President Joseph Nyuma Boakai has directed the Central Bank of Liberia (CBL) and the Liberia Revenue Authority (LRA) to immediately investigate and assert control over a purported 20% share in Lonestar Cell MTN Mobile Money, which he says rightfully belongs to the Liberian people.
The President made the surprise disclosure during his monthly Cabinet meeting on Monday, revealing that the claim was brought to his attention by an investor in Accra, Ghana. According to Boakai, the individual alleged that 20% of Lonestar Cell MTN Mobile Money’s equity was set aside for the Liberian government or its citizens but has never been properly accounted for or transferred.
“They believe that the other 20% has been given to people they cannot identify,” President Boakai said. “If 20% was given to individuals, that should not be a corporate issue. We should decide who that goes to. Those resources are for this government. It should come to government and the government will use it for the purpose of the country.”
Boakai warned that should the company fail to clarify or resolve the issue, his administration would escalate the matter.
However, the President’s remarks, which came without documentary evidence, have sparked widespread concern. Critics argue that airing such serious allegations publicly without concrete proof could undermine investor confidence, especially at a time when Liberia is actively courting foreign investment and grappling with steep reductions in U.S. aid.
As of Tuesday, neither the CBL nor the LRA had commented on the President’s directive or the actual ownership structure of Lonestar Cell MTN Mobile Money.
Lonestar Cell MTN, a subsidiary of South Africa’s MTN Group, is Liberia’s leading telecom operator and mobile money provider. The company has yet to respond publicly to the President’s comments.
Meanwhile, the Central Bank of Liberia is under renewed scrutiny following reports that senior MTN executives are in Monrovia seeking to bypass regulatory requirements, specifically, a CBL mandate to establish a Board of Directors for its mobile money subsidiary.
According to sources familiar with the matter, MTN has resisted this directive for over a decade due to fears it would lose majority control of the board. Despite being fined twice, the company allegedly continues to operate without a formal governance structure for the mobile money unit.
FrontPageAfrica has learned that a May 9, 2025, deadline set by the CBL for compliance has come and gone without action. Still, rather than enforcing sanctions or appointing a temporary board, the CBL is reportedly engaged in new rounds of meetings with the company.
“Other regulators across the continent are taking firm action. Why must Liberia always go against its own people for a small amount of money?” one source lamented.
The issue of the alleged 20% stake is not new. In 2013, the CBL reportedly directed MTN to allocate that portion of its mobile money subsidiary to four or more Liberians. While MTN has insisted it complied, sources say no formal proof of ownership or transfer has ever been submitted.
The situation has drawn comparisons with neighboring Ghana, where regulators are forcing MTN into compliance with local laws. Under the country’s Payment Systems and Services Act, mobile money providers must have at least 30% local ownership. MTN Ghana’s MobileMoney Ltd (MML) currently falls short of that threshold and faces a June 13 deadline to rectify the issue, or face potential shutdown.
To comply, MTN Ghana is dissolving MML and transferring assets and staff to a new entity, “New FinCo,” which will be 32.13% locally owned via a trust. An Extraordinary General Meeting has been scheduled for May 21 to finalize the restructuring, which includes plans to list New FinCo on the Ghana Stock Exchange within five years.
Observers say Ghana’s decisive approach could boost government revenues and investor confidence, while Liberia’s soft-handed treatment risks long-term losses.
Across the continent, MTN has been accused of regulatory noncompliance and marginalizing minority shareholders in countries like Guinea, Cameroon, and Ivory Coast. Liberia now finds itself at a crossroads, either enforce its rules or risk becoming a haven for corporate impunity.
As Liberia struggles to raise domestic revenues to support key programs, the Boakai administration’s handling of the MTN saga may signal how far it’s willing to go in reclaiming lost national wealth.
Efforts to reach officials at the Central Bank of Liberia for comment were unsuccessful as of press time. Lonestar Cell MTN has also remained silent on the matter.
