Telecom
Shareholder Rights Dispute Hits DPI, Verod Capital Over Pan African Towers Acquisition

A shareholder-rights lawsuit has emerged in connection with the 2023 acquisition of Pan African Towers (PAT), as the Federal High Court in Ikoyi, Lagos, resumed hearings in a case filed by the company’s former Chief Executive Officer, Mr. Azeez Amida, against private equity investors Development Partners International (DPI), Verod Capital Management Limited, and their affiliated funds.

Pan African Tower
The suit, listed as FHC/L/MISC/608/2025, was heard before Justice Aluko, who directed all parties to maintain the status quo and respect all pending applications before the court, including a motion seeking to restrain any potential sale or transfer of DPI and Verod’s stake in PAT.
Prof. ‘Kemi Pinheiro, OFR, SAN, LLD., FCIArb, alongside Bolu Agbaje Akadri and Emeka Ekweozor, instituted the suit on behalf of Mr. Amida. At the most recent sitting, the plaintiff was represented by Mr. Emeka Ekweozor and Ms. Ukamaka Ali.
The defendants—DPI, Verod Capital, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited—were absent and unrepresented.
Counsel to the plaintiff informed the court that a motion for interlocutory injunction had been filed on July 19, 2025, while the defendants filed a preliminary objection on August 8, 2025. The plaintiff has since responded with a counter-affidavit and requested a consolidated hearing of both applications.
Raising further concerns, the plaintiff’s counsel alleged that the defendants were planning to sell or transfer equity in PAT Holding Limited, the entity through which the acquisition was completed.
He argued that such a move could undermine the plaintiff’s claim and requested the court to preserve the current shareholding structure until the matter is determined.
Justice Aluko acknowledged the court’s inherent power to grant such relief but declined to issue the order at this stage, citing the pending injunction motion. He, however, instructed all parties to respect the pending processes and maintain the order.
Background to the Dispute
According to court filings, the dispute centers on an alleged breach of a pre-agreed equity arrangement tied to a management buy-out (MBO) transaction. Mr. Amida, who was appointed CEO in 2022, was tasked with turning around PAT’s financial performance.
At the time of his appointment, PAT was burdened with ₦38 billion in debt and ₦7 billion in overdue payables. By the end of his first year, the company had recorded significant improvements: revenue rose from ₦10 billion to ₦15 billion, EBITDA increased from ₦4 billion to ₦6.5 billion, and key long-term contracts with major telecommunications operators were renewed.
As former shareholders considered exiting via a sale to an international buyer, Mr. Amida proposed and led a local management buy-out initiative to retain the company’s Nigerian identity. Following preliminary discussions with other funds, he introduced DPI and Verod Capital as potential backers. The three parties then pursued and successfully closed a full acquisition of PAT through an investment vehicle.
The transaction was structured as a management buy-out, and the term sheet documenting this agreement was filed with the court. The plaintiff contends that the investors’ participation was contingent on this agreement and that the transaction terms were binding.
Allegations of Non-Compliance
Post-closing, Mr. Amida alleges that multiple meetings were held with representatives of DPI and Verod to finalize the share allocation, but the agreed equity was never transferred to him. In November 2024, he was exited from his role as CEO, and subsequent demands for his equity entitlement were declined by the investors.
As of the time of his exit, PAT’s revenue and EBITDA had more than quadrupled compared to when he assumed leadership. Mr. Amida is now seeking the court’s intervention for the allocation of his 5% equity stake or its equivalent, along with relevant damages.
The case is scheduled to resume on January 15, 2026, when the court is expected to consider the consolidated applications and possibly begin substantive hearings.
Nigeria CommunicationsWeek reports that the outcome of the case could have implications for private equity governance and management buy-out structures in Nigeria’s telecommunications sector.
Telecom
GBB Says Cross-border Partnerships Key to Africa’s Digital Transformation

Galaxy Backbone Limited (GBB) has said that sustained collaboration among African countries remains central to the continent’s drive toward digital transformation.

The organisation stressed that building secure, interoperable and inclusive digital systems across Africa cannot be achieved in isolation, calling for stronger regional partnerships to accelerate innovation and shared infrastructure development.
The position was contained in a statement issued on Sunday by the Head of Corporate Communications at Galaxy Backbone, Chidi Okpala.
As it prepares to host a major delegation of policymakers, technology leaders and development partners in Abuja, GBB said the engagement would further highlight the importance of cross-border cooperation in shaping Africa’s digital future.
Okpala explained that the initiative is designed to provide both dialogue and practical exposure to Nigeria’s digital infrastructure ecosystem.
According to him, the visit will allow delegates to better understand how shared ICT systems are supporting governance and service delivery in the country.
“This engagement will provide an opportunity for African stakeholders to not only discuss policy frameworks but also see firsthand how digital public infrastructure is being deployed to improve efficiency, connectivity and innovation in the public sector,” Okpala said.
He added that GBB’s hosting role reflects its growing importance in advancing digital governance and infrastructure development across the continent.
“Galaxy Backbone is increasingly positioned as a key enabler of trusted digital infrastructure, and this engagement reinforces that role within Nigeria and beyond,” he noted.
Speaking ahead of the programme, the Managing Director and Chief Executive Officer of Galaxy Backbone, Professor Ibrahim Adeyanju, said the future of Africa’s digital economy depends on the ability of countries to work together in building resilient systems.
“No single country can achieve the level of transformation required on its own. We must share knowledge, align strategies, and invest in systems that can serve the entire continent,” Adeyanju said.
According to the statement, the engagement will feature a continental dialogue themed “Building Africa’s Digital Foundations Together,” bringing together stakeholders from 11 African countries in Abuja.
The programme is being organised in partnership with Co-Develop, Smart Africa, and MicroSave Consulting, with discussions expected to focus on Digital Public Infrastructure (DPI), digital identity systems, secure connectivity, interoperability frameworks, and inclusive digital ecosystems.
GBB said delegates will also undertake a guided tour of its infrastructure and facilities in Abuja, where they will be exposed to Nigeria’s digital transformation journey and the systems supporting cloud services, cybersecurity, government connectivity, and digital platforms.
The company noted that the tour is intended to demonstrate how shared ICT infrastructure is strengthening governance and enabling more efficient public service delivery.
Participants are expected to explore practical pathways for accelerating the deployment of digital public infrastructure to support economic growth and institutional reforms across Africa.
GBB maintained that the initiative also confirms Nigeria’s position as a regional hub for digital innovation and infrastructure development, while deepening cooperation among African nations.
Telecom
MTN Reinforces Commitment to African Creativity at Star-Studded 12th AMVCA

MTN Nigeria reinforced its commitment to supporting African storytelling and emerging creative talent at the 12th Africa Magic Viewers’ Choice Awards (AMVCA), held on Saturday, May 9, 2026, at Eko Hotels & Suites.

MTN Nigeria
Hosted by Bovi Ugboma and Nomzamo Mbatha, the star-studded event brought together some of the biggest names in African film, television, and entertainment for a night celebrating creativity, culture, and cinematic excellence.
As part of its participation at the Awards Night, MTN Nigeria sponsored the Best Short Film category, one of the standout moments of the evening aimed at recognising and rewarding emerging filmmakers shaping the future of African storytelling.
The award was presented by the General Manager, Enterprise Sales, MTN Nigeria, Febisola Oyeleye, alongside actor Jide Oyegbile.
The winning film, Hussaini, by filmmakers Orire Nwani and Josh Olaoluwa, earned both the prestigious AMVCA recognition and a ₦5 million cash prize sponsored by MTN Nigeria.
Speaking during the presentation of the cash prize to the winners, Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka, reiterated MTN’s commitment to youth empowerment and supporting the creative industry through platforms that spotlight emerging talent.
According to her, the brand remains intentional about supporting young Nigerians who continue to push boundaries through creativity and storytelling. “At MTN, one of the things that we are so committed to is youth empowerment.
We believe that the youth of Nigeria are actually the future of the country. When we see young people being productive and coming out tops in what they do, it speaks to their commitment and ability to move beyond boundaries.
One of the ways we support the creative industry is through the short film category, and we are delighted to see deserving winners who are obviously on their way to great things,” she said.
The filmmakers behind Hussaini also celebrated the win, with one of the creators describing it as a defining moment after multiple nominations in the category.
“This is our last nomination in this category, and I’m excited we finally have it,” he said. “Next year, we are coming for Best Feature Film.”
Beyond the Awards Night, MTN’s presence throughout the AMVCA week extended to initiatives such as Young Filmmakers Day and the #MTNFilmChallenge, both designed to spotlight emerging talent and create opportunities for young creatives to tell authentic Nigerian and African stories through film and digital content.
With its continued investment in platforms that celebrate creativity and empower young storytellers, MTN Nigeria once again highlighted the important role partnerships can play in shaping the future of Africa’s entertainment industry.
Telecom
MTN Rewards Emerging Filmmakers at the AMVCA Young Filmmakers Day

MTN Nigeria strengthened its support for Nigeria’s creative economy by rewarding five emerging filmmakers through the #MTNFilmChallenge at the Young Filmmakers Day as part of the 12th Africa Magic Viewers’ Choice Awards (AMVCA) week.

The event, which held at MultiChoice Studios Lagos, brought together young and aspiring filmmakers for a day of learning, collaboration, and celebration of African storytelling.
The #MTNFilmChallenge, a short-form film initiative inviting creators to share one to three-minute stories reflecting perspectives on Nigerian culture, hustle, and everyday life, drew entries from across the country. At the close of submissions, five standout filmmakers including Precious Aisa, Fitz-Williams Ochie, Ugwueze Jennifer, Anuyimika Ayomide, and Alexander Oshiame were rewarded with cash prizes worth ₦4,650,000 in total, while two other finalists received consolation prizes.
MTN reiterated its commitment to supporting Africa’s growing creative ecosystem by creating platforms that not only encourage creative expression but also expand visibility for young talents navigating the digital content space.
Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka, said the company remains intentional about empowering young Nigerians and creating opportunities for emerging creatives to thrive within the entertainment industry. “At MTN, we strongly believe young people are central to Nigeria’s future, and it is always inspiring to see them pushing boundaries through creativity and storytelling.
“For us, supporting initiatives like the short film category and the #MTNFilmChallenge is about creating platforms where young creatives can be seen, encouraged, and celebrated. We are excited to see these filmmakers taking bold steps and telling authentic stories that reflect the richness of our culture and experiences,” she said.
The event also gave a platform for the next generation of storytellers to engage directly with established industry figures including Uche Jombo, Orire Nwani, Tamara Adeyemi, and Stan Eze through curated masterclasses and panel sessions.
As the opening event of AMVCA Week, Young Filmmakers Day set the tone for the celebrations ahead, reinforcing the Awards’ role not just as a platform for recognition, but as a catalyst for growth, collaboration, and innovation within Africa’s film and television industry.
With the 12th AMVCA underway, the focus remains on celebrating excellence while nurturing the next generation of storytellers shaping the future of African cinema.
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