within the ITU ahead of the 2026 ITU Plenipotentiary Conference. Participants agreed that a united African position remains essential to promoting the continent’s telecommunications, innovation and digital development aspirations.
Nigeria’s hosting of the conference underscored its commitment to advancing regional cooperation, driving digital transformation and supporting a stronger African presence in global telecommunications governance.

Kindly share this post
Continue Reading

Trending