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Senate Clears MTN, Indicts CBN Alleged $13.9Bn Repatriation

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The Senate has blamed the Central Bank of Nigeria (CBN) in its investigation of the alleged illegal repatriation of $13.9billion by MTN, telecommunication giant.

 

The upper legislative arm also exonerated MTN Nigeria, after the business was accused of illegally repatriating $14 billion to its parent.

 

Adopting the report by the Committee on Banking, Insurance and Other Financial Institutions on the probe at the plenary on Wednesday, the Senate accused the CBN of laxity, leading to sharp practices by commercial banks.

 

The chamber had, in October 2016, begun a probe into the allegation that MTN illegally transferred a total sum of $13.9bn from Nigeria to other countries between 2006 and 2016.

 

The Senate panel had summoned the CBN, MTN management, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act to a public hearing where they made counter-claims.

 

The recommendations by the panel were unanimously approved by the lawmakers.

 

They include, to “condemn the Central Bank of Nigeria for failing in its duty to bring forth those observed deficiencies of FEMMA for amendment rather than granting extensions and exemptions, which became prone to abuses.

 

“Mandate the CBN to sanction Stanbic IBTC for improper documentations in respect of capital repatriation and loan repayments amounting to $388,195,183 and $199,440,952:07, respectively.

 

“Mandate the CBN to sanction the activities of Stanbic IBTC Nominees in the matter of shares transfer and splitting for the purpose of dividend repatriation.

 

“Mandate the CBN to come up with a proposal for the amendment of FEMMA, with a view to ensuring the growth of the economy through massive foreign capital inflow and greater retention of foreign exchange. The amendment is still ongoing in the Senate.

 

“Direct the CBN to forthwith render periodic status reports to Senate on the performance of foreign investments inflows and outflows.”

 

In his comment, Senator Dino Melaye (Kogi-West) said the findings by the panel had vindicated the Senate.

 

A spokesman for MTN said: “We welcome the report. We will study it in more detail. As we’ve placed on record previously, we have always insisted that our actions have been compliant with the law in this regard.”

 

The senate investigation did not receive proof of collusion to contravene Nigeria’s foreign exchange laws, according to the report.

 

“There was evidence of massive capital outflow but that fact alone is not conclusive that a crime has been committed,” the report said.

 


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Flutterwave Announces Massive Staff Shake-Up, Promotes Over 100 Employees

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Flutterwave has announced a company-wide employee support package that includes promotions for about 25 per cent of its global workforce, a one-off economic relief payment and enhanced support measures for employees in Nigeria.

Flutterwave Announces Massive Staff Shake-Up, Promotes Over 100 Employees

The fintech company said more than 100 employees across its global operations had been promoted as part of efforts to reward performance and strengthen employee welfare.

In addition, all staff worldwide will receive a one-time economic relief payment, while employees in Nigeria will benefit from additional tax support and cost-of-living adjustments following recent regulatory changes affecting take-home pay.

The company said the initiative was introduced in response to rising living costs across key markets, particularly in Nigeria, where inflation and increased transportation expenses have placed pressure on household incomes.

Speaking on the development, Olugbenga Agboola, founder and Chief Executive Officer of Flutterwave, described employees as the driving force behind the company’s growth and innovation.

“I often say our people are our secret sauce. They are the ultimate engine behind everything we build, giving us the capacity to create solutions that power businesses, unlock opportunities and move money seamlessly across Africa and beyond,” he said.

According to the company, the support measures form part of its broader strategy to improve staff welfare, retain talent and create an environment where employees can focus on their work without undue financial pressure.

Also speaking, Annette Akpolo said the initiative reflects a balance between rewarding individual performance and addressing the collective needs of employees.

“Our goal has always been to build an environment where our people can focus on doing their best work, rather than being weighed down by economic anxiety.

“Pairing merit-based individual growth with supporting the collective needs of the whole team are both essential parts of how we build a company culture where people genuinely want to stay and grow over the long term,” she said.

Founded in 2016, Flutterwave is marking its 10th anniversary in 2026.

The company disclosed that it has processed more than one billion transactions and facilitated over 40 billion dollars in total payment value globally since inception.

Flutterwave also reported strong growth across its payment channels, including a 289 per cent increase in wallet-based collections by transaction volume and a 184 per cent rise in bank transfer value over the past year.

The company attributed the growth to increasing adoption of local payment methods across its operating markets.

Industry observers note that the latest employee support package comes amid increasing competition for skilled talent in Nigeria’s fintech sector, where firms are adjusting compensation and benefits to retain workers in the face of rising living costs.

Agboola said future growth opportunities within the company would continue to be based on performance, leadership and meaningful contributions to its mission.

“At Flutterwave, growth is earned through meaningful contributions to the business and to the mission we are building together.

“As we continue to grow, the people who will shape our future are those who consistently step up, solve hard problems, support others and move the company forward,” he said.


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NCC Retains Rudman as Chair of Newly Inaugurated IPv6 Council Board, Urges Advancement of Nigeria’s Digital Migration

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The Nigerian Communications Commission (NCC) has officially inaugurated the new board of the Nigerian Internet Protocol version 6 (IPv6) Council in Ikeja, Lagos. Mr. Muhammed Rudman, Chief Executive Officer of the Internet Exchange Point of Nigeria (IXPN), will continue to serve as Chairman.

This inauguration marks a significant milestone for Nigeria’s telecommunications sector, as global demand for IPv4 now exceeds the available IPv4 address space.

Following the event, Rudman acknowledged the contributions of former board members, including Olusola Teniola (former President, ATCON), Funke Opeke (Founder, MainOne), Mary Uduma (former President, NiRA), and Lanre Ajayi (past President, ATCON), emphasizing that their involvement was instrumental in establishing the nation’s foundational IPv6 migration efforts.

Rudman noted that membership in the IPv6 Council is institution-based. The reconstituted board includes Mr. Muhammed Rudman as Chairman and a representative from the NCC as Co-Chairman. Institutional representatives from NITDA, ATCON, NIRA, ALTON, ISPON, and NgREN serve as board members, with Dr. Chris Uwaje and Prof. Latif Ladid acting as Advisers. This group is responsible for leading the nationwide migration from IPv4 to IPv6.

“The transition to IPv6 is a strategic national priority. It is essential for enabling Nigeria’s digital transformation, economic growth, and global competitiveness. The council’s strategy identifies IPv6 as a primary catalyst for national development, focusing on three pillars: supporting emerging technologies such as 5G and the Internet of Things (IoT), promoting economic diversification, and providing enhanced security and performance compared to legacy solutions such as Network Address Translation (NAT),” Rudman stated.

To achieve these objectives, the council’s action plan is structured around two primary initiatives: awareness-raising and capacity-building. The board will prioritize promoting national awareness of IPv6 through targeted events and workshops, while also providing IPv6 training to network engineers across various operators, including ISPs, telecommunications companies, educational institutions, and financial organizations. These efforts are expected to facilitate the acquisition and deployment of IPv6 throughout Nigerian networks.

The council will develop and oversee the national IPv6 strategy, monitor adoption across sectors, and report regularly to the Federal Government. Additionally, the council will identify technical challenges, strengthen local engineering capacity, and recommend regulatory measures to encourage ISPs, telecommunications operators, academic institutions, and enterprises to upgrade.

With the Nigeria IPv6 Council now operational, local enterprises and network providers are required to upgrade their systems to sustain the nation’s position in the global digital landscape.


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MTN, ALTON, Upperlink, NiRA back 2026 Nigeria DigitalSENSE forum, awards

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Leading telecommunications, technology, and internet governance stakeholders have thrown their weight behind the 16th milestone edition of the annual Nigeria DigitalSENSE Forum (NDSF) on Internet Governance for Development (IG4D), scheduled to hold on Thursday, June 11, 2026, at the Welcome Centre Hotels, Ikeja-Lagos.

MTN, ALTON, Upperlink, NiRA back 2026 Nigeria DigitalSENSE forum, awards

The high-profile convergence, organized by pioneer tech-media firm ITREALMS Media and hosted by DigitalSENSE Africa (DSA); an ICANN-certified At-Large Structure, will center its discourse on the national theme: “Sustaining WSIS Vision with Multistakeholder Synergy in Nigeria.”

Confirming their corporate backing and institutional participation are industry giants including ICT infrastructure leader MTN Nigeria; the Association of Licensed Telecoms Operators of Nigeria (ALTON); premier software and DNS infrastructure firm Upperlink Limited; and the Nigeria Internet Registration Association (NiRA).

Speaking on the preparations, the Lead Convener of NDSF and Group Executive Editor of ITREALMS Media Group, Ogbuefi Remmy Nweke, KSM, stated that the 2026 forum marks a crucial trajectory in examining how local multi-stakeholder synergy can sustain the World Summit on the Information Society (WSIS) frameworks to accelerate Nigeria’s digital public infrastructure (DPI) and domain economy.

“We are delighted to have the robust support of critical ecosystem drivers like MTN, ALTON, Upperlink, and NiRA. Their participation underscores the vital importance of multi-stakeholder dialogue in addressing contemporary policy, infrastructure growth, digital rights, and the transition into more advanced, secure digital spaces,” Nweke said.

A major highlight of this year’s forum will be that it will hold under the distinguished chairmanship of industry veteran, Dr. Olusola Teniola (hon), as approved by the Board of Directorate and the Central Committee. Under his chairmanship, the forum will also feature the presentation of the prestigious DigitalSENSE Africa 2026 awards to distinguished players in the ecosystem and corporate technology landscape across the continent.

The forum’s comprehensive agenda will feature high-level plenaries and technical sessions led by seasoned industry experts. Key areas of discourse will cut across the role of regulatory organs in the digital economy, bridging innovation gaps, leveraging Digital Public Infrastructure (DPI) for SME growth, digital rights, and data protection.

The organizers have invited additional internet stakeholders, including civil society organizations (CSOs), academia, young innovators, women in tech, and industry professionals, to maximize the networking and advocacy windows presented by this 16th edition.

With corporate sponsorship tiers spanning Platinum, Gold, Silver, and Bronze partnerships now actively filling up, corporate brand materials and production collaterals are expected to reach the NDSF secretariat on or before Thursday, June 4, 2026, to guarantee technical alignment.


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