MONROVIA – The Central Financial institution of Liberia (CBL) is underneath rising scrutiny for its persistent delays and obvious reluctance to implement key rules governing the possession construction of Lonestar Cell MTN’s Cell Cash service. The controversy has intensified following reviews that overseas shareholders of the corporate held a non-public assembly with President Joseph Boakai, elevating severe transparency and governance issues.
The problem erupted after President Boakai, throughout a latest cupboard assembly, revealed that whereas on a visit to Accra, Ghana, an investor linked to Lonestar Cell MTN knowledgeable him {that a} 20% stake—reportedly meant for the Authorities of Liberia—was as a substitute held by non-public Liberian people.
In response, President Boakai directed the CBL and the Liberia Income Authority (LRA) to research and, if obligatory, transfer to reclaim the 20% stake within the cell cash operation—separate from MTN’s core GSM enterprise.
Following the President’s disclosure, the Senate Committee on Posts and Telecommunications convened a public listening to on Might 28, inviting stakeholders from the Liberia Telecommunications Authority (LTA) and the CBL. Nevertheless, to the frustration of many, elements of the listening to have been held behind closed doorways on the request of stakeholders, and no public findings have since been launched.
Mounting Tensions and Credibility Considerations
Sources inform FrontPage Africa that the person accused of deceptive President Boakai is Ebenezer Asante, MTN Group’s Vice President for West Africa. His position in briefing the President has been met with sharp criticism, with critics accusing him of making confusion on the highest ranges of presidency and undermining the regulatory authority of the Central Financial institution.
Including to the controversy, sources allege that President Boakai has since engaged in unique discussions with MTN’s overseas shareholders, with native Liberian shareholders excluded—a transfer that has fueled public anger and raised questions on transparency.
“For the sake of transparency, the President shouldn’t be holding closed-door conferences with overseas traders whereas sidelining native shareholders,” mentioned one involved observer.
One other supply warned
“They’re bypassing the Central Financial institution by interesting on to the President. This weakens the establishment’s autonomy and raises severe governance points.”
There are growing requires the Ghanaian authorities to intervene and rein in Asante, whereas additionally urging President Boakai to make clear his place on the possession dispute and affirm his administration’s dedication to institutional independence.
CBL Accused of Regulatory Lapses
In the meantime, the Central Financial institution faces mounting stress to implement its personal rules. In accordance with dependable sources, prime MTN executives are at present in Monrovia, allegedly trying to avoid authorities rules, together with a CBL mandate requiring the institution of a Board of Administrators for the Cell Cash service.
Regardless of being fined not less than twice by the CBL, MTN has continued working and not using a board, allegedly as a consequence of issues over dropping majority management.
“MTN has refused to arrange a Board of Administrators as a result of they’d not retain a majority,” a supply acquainted with the difficulty disclosed.
In 2013, the CBL mandated that 20% of MTN Cell Cash shares be allotted to 4 or extra Liberians. Though MTN has constantly claimed compliance, FrontPage Africa has discovered that this has not been the case for over a decade. The latest compliance deadline of Might 9, 2025, reportedly handed with out MTN appearing.
On the Might 28 listening to, CBL Government Governor Henry Saamoi acknowledged that whereas MTN has met some regulatory necessities, it stays noncompliant general.
“Cell cash operations in Liberia are ruled by a 2014 regulation which requires operators to have impartial administration, distinct boards, and separate monetary programs from GSM operations,” Saamoi mentioned.
“Some necessities have been met; others haven’t. They [Lonestar Cell MTN] will not be in full compliance.”
He added that the delicate nature of the noncompliance points required additional dialogue in committee, somewhat than in a public discussion board.
Authorized Ambiguities and Restricted Disclosure
Talking on behalf of MTN Cell Cash, Authorized Counsel Prince Kruah confirmed that the difficulty of Liberian shareholding is at present earlier than the courts. Nevertheless, he declined to call the shareholders or make clear the corporate’s failure to resolve the matter over time.
“Cell Cash has been very compliant, even when not 100%, however we’ve carried out our greatest to fulfill the CBL’s necessities,” Kruah said.
“As administration, we don’t communicate for shareholders; we don’t signify them.”
When requested whether or not the shareholders’ names seem in firm paperwork, Kruah didn’t deny it—but additionally refused to reveal them publicly.
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