MONROVIA – During a recent cabinet meeting Liberian President Joseph Nyuma Boakai raised serious concerns over a 20 percent share that the country’s biggest telecommunications service provider, Lonestar Cell MTN had allegedly been withholding from the government and people of Liberia, but turned over to unknown private shareholders. “They believe that the other 20% has been given to people they cannot identify. If 20% was given to individuals that should not be 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,” President Boakai said during his latest cabinet meeting. But as The Analyst has gathered, President Boakai’s statement has opened a cankerworm of corporate anomalies, when the Liberian Senate Standing Committee on Post and Telecommunications on Wednesday, May 28, 2025 held a special hearing on the purposed 20% shareholding and other regulatory issues. From the look of things, there is actually 20% shareholding matter at stake, being currently adjudged at the courts, for which Lonestar MTN executives have prayed against a public hearing but that the matter should be discussed in Committee Room because of the nature of the sensitivity.
Addressing the special Committee hearing that included representatives from the Lonestar Cell MTN Mobile Money Inc., the Central Bank of Liberia, the Liberia Telecommunication Authority, the Financial Intelligence Agency, the Liberia Business Association, and the Liberia Chamber of Commerce, Senate Chairman on Post and Telecommunications, River Gee County Senator Franics S. Dopoh seconded his co-Chair Darbah Varpilah to welcome the participants with a solemn caveat.
“We welcome you all to this special hearing convened by the Senate Committee on Post and Telecommunications. Today we meet under solemn obligation to examine serious concerns raised by a group of Liberian shareholders regarding their alleged exclusion from full participation in the company in which they claim to hold a 20% ownership stake in the Lonestar Cell MTN. The allegations brought forward include the denial of shares certificates, nonpayment of dividends and exclusion of governance and decision making process. These claims strike at the heart of our national values of transparency, accountability, and the economic inclusion of all Liberians. The Committee has a duty not only to aggrieved shareholders but also to the broader public to ensure that corporate actors, especially those operating in sectors as vital as telecommunications and mobile money, adhere to the law of the Republic of Liberia and honor their obligation to us the board. Therefore, the purpose of today’s hearing is four-fold,” Grand Cape Mount County Senator Varpilah said.
The special hearing, she noted, was meant to receive reports and updates from our regulatory institutions including Central Bank of Liberia and the Financial Intelligence Agency; engage Lonestar Cell MNT on its compliance with legal, financial and corporate governance standards; gather insights from legal experts and civil society organizations on broader systemic issues; and examine any potential violations of mobile money regulations, anti-money laundering provisions and corporate governance standards.
“The outcome of these proceedings may inform legislative or regulatory reforms to strengthen investor protection, promote local ownership and reinforce corporate accountability in Liberia. Let this hearing be guided by truth; as you know, you are under oath, fairness and the rule of law, as we seek to uphold the integrity of our economy and protect the rights of all Liberians.
The controversial 20% shareholding
The main highlight of the special hearing dwelled on the 20% shareholding which President Boakai had alluded to in his recent cabinet meeting. However, the senate faced a daunting task in obtaining any cogent information from Lonestar Cell MTN regarding the identity of the shareholders.
According to Lonestar Cell MTN Counsel Prince Kruah, his company could not speak to the main contending issue being addressed by the Liberian senate because the matter is already in the court.
“Thanks and appreciation for the invite, but unfortunately we could not come along with our shareholders’ representatives as mandated. We also sent a communication to that effect which was delivered yesterday. Pretty much, the CBL which happens to be the regulator also laid the basis for how the mobile money sector should be regulated. For the most part, mobile money has been very compliant, even though it might not be 100%, but we try as much as possible to be compliant with the CBL regulation, but we’re here as management. We cannot speak for shareholders as we don’t represent them. The issue of the 20% shareholding that the senator mentioned, we think that this is a situation that is pending before the court. Technically, it’s sub judici so we cannot speak to how the shareholders are handling their matters. In as much as we envisage the participation of Liberians and as well as foreign investors, I think we more likely want to encourage a level playing field that all investors will have the same opportunity to be represented adequately.
“Like the CBL governor said, I want to beg the indulgence of the Committee considering that these issues are corporate matters, and that these issues are sub judici. We will like to appeal to the Committee to at least take this matter to the Committee Room where we can further give information that only limited to those information we have as management,” Counsel Kruah implored.
Speaking to the composition of the shareholding, Mr. Kruah said there are mostly Liberians comprising the 20%. “We’ve got other people now asking to get in that space, smaller companies. At least three Liberian companies have made their requests. They can do aggregation , in order words, other people that want to use that same short code they will get the number from LTA and they will get the number from LTA and do aggregation, meaning they will connect with Orange and Lonestar to be able to deliver the service to the end users. Not only Liberians, but most of them are Liberians,” he said.
Supporting the Lonestar Cell MTN call the 20% shareholding issue to be relegated to the Committee Room, Central Bank Executive Governnor Saamoi begged the indulgence of the Senate Committee on Post and Telecommunications to have consideration on the Lonestar Cell request.
“Like I indicated, there are certain requirements that are within the regulation. What we have currently. What we have currently is that some of the requirements have been met, but some have not met. But because of the sensitive nature of the requirement that haven’t been met, and being a corporate-related issue, like the MTN said, being in court, that’s the reason we asked further discussions should be in the Committee Room,” Governor Saamoi said.
Corporate Structure without Board
One of the serious anomalies that the senators picked bone with was the fact that Lonestar Cell MTN had been operating as a corporate structure that is supposed to apportion dividends to shareholders but did not have a board of directors.
But according to the Lonestar Cell MTN lawyer, in order to have a separate board or to have representative on the board, it encompasses settlement of the 20% shareholding. “That’s what is in court. Until that can be resolved, we cannot 100% comply. This is a corporate matter. We don’t represent the shareholders. They have their own lawyers,” he said.
After being cornered to provide a composition of the shareholders, Lonestar Cell MTN reluctantly named IGL (Investors Global Limited), PLC and others as shareholders.
Senator Konneh’s Integrity Beef
The special hearing seemed to have a snag when Gbarpolu Senator Amara Konneh took the floor to raise his concerns about the 20% shareholding and his reservations about a Committee Rooom deliberation.
“This is an economic issue for Liberians which really is this body’s primary responsibility since we represent them. To go back behind closed door now will send a signal that you are trying to bribe us, because this is a public hearing. You should have communicated to us earlier that you wanted the hearing not in camera. I don’t support any hearing behind closed door. I will not go there. You have to tell us who these Liberians are. The 20% is supposed to be for Liberians. Not foreigners who are bypassing the system to steal from the Liberian people.
After much hauling the pulling, the Senate Post and Telecommunications Committee finally decided to have a Committee Room hearing on the 20% shareholding due to the sensitive nature of the issues at bay.
The special hearing included Mr. Abubakar Halidu, acting head, of Lonestar Cell MTN Mobile Money;
Rahul De, Chief Executive Officer; Prince Kruah, Legal Counsel for Lonestar Cell MTN; Mr. Henry Saamoi, Executive Governor Central Bank of Liberia; Mohammed Donzo, Director for Regulations and Supervision Dept, Central Bank of Liberia; Mr. Abdullai Kamara, acting Chairman of Liberia Telecommunications Authority; Cllr. T. Emmanuel Tomah, General Counsel, LTA; Mr. Francis Dennis, representing Liberia Chamber of Commerce; Ms. Jarsey Burphy, Director of Public Affairs, LTA, and Mr. Natty B. Davis, Chairman of the Liberia Chamber of Commerce.
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