Featured

MTN Pays $52.6m to End Dispute with CBN

Published

6 years ago

December 25, 2018

Eric

The Central Bank of Nigeria has asked MTN Nigeria to pay $52.6m in settlement of the $8.1bn foreign exchange repatriation dispute.

The African telecoms giant and the CBN, in separate statements issued on Monday, said that the agreement was reached after several intensive engagements in Lagos.

MTN said the settlement was based on the realisation that certain Certificates of Capital Importation utilised in some private placement shares of about $1bn in 2008 were not properly issued as the company only got approval-in-principle from the CBN.

“The CBN instructed MTN Nigeria to implement a notional reversal of the 2008 private placement of shares in MTN Nigeria at a net cost of circa N19.2bn – equivalent to $52.6m,” the telecoms company said.

“MTN Nigeria and the CBN have agreed that they will resolve the matter on the basis that MTN Nigeria will pay the notional reversal amount without admission of liability.”

The statement signed by the Director, Corporate Communications, CBN, Isaac Okorafor, read in part, “The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.

“The CBN assures foreign investors that the integrity of the CCIs issued by authorised dealers remains sacrosanct. Potential investors are encouraged to take advantage of the enormous investment opportunities that abound within Nigeria.”

The two parties said they would continue discussions in relation to the issues dealt with in the resolution agreement.

The network provider explained that the regulator reviewed additional documents it presented and it was resolved that the telco was no longer required “to reverse the historical dividend payments made to MTN Nigeria shareholders.”

As part of the agreement, MTN said, “The CBN will regularise all the CCIs issued on the investment by shareholders of MTN Nigeria of circa $402,625,419 without regard to any historical disputes relating to those CCIs, thereby bringing to a final resolution all incidental disputes arising from this matter.”

Regarding the MTN/Accountant General of Federation dispute on back taxes, MTN informed its shareholders that the legal process it initiated, seeking the restraining of the AGF from taking further action, was ongoing.

MTN Nigeria maintained its innocence on the $2.1bn tax allegation, saying no additional payment, as claimed by the AGF, was due.

The AGF matter came up for initial mention before the Federal High Court of Nigeria Lagos Judicial Division on November 8, 2018, and has been adjourned to February 7, 2019.

It added that the suit had been adjourned to February 7, 2019 in the Federal High Court, Ikoyi.

The CBN in late August had alleged that MTN and four of its banks – Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc – illegally repatriated $8.1bn from Nigeria while the office of the Attorney General claimed the company failed to remit $2bn back taxes.

The CBN also imposed a total fine of N5.87bn on the four banks for allegedly remitting dividends with irregular CCIs on behalf of MTN Nigeria between 2007 and 2015.

The Punch

Featured

Dele Momodu @65: The Billionaire of Hearts, the Common Man’s King

Published

1 hour ago

May 12, 2025

Eric

By Gite Igiehon

In a world where affluence often breeds distance, and fame creates fences between the privileged and the people, Chief Dele Momodu, at 65, continues to walk a different path—one paved with humility, empathy, and human connection.

Many know him as the media mogul, the respected publisher of Ovation International, the presidential aspirant, and the seasoned journalist with global acclaim. But few truly understand the weight of the name Bob Dee, as we fondly call him, and what it means to those whose lives he quietly touches without headlines or hashtags.

At 65, Dele Momodu is not just a public figure. He is a living bridge—between wealth and poverty, between celebrity and humanity, between the elite and the everyday Nigerian. Despite his exposure to kings, presidents, and pop culture royalty, he has never forgotten how to sit, eat, and laugh with the poor. He listens when others speak over. He shows up when others send excuses.

I remember vividly when I celebrated my 40th birthday. I called him just two weeks before the event. He was in the UK and told me plainly that he had no plans to return to Nigeria anytime soon. I understood. I thanked him and moved on. But a week later, he called back with words that still echo in my heart: “Princess, you’ve never invited me to anything before.”

On the day of my celebration, I looked up—and there he was. My mentor. My inspiration. My “Oga,” in every sense of the word. Dele Momodu showed up. Not because of status, politics, or press. But because that’s who he is—a man of his word, a man of the people.

At 65, it’s not his global network, his powerful interviews, or even his political aspirations that make him remarkable. It is his consistent humanity—a rare virtue in these times. He carries the weight of the world with a smile and wears his wealth not in fabric or fortune, but in the countless lives he has uplifted, empowered, and remembered.

Dele Momodu is not just a man. He is a movement of grace, of loyalty, and of love.

As he turns 65, may the world not only celebrate his achievements but take a moment to learn from his greatest legacy—his heart.

Featured

A Glorious 65th Birthday Tribute to Bashorun Dele Momodu

Published

1 day ago

May 11, 2025

Eric

By Azuh Arinze

On Friday, May 16, 2025, the world will celebrate not just a man, but a living legend – Bashorun Ayobamidele Ojutelegan Abayomi Ajani Momodu – a visionary journalist, media titan, political thinker, cultural ambassador, and an unrelenting force for truth, excellence, and the African dream.

Happy 65th birthday, Bob Dee!

Your life’s journey is nothing short of extraordinary and exceptional. From the newsroom to all the rooms that matter, from political corridors to international stages, you have remained a beacon of hope, courage, and intellectual brilliance – just like your astounding mentors, Bashorun Moshood Kashimawo Olawale Abiola and Otunba Michael Adeniyi Agbolade Adenuga. Through Ovation International magazine, you ingeniously gave Africa a mirror to see its own beauty, elegance, and potential. You equally created a platform that elevated our celebrity stories and interviews with pride, power and possibilities.

Your voice has echoed across continents – not just reporting history, but shaping it. Your words have inspired millions, your boldness has challenged systems, and your generosity has uplifted countless lives. Even in adversity, especially while in exile, you carried your convictions with grace, proving that truth is not only worth telling, but also worth living for.

At 65, you effortlessly embody the wisdom of a sage and the vigour of a man still on a mission. May this new chapter bring you deeper joy, divine health, and even greater impact. The world may change, but your legacies – your light and your life – will continue to grow brighter and brighter.

On behalf of all those you have touched, mentored, empowered, and inspired – like my good self – I say thank you and thank you and thank you. You are indeed a national treasure and a global gift that will continue to be cherished and adored.

Happy birthday, Sir, and long may you reign.

With deepest admiration and warmest wishes to one of the best things that ever happened to the journalism profession in Nigeria and Africa.

Azuh Arinze, KSM is the
Publisher/Editor-in-Chief of YES INTERNATIONAL! Magazine and Odenigbo I of Azia

Featured

A Tribute to Chief Dele Momodu at 65: The Man Who Wears the World Like a Cap

Published

2 days ago

May 10, 2025

Eric

By Dr. Sani Sa’idu Baba

It is as if Paul Coelho knew Dele Momodu when he said “When you are enthusiastic about what you do, you feel this positive energy. It’s very simple”, for it is quite visible to the blind and audible to the deaf, Momodu has carved a niche for himself as an altruistic, enthusiastic, passionate leader and a big name in all that he does with sterling records of multidimensional success.

How does one describe the essence of Chief Dele Momodu?

To some, he is a journalist who tells truth to power, a role he has been playing for over four decades.
To others, he is the publisher of Ovation International Magazine, the CEO of Ovation Media Group, pan Africanist, and the ink behind many untold stories.
To the politically inclined, he is a fearless voice, a candidate of conscience, a mirror held up to Nigeria’s democracy.
To the culture custodians, he is a walking archive, every handshake, every smile, every frame a testimony to history.
And to those who know him beyond the headlines, he is simply “Bob Dee”, a brother, mentor, bridge-builder, and friend.

Chief Dele Momodu is the embodiment of the ancient parable of the blind men and the elephant. Each man touches a part of the animal and draws a different conclusion, so vast is its form, so layered its truth. So it is with Dele Momodu. You may think you know him, but you have only touched a tusk, or a trunk, or a tail. The whole of him? It is too expensive for one perspective.

This is a man who has worn many caps, not as decoration, but as duty: journalist, activist, publisher, publicist, diplomat, politician, peace promoter and above all, a global citizen. Each role he has worn with authenticity and audacity.

He has stood in exile and yet spoken louder than those at home.
He has been in rooms where power whispers, yet he chooses to shout truth on behalf of the voiceless.
He has witnessed the worst of Nigeria’s turmoil, yet he continues to believe in its best tomorrow.
He is not just an observer of history, he is a participant, a provocateur, a preserver.

At 65, Chief Momodu does not merely carry years, he carries stories, nations, and generations. His journey is not a straight line but a vibrant tapestry: woven with faith, resilience, reinvention, and love. It is a story that tells us that greatness is not a destination, but a life lived fully, courageously, and selflessly.

Sir, today we do not just celebrate your birthday. We celebrate the light you carry. The platforms you’ve built. The battles you’ve fought. The people you’ve inspired. And the generations you continue to prepare.

May your cap never fall. May your pen never dry.
And may history forever remember you, not just as one who told stories,
but as one who became a story worth telling.

Happy 65th Birthday, my dearest mentor…