Monrovia — The Central Bank of Liberia (CBL) is under growing scrutiny for its persistent delays and apparent reluctance to enforce key regulations governing the ownership structure of Lonestar Cell MTN's Mobile Money service. The controversy has intensified following reports that foreign shareholders of the company held a private meeting with President Joseph Boakai, raising serious transparency and governance concerns.
The issue erupted after President Boakai, during a recent cabinet meeting, revealed that while on a trip to Accra, Ghana, an investor linked to Lonestar Cell MTN informed him that a 20% stake--reportedly intended for the Government of Liberia--was instead held by private Liberian individuals.
In response, President Boakai directed the CBL and the Liberia Revenue Authority (LRA) to investigate and, if necessary, move to reclaim the 20% stake in the mobile money operation--separate from MTN's core GSM business.
Following the President's disclosure, the Senate Committee on Posts and Telecommunications convened a public hearing on May 28, inviting stakeholders from the Liberia Telecommunications Authority (LTA) and the CBL. However, to the disappointment of many, parts of the hearing were held behind closed doors at the request of stakeholders, and no public findings have since been released.
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Mounting Tensions and Credibility Concerns
Sources tell FrontPage Africa that the individual accused of misleading President Boakai is Ebenezer Asante, MTN Group's Vice President for West Africa. His role in briefing the President has been met with sharp criticism, with critics accusing him of creating confusion at the highest levels of government and undermining the regulatory authority of the Central Bank.
Adding to the controversy, sources allege that President Boakai has since engaged in exclusive discussions with MTN's foreign shareholders, with local Liberian shareholders excluded--a move that has fueled public anger and raised questions about transparency.
"For the sake of transparency, the President should not be holding closed-door meetings with foreign investors while sidelining local shareholders," said one concerned observer.
Another source warned
"They are bypassing the Central Bank by appealing directly to the President. This weakens the institution's autonomy and raises serious governance issues."
There are increasing calls for the Ghanaian government to intervene and rein in Asante, while also urging President Boakai to clarify his position on the ownership dispute and affirm his administration's commitment to institutional independence.
CBL Accused of Regulatory Lapses
Meanwhile, the Central Bank faces mounting pressure to enforce its own regulations. According to reliable sources, top MTN executives are currently in Monrovia, allegedly attempting to circumvent government regulations, including a CBL mandate requiring the establishment of a Board of Directors for the Mobile Money service.
Despite being fined at least twice by the CBL, MTN has continued operating without a board, allegedly due to concerns over losing majority control.
"MTN has refused to set up a Board of Directors because they would not retain a majority," a source familiar with the issue disclosed.
In 2013, the CBL mandated that 20% of MTN Mobile Money shares be allocated to four or more Liberians. Although MTN has consistently claimed compliance, FrontPage Africa has learned that this has not been the case for over a decade. The most recent compliance deadline of May 9, 2025, reportedly passed without MTN acting.
At the May 28 hearing, CBL Executive Governor Henry Saamoi acknowledged that while MTN has met some regulatory requirements, it remains noncompliant overall.
"Mobile money operations in Liberia are governed by a 2014 regulation which requires operators to have independent management, distinct boards, and separate financial systems from GSM operations," Saamoi said.
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"Some requirements have been met; others have not. They [Lonestar Cell MTN] are not in full compliance."
He added that the sensitive nature of the noncompliance issues required further discussion in committee, rather than in a public forum.
Legal Ambiguities and Limited Disclosure
Speaking on behalf of MTN Mobile Money, Legal Counsel Prince Kruah confirmed that the issue of Liberian shareholding is currently before the courts. However, he declined to name the shareholders or clarify the company's failure to resolve the matter over the years.
"Mobile Money has been very compliant, even if not 100%, but we've done our best to meet the CBL's requirements," Kruah stated.
"As management, we do not speak for shareholders; we don't represent them."
When asked whether the shareholders' names appear in company documents, Kruah did not deny it--but also refused to disclose them publicly.
