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Rule of Law @ Test in Econet Wireless Dispute

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After long drawn years of legal tussles in and out of court corridors, the recent judgment by the Federal High Court sitting in Kaduna reinstating Econet Wireless Ltd’s equity in Airtel Networks Nigeria appears to have reignited the ebbing flames of recurring frictions in the company since inception.
At the centre is Econet Wireless, the South Africa based founding shareholder of what was originally known as Econet Wireless Nigeria.
Econet Wireless, promoted by Strive Masiyiwa, was one of the licensees of the great GSM auction that has spread the mobile revolution in Nigeria but the relationship went sour after a board meeting sacked his company as a shareholder in the Nigerian operations.
Masiyiwa said Econet Wireless was left with no option but to launch a legal offensive.
It however waited patiently until January 24 when Justice Shuaib delivered his judgment on a matter which has been before the courts since 2003, and ordered that: Airtel should reinstate the five per cent (5%) shareholding of Econet Wireless Ltd (EWL); All actions, and resolutions taken by the company since October 2003, at which EWL was entitled to be notified, and to participate in, as a shareholder, but was prohibited, are null and void. This includes decisions to sell shares, issue shares, and also transfer shares to third parties. The name change from Econet Wireless Nigeria Limited, effected in 2003, was irregular, and must be reversed forthwith.
Justice Shuaib further ordered the Corporate Affairs Commission (CAC), to cancel any certificate previously issued for the change of the name of the company and restore the name of the company to Econet Wireless Nigeria Limited.
Emmanuel Otokhine, head of public relations at Airtel Nigeria however said that it has filed an appeal against the judgment, while reiterating that said judgment will have no impact on the holdings of other shareholders in Airtel Nigeria.
Airtel Nigeria was founded as Econet Wireless Nigeria in 2001, with Mr. Masiyiwa’s Econet Wireless International owning 5per cent stake and a contract to run the company.
But Econet’s Nigerian partners scaled back the management deal, called in Vodacom and renamed the company Vee Networks.
Vodacom then pulled out and in 2006, the Nigerian partners reached a deal to sell 65% stake to Celtel, a unit of Zain.
Econet said that such a deal is not valid because it was not given the first right of refusal on the shares.
Masiyiwa promptly initiated legal proceedings to seek justice and before Bharti begun talks to buy Zain’s African operations for about $10.7 billion, he claimed that Zain had given an undertaking to a tribunal set up by the Federal High Court of Nigeria the previous year that it will not sell its Nigerian unit until the issue of its ownership is resolved.
The dispute is also being heard by the United Nations Commission on International Trade Law arbitration.
As Econet Wireless savour this initial victory, there are some issues begging for some clarifications.
For instance, why did Celtel, Zain and Bharti-Airtel go ahead with the purchase of the Nigerian company when it seemed clear that Econet Wireless was a shareholder?
What happened to the supposed undertaking given by Zain to a tribunal that it will not sell its Nigerian unit until the issue of its ownership is resolved?
Nigeria should be careful not make a business concept out of rule of law.  Enforcement of rule of law is still the only way to rebuild Nigeria’s economy hobbled by years of corruption and mismanagement
The international business community and indeed the world is watching with keen interest and hoping for amicable resolution of this dispute.
Already, Nigeria has plummeted in World Bank Global Doing Business Report 2012, as it ranked 133 out of 183 countries in the world as result for many factors.
For Nigeria to attract the much needed investment there must be rules and performance requirements that are fair for everyone in the environment.


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FG to Launch Fully Digital Expatriate Residence Permit Application Portal August 1

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The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).

The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.

According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.

In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.

It noted that after this date, all applications must be submitted exclusively through the online portal.

The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.

Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.

“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.

The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.

 


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Moniepoint Named Among World’s Top Fintechs by CNBC

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Tosin Eniolorunda and Felix Ike
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Moniepoint Inc., one of Africa’s leading business payments and digital banking platforms, announces it has been named as one of the world’s top fintech companies by CNBC, reinforcing the Company’s pioneering role in widening access to financial services across the continent.
Tosin Eniolorunda and Felix Ike

Tosin Eniolorunda and Felix Ike

Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.

The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.

The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.

Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.

In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.

“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”

CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.


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Wema Bank Plans N2M Grant to Empower Women

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Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.

The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.

The event is expected to host over 7,000 women under the theme “SheCan Do More.”

Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.

This grant is to support small and medium businesses within the SARA Community to scale up their business.

Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.

“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”

“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.

“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.

“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”

 


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