A Lagos-based lawyer and veteran journalist, Osa Director, has taken legal action against MTN Nigeria, seeking the dissolution of its board over allegations 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 argues that MTN’s board is deliberately filled with individuals with past regulatory agency experience, giving the company unfair advantages in the industry. He claims this could compromise regulatory integrity and foster influence peddling.
Osa, a corporate governance expert and pro-democracy activist, cited key board members, including:
- Engr. Ernest Ndukwe (Board Chairman) – Former Executive Vice Chairman of the Nigerian Communications Commission (NCC), which licensed and regulates MTN.
- Mrs. Ifueko Omogui Okauro – Former Federal Inland Revenue Service (FIRS) Chief Executive (2004-2012), during which MTN was found guilty of $72.5 million tax evasion.
- Mrs. Omobola Johnson – Former Minister of Communication Technology, overseeing MTN’s regulatory compliance.
- Alhaji Mohammad K. Ahmad – Former Director-General of the National Pension Commission (PenCom).
According to Osa, this board composition creates an unfair competitive advantage for MTN, violating corporate governance best practices.
The plaintiff seeks:
- A court declaration that the appointments violate corporate governance principles.
- An order nullifying the appointments and preventing further similar appointments.
- A refund of any financial benefits received by the affected directors.
- A ₦50 million cost award against MTN.
The case, scheduled for hearing on March 11, 2025, has drawn public interest, with former presidential spokesperson Reno Omokri backing Osa’s stance. Omokri emphasized the need for fair competition in the telecom sector to support President Bola Tinubu’s economic agenda.
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Osa’s legal team is led by Prince Ademola Adewale, while MTN is represented by Fabian Ajogwu, SAN. The case is before Justice Dipeolu.
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