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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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MTN Nigeria’s Go MAD Campaign Inspires Innovation and Resilience in Aba

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L-R: Joseph Ogbuka, Manager, Go-To-Market, MTN Nigeria; Micheal Chinedum Ogbonna, CEO, Mua Couture; Dr. Precious Uche, CEO, Tonatel Beauty & Spa and MacDaniels Enwemuche, Regional Manager, Sales & Trade Development, MTN Nigeria at the Go MAD regional activation at Sugarland, Luxury City Hotels, Aba on Sunday March 23, 2025.
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MTN Nigeria’s Go Make A Difference (Go MAD) campaign brought its message of innovation and empowerment to Aba, the renowned hub of enterprise, on Sunday, March 23, 2025.

L-R: Joseph Ogbuka, Manager, Go-To-Market, MTN Nigeria; Micheal Chinedum Ogbonna, CEO, Mua Couture; Dr. Precious Uche, CEO, Tonatel Beauty & Spa and MacDaniels Enwemuche, Regional Manager, Sales & Trade Development, MTN Nigeria at the Go MAD regional activation at Sugarland, Luxury City Hotels, Aba on Sunday March 23, 2025.

The event, held at Sugarland, Luxury City Hotel, celebrated local creativity and resilience while encouraging Nigerians to take bold steps toward transforming their communities.

Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria had earlier the inspiration behind the Go M.A.D initiative. “The Go M.A.D. campaign is rooted in the belief that MTN data gives you the power to take on the world, to achieve the extraordinary, and to make a meaningful difference, in your community, your family, and your workplace.”

The campaign has already made stops in cities like Abuja, Enugu, Calabar, Ibadan, and Benin, showcasing changemakers who embody the spirit of progress. In his opening remarks, MacDaniels Enwemuche, Regional Manager, Sales & Trade Development at MTN Nigeria, emphasised the importance of resilience during challenging times. He stated: “MTN is here to remind us that every great achievement starts small. We’re providing a platform for Nigerians to showcase their skills and products, not just locally but globally, removing limitations and amplifying their impact.”

Describing Aba as Nigeria’s “Silicon Valley”, Enwemuche explained the need to activate this campaign in Aba, due to the city’s industrious spirit and alignment with the Go MAD philosophy: “Aba is already making a difference. Every person — doctor, teacher, shoemaker — has a role to play in our ecosystem. Do it well.”

The event featured inspiring stories from local changemakers. Like chessmaster Tunde Onakoya, the campaign’s ambassador, these stories reflected how small steps can lead to global impact. Onakoya rose from humble beginnings to become a Guinness World Record holder for the longest chess marathon. His journey exemplifies the transformative power of determination and digital connectivity.

Local talents also took centre stage in a vibrant showcase. A body painter, tailor, and mechanical engineer demonstrated their crafts live, while fashion designer Prinna Nnanna unveiled an athleisure line sewn overnight and modelled on-site.

The Icons of Impact session highlighted changemakers using MTN data to drive social change. Dr. Precious Uche, CEO of Tonatel Beauty and Spa, shared her mission to redefine beauty standards:

“My business fights bleaching and promotes ‘black is beautiful.’ MTN data has helped me spread this message across Owerri and Aba.”

Fashion entrepreneur Michael Chinedu Ogbonna, CEO of Mua Couture, discussed how digital tools have expanded his reach: “The internet has made the world a global village. I now create clothes for clients in Malaysia, the US, and Canada — all thanks to data.”

Through storytelling, cultural showcases, and real-life examples, the Go MAD Aba activation reminded attendees that even small acts of courage can spark significant change. The campaign continues to celebrate resilience and innovation across Nigeria while empowering communities with digital tools.

With upcoming activations planned for cities like Jos, Lagos, and Kano, MTN remains committed to inspiring Nigerians to make a difference, one bold step at a time.


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Open Access Fabrics Set to Drive Connectivity to Achieve a Digital Economy

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Ayotunde Coker, chief executive officer of OpenAccess Data Centre has described Open Access fabric, the company’s Africa-led interconnection platform as key driver of a digital economy, offering a range of virtual connectivity services from Open Access Data Centres (OADC) facilities.

 

Empowered by West Indian Ocean Cable Company (WIOCC), extensive digital backbone, OAfabric offers enterprises and service providers access to diverse digital ecosystems, supporting user-to-service, user-to-user and site-to-site connectivity.

Coker stated this during a tour of Open Access Data Centre facility in Lagos by some journalists recently.

According to him, “designed as a future-ready foundation, OAfabric unites cloud and local connectivity with OADC’s market-leading colocation solutions, establishing an innovative, scalable African infrastructure platform that addresses both local and global digital transformation demands.

“OA fabric offers a reliable, adaptable interconnection platform to support Africa’s growing digital needs and hybrid infrastructures for local and global providers

“Enabling secure, direct cloud connections, OA fabric supports data sovereignty and fosters local provider growth, OA fabric provides IX peering, virtual interconnection, and tailored IP services for Africa’s digital landscape.

“It’s not about a particular service provider, it’s about everybody. Once you have a network and you are able to route traffic, even if you are not live yet, and you are hoping to come in the future, we are waiting for you to come on board. So, that platform converges everybody.

“With Open Access fabric, everyone is expected to interconnect. You are collaborating with the government. You are collaborating with the banks. We are collaborating with all these guys to interconnect everyone, Microsoft, Google, all the cloud companies connect into it, because we already have the connectivity business”.

He noted that, “Through OA fabric, all the other connectivity providers have access to any content on OA fabric, so SMB, SMEs, MSMEs, who probably doesn’t have a registered business, but on social media, selling clothes and things like that, can have cost effective access to resources on the internet.

Speaking on Metro fiber project which OADC is partnering with WBT, Coker explained that they have covered over 5 million homes in Lagos. “The job of the Internet Service Provider or MNO in the project is to maintain relationship with the residents of that area, make sure that the infrastructure is secured”.

 


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MTN Nigeria and Pan-Atlantic University Invite Media Practitioners for 4th Media Innovation Programme

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MTN Nigeria Communications Plc and the School of Media and Communication, Pan-Atlantic University, have announced a call for applications from qualified media practitioners (including content creators) to participate in the 4th edition of the MTN Media Innovation Programme (MTN MIP-4).

The programme commences on May 19, 2025, on the Main Campus of the Pan-Atlantic University, Ibeju-Lekki, Lagos.

In collaboration with the School of Media and Communication, Pan-Atlantic University, MTN Nigeria launched MIP in 2022 to enable media practitioners gain deeper insight into the ever-evolving media landscape.

The six-month fully funded certificate fellowship, which includes a study visit to the University of Johannesburg, South Africa is open to media practitioners across all strata of the media industry including print, electronic and online platforms. The programme is also open to social media content creators.

“When we launched MIP in 2022, our goal was to enhance media professionals’ reporting capabilities and deepen their understanding of the technology sector, empowering them to become true media innovators. Seeing the impact of the programme over the past three years has been both inspiring and humbling.

“We are proud to continue this initiative and invite all eligible media professionals and content creators to seize this opportunity by applying for the fourth cohort,” said Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria.

Speaking on the impact of the programme, the Dean, School of Media and Communication (SMC), Pan-Atlantic University, Dr Ikechukwu Obiaya, said that the programme continues to improve and evolve.

“Given the challenges of today’s fast-changing media space, there is an ever-greater urgency to cultivate a new generation of media professionals who will drive innovation and excellence to meet today’s media needs.

“SMC will leverage its extensive experience in training media professionals to equip this next cohort. And we will do this with our usual emphasis on creativity and ethics.”

At the end of the training, the 20 successful applicants, who will qualify as Fellows, will have been trained on Nigeria’s technology sector, the relationship between media and technology and improved content creation opportunities. They will also be equipped with the skills to adapt to the changing realities that guarantee career and financial success in their professional practice. Fellows will also have access to professional resources and mentorship from PAU’s erudite faculty.

Interested journalists, bloggers and content creators can apply at https://bit.ly/MTN_MIP2025

Applications open on Monday, March 24 and close on Monday, April 7, 2025.


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