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.

Osa Director, Lagos-based lawyer and veteran journalist,

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.

Hayatu Hadejia and Seltrix Limited have responded to the lawsuit filed against them by Abubakar Funtua, son of the late business mogul Isa Funtua, over the ownership of 9Mobile, telecom firm.

As per report by Premium Times, Funtua filed the suit at the Federal High Court in Abuja over the ownership and control of Emerging Markets Telecommunications Limited, which operates under the brand name 9Mobile.

Among other defendants, he sued Theophilus Danjuma, former Chief of Army Staff, along with his company, LH Telecommunication Limited.

Others joined in the suit are Seltrix Limited (named as the 1st defendant), the Corporate Affairs Commission (CAC), the Nigerian Communications Commission (NCC), Mr Hadejia, Teleology Nigeria Limited, and Mohammed Edewor, a director at Teleology Nigeria Limited.

The plaintiff asked the court to declare he is the beneficial owner of the 43 million ordinary shares held in trust for him by the 1st defendant, Seltrix Limited, in the capital of the 3rd defendant, Teleology Nigeria Limited.

Another prayer sought by the plaintiff is a declaration that the acquisition of the 43million ordinary shares purportedly transferred or surrendered to the 3rd defendant (Teleology Nigeria Limited) in breach of the 1st defendant (Seltrix Limited)’s duty as trustee of the plaintiff and in contravention of Clause 48 of the Memorandum and Articles of Association of the 1st defendant (Seltrix Limited) is null, void and of no effect.

“That the purported registration of the transfer by way of surrender/gift of 43,000,000 ordinary shares held by 1st defendant (Seltrix Limited) in the capital of the 3rd defendant (Teleology Nigeria Limited) is unlawful, null and void,” the plaintiff stated.

But in a counter-affidavit sworn to and filed on behalf of Seltrix Limited, Hadejia described the plaintiff’s application as a reckless abuse of the court process.

He urged the court to dismiss the application and award substantial costs against the plaintiff.

Challenging Funtua, he demanded concrete evidence of any trusteeship arrangement involving him or Seltrix Limited concerning the alleged N43 million ordinary shares in the capital of the third defendant, Teleology Nigeria Limited, or any matter related to the suit.

Hadejia stated that the plaintiff’s motion, dated 27 January but filed on 28 January, was a fabrication designed to mislead the court.

Hadejia also denied holding in trust the controversial N43 million ordinary shares of Emerging Markets Telecommunication Services (EMTS)—the holder and operator of the 9Mobile telecommunications licence—on behalf of Mr Funtua.

Similarly, Teleology Nigeria Limited, Mr Edewor, Emerging Markets Telecommunication Services Limited, LH Telecommunication Limited), and Mr Danjuma filed a joint notice of preliminary objection calling on the court to throw out the suit.

They sought an order dismissing the suit for lack of jurisdiction and another order declaring that the plaintiff’s action constituted an abuse of court process.

Credit: Premium Times

Mastercard Economics Institute released ‘Economic Outlook 2025’, its annual report identifying the themes that will shape next year’s economic landscape. The global economy has managed through a series of shocks admirably over the past few years. The report anticipates 2025 to be defined by shifts in monetary and fiscal policy and a move toward equilibrium rates for growth and inflation.

In Nigeria, the GDP in 2025 is projected to grow by 2.9% year over year, slightly below than the global average which is forecast at 3.2.%, reflecting the challenges and opportunities within one of Africa’s largest economies. Meanwhile, consumer spending in the country is predicted to rise by 6%, despite elevated consumer price inflation of 22.1%, which continues to present challenges for households and businesses.

Economic growth is driven by robust remittance inflows, which sustain household incomes and consumption. Nigeria’s economy demonstrates resilience amid global and regional shifts, leveraging its human capital and remittance ecosystem to navigate challenges.

“Nigeria’s economic outlook for 2025 highlights the country’s resilience and potential for growth, driven by remittance inflows and consumer spending. These trends underscore the importance of fostering financial inclusion and addressing inflationary pressures to support sustainable development,” said Khatija Haque, chief economist, EEMEA, Mastercard.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa shared, “Remittances play a pivotal role in driving economic resilience, and Mastercard Nigeria is committed to enhancing contactless payment solutions to simplify transactions, boost security, and reduce costs. Our efforts are aimed at fostering an inclusive financial ecosystem, ensuring seamless, secure payments that support Nigeria’s vibrant economy.”

Key findings from the report include:

Pricing priorities
Consumers worldwide have been navigating a bumpy road of rising prices over the last five years, largely driven by the pandemic and geopolitical tensions. Inflation—the rate of increase in prices—remains a significant challenge for Nigeria, even as consumer price inflation is forecast to moderate to 22.1% in 2025 from over 33% in 2024. This reflects persistent pressures from currency volatility and supply chain disruptions.

Despite these challenges, Nigeria’s consumer spending is projected to grow by 6%, driven by the country’s youthful population and robust informal economy. However, high inflation continues to influence purchasing behavior, with households prioritizing essential goods and services over discretionary spending.

Migration and money
The last few years saw significant movement in people and, by extension, capital. While migration results in a loss of human capital, it also generates substantial remittances, which serve as a lifeline for low- and middle-income communities in developing economies. According to the World Bank, global remittances surged from $128 billion in 2000 to $857 billion in 2023, with an estimated growth of 3% in 2024 and 2025. Economic recovery and local reforms are expected to sustain remittance growth through 2025, while the continued digitization of the payments industry allows recipients to shift to digital and mobile channels, resulting in considerable cost efficiencies, security and convenience. In Nigeria, migration continues to shape the country’s economic landscape, contributing significantly to remittance inflows.

The rise of digital payments and mobile money solutions has further enhanced the efficiency and accessibility of remittances, reducing costs and ensuring secure, timely transactions. These platforms are vital for Nigeria’s financial inclusion efforts, enabling underserved communities to access financial services and participate in the broader economy.

The ‘Economic Outlook 2025’ report draws on a multitude of public and proprietary data sets, including aggregated and anonymized Mastercard sales activity, as well as models that are intended to estimate economic activity.