Osa Director, Lagos-based lawyer and veteran journalist, has asked a federal high court to dissolve the board of MTN Nigeria, accusing the telecom giant of industry capture, undue dominance and influence peddling.
In suit No. FHC/L/CS/1413/24 filed at the Federal High Court, Ikoyi, Lagos, Osa, via an originating summons, is seeking the court to dissolve the board of MTN.
He is accusing the telecommunications company of industry capture, undue dominance and influence peddling with the way and manner it cleverly filled its board with men and women with regulatory agency experience and reach.
“The board of MTN being occupied by individuals who have a history of regulatory oversight, taxation authority and pensions will undermine the integrity of our various institutions and create room for influence peddling and regulatory capture, he averred in his affidavit.
According to the pro democracy activist and author of Suicide Journalism, he is compelled to file the suit as a corporate governance expert and for his commitment to ensuring fair play and equal opportunities for all the players in the telecommunications sector.
In the process filed at the court, Osa is seeking the court to dissolve the board of MTN because it deliberately populated it with persons that have industry regulatory experience in the telecommunications and auxiliary sector.
For example, he argued that Engineer Ernest Ndukwe, who is the current chairman of the MTN board, was the pioneer Executive Vice Chairman of the National Communication Commission (NCC) which was a licensor and chief regulator of MTN.
Also, Mrs Ifueko Omogui Okauro, another director on the board of MTN, was the pioneer Chief Executive of Federal Inland Revenue Service (FIRS) between 2004 and 2012.
During the said period, MTN was found guilty of engaging in tax evasion to the tune of $ 72.5 million.
Mrs Omobola Johnson, pioneer minister of Communication Technology, is a board member of MTN.
The ministry is responsible for performing oversight functions over MTN.
Similarly, Alhaji Mohammad K. Ahmad, pioneer Director General and Chief Executive of National Pension Commission (Pencom), completes the circle of persons with regulatory agency experience who are on the board of MTN.
Such a constituted board gives undue dominance and advantage to MTN. Indeed, it amounts to influence peddling and industry capture.
Therefore, the relief sought by the Plaintiff is a declaration that the appointments of the affected officers to the board of MTN contravenes universally acceptable corporate governance practices.
Therefore, the court should grant an order nullifying their appointments. A perpetual injunction restraining the affected persons, their servants, agents and or privies from either further appointing or accepting any such appointment.
The Plaintiff is also requesting the court to mandate the affected persons to refund benefits, monetary or otherwise, already received by them by their appointments.
A cost of Fifty Million Naira is demanded to be awarded against the defendants.
The matter came for hearing on Tuesday, 11th March 2025 and has elicited the interest and attention of many Nigerians interested in corporate governance.
The Plaintiff’s lead counsel is a pro democracy activist, Prince Ademola Adewale, while MTN is represented by Fabian Ajogwu, SAN. The matter is before Justice Dipeolu.
