A Lagos-based lawyer and veteran journalist, Osa Director, has dragged MTN through court, seeking dissolution of the board of the telecommunications company.
In suit No. FHC/L/CS/1413/24 filed at the Federal High Court, Ikoyi, Lagos, Osa vide an originating summons is also 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 was 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 wants 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.
He averred that Engineer Ernest Ndukwe, who is the chairman of 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 Okauru, another director on the board of MTN, was the pioneer Chief Executive of Federal Inland Revenue between 2004 -2012.
He claimed that during the said period, MTN was found guilty of engaging in tax evasion to the tune of $72.5 million.
He said that the pioneer minister of Communication Technology, Mrs Omobola Johnson, “is a
board member of MTN.
“The ministry is responsible for performing oversight function over MTN.”
Osa Director stated that “similarly, the pioneer Director General and Chief Executive of National Pension Commission, Pencom, Alhaji Mohammad K. Ahmad completes the circle of persons with regulatory agency experience who is on the board of MTN.
“Such constituted board gives undue dominance and advantage to MTN. Indeed, it amounts to influence peddling and industry capture.
“Therefore, the reliefs sought by the Plaintiff are, 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 virtue of their appointments.
A cost of Fifty Million Naira is demanded to be awarded against the defendants.
The matter that is coming up for hearing on Tuesday, 11th March, 2025, has elicited interest and attention of many Nigerians interested in corporate governance.
The former presidential spokesperson to president Good luck Jonathan, Mr Reno Omokri has thrown his weight behind the Lagos lawyer.
Omokri maintained that it was necessary to shore up the revenue of the federal government and support President Bola Tinubu to fulfil his renewed hope agenda.
“One way to do that is to promote healthy competition among industry players,” Omokri said.
Meanwhile, 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.
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