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MTN: Experts Fear $8.1bn Refund Order

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Experts said the request by the Central Bank of Nigeria (CBN) that the MTN Group should refund 8.1 billion dollars illegally repatriated from Nigeria would jeopardise the listing of its shares on the Nigerian Stock Exchange (NSE).
The financial experts said this in separate interviews with our source on Wednesday in Lagos.
Our source reports that the CBN had ordered MTN and four banks to refund $8.1 billion illegal capital repatriation from its Nigerian operations to offshore investors. Allegations which MTN Group swiftly denied.
The Securities and Exchange Commission (SEC) said it had not received any application from the MTN Group regarding its proposed initial public offering (IPO).
MTN has the largest share of the Nigerian market with 36.39 per cent, while Airtel has 26.10 per cent as at February. Globacom and 9mobile have 26.03 per cent and 11.49 per cent respectively.
The President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, advised CBN and MTN Group to dialogue and resolve the issue of repatriation of 8.1 billion dollars.
He said he expected a resolution on the matter to avoid a systemic banking crisis given that the repayment of 8.1 billion dollars, which is about half of MTN’s market capitalisation, could threaten its Nigerian bankers.
“Talking about the CBN allegation that MTN repatriated 8.1 billion dollars out of the country.
“It is an issue that can be resolved by the two parties because there is no way such huge amount of money could have been transferred by the commercial banks without the knowledge and approval of CBN in the first place.
“Let MTN and the affected banks engage with the relevant authorities and face CBN to vigorously defend their position on this matter,” Okezie said.
Okezie blamed the delay in the listing of MTN shares and those of other foreign companies on NSE on lack of a regulating law in the Nigerian financial market.
He said the growth of the Nigerian capital market was tied to the effectiveness of its regulatory framework.
“Normally, if there is a functional law in place, after operating for a minimum of three years, the foreign company if not yet listed is supposed to be compelled to do so.
“But MTN has been in operation in Nigeria since 2001, yet it is not listed on NSE. So, it is obvious that MTN Group does not want Nigerians to benefit from its shares.
“All the Group is interested is how to do business, make profit and repatriate the proceeds to their home country to the detriment of the Nigerian economy.
“Therefore, it behoves on SEC to formulate and implement the appropriate regulatory framework to guide the operations of the NSE,” Okezie said.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, urged the MTN Group to be more proactive with its proposed listing plans.
Nwosu said the more MTN delays the offer, the more the market players and the public believe there was crisis.
According to him, postponing the offer is not the best option because it damages investors’ confidence and jeopardises the telecom company’s proposed public offer in Africa’s largest economy.
“The denial of an IPO application by MTN to SEC signifies doubt over the extent of preparation on the part of MTN to be listed on the NSE this year.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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