CAPITOL HILL, Monrovia — The Liberian Senate has opened a high-stakes investigation into allegations that Lonestar Cell MTN Mobile Money systematically excluded its Liberian shareholders from governance, withheld dividends, and failed to issue share certificates—despite claims that locals own 20% of the company.
The Senate Committee on Post and Telecommunications, chaired by River Gee County Senator Francis S. Dopoh, concluded its first round of public hearings on Wednesday, drawing testimony from key regulatory institutions and company representatives amid intensifying scrutiny over the mobile money giant’s compliance and corporate transparency.
Central Bank of Liberia (CBL) Executive Governor Henry Saamoi told the committee that although regulatory structures are in place to separate Lonestar Cell MTN from its Mobile Money unit, the Liberian shareholders’ 20% equity claim remains unrealized. Saamoi cited significant compliance failures, disclosing that only two regulatory requirements had been fully met and that several unresolved issues touch on confidential corporate matters better addressed in closed-door sessions.
The Liberia Telecommunication Authority (LTA) Acting Chairman, Abdullah L. Kamara, delivered an equally damning assessment. He revealed that neither Lonestar Cell MTN Mobile Money nor its competitor, Orange Money, are currently compliant with LTA’s registration and reporting rules. Kamara said both companies had ignored multiple formal requests to submit required documentation, raising further questions about the regulator’s enforcement power.
Legal counsel for Lonestar Cell MTN, Cllr. Prince Kruah, maintained that shareholder grievances are currently before the Supreme Court and declined to comment further, citing sub judice rules. He also claimed all Liberian shareholders are currently abroad and could not attend the hearing.
Kruah’s stance triggered a fiery backlash from senators across party lines. Lawmakers including Senators Amara Konneh (Gbarpolu), Jonathan Boycharles Sogbie (River Gee), Joseph Jallah (Lofa), Thomas Yaya Nimely (Grand Gedeh), Debah M. Varpilah (Grand Cape Mount), and J. Alex Tyler (Bomi) sharply criticized the testimony as evasive and unconvincing.
“We will not allow Liberians to be deprived of their lawful stake in such a vital financial service,” Senator Dopoh declared, adding that the committee was committed to ensuring transparency, accountability, and restitution where necessary.
The committee has vowed to summon all parties—including the allegedly disenfranchised Liberian shareholders—for a follow-up hearing. A preliminary report will be submitted to the Senate Plenary in the coming weeks, while further sessions are expected to delve deeper into whether deliberate exclusion and regulatory lapses have robbed Liberians of their rightful position in the country’s fast-growing fintech landscape.
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