Africa-Press – Liberia. The President made the surprising revelation during his monthly cabinet meeting on Monday, disclosing that an investor, reportedly linked to the company, informed him in Accra, Ghana.
President Joseph Boakai’s renewed efforts to reclaim a 20 percent share in Lonestar Cell MTN’s mobile money service—reportedly following the death of one of the shareholders—has ignited a wave of public criticism and raised questions about the administration’s understanding of private ownership rights.
FrontPage Africa has learned that the shares in question do not belong to the Government of Liberia, as suggested by President Boakai, but rather to a consortium of private Liberian citizens. During a recent Cabinet meeting, President Boakai expressed concern that the 20 percent share intended for Liberia was being diverted to private individuals.
The President made the surprising revelation during his monthly cabinet meeting on Monday, disclosing that an investor, reportedly linked to the company, informed him in Accra, Ghana that 20% of the company’s shares rightfully belong to the government or citizens of Liberia.
According to President Boakai, the investor’s claim suggested that although Lonestar Cell MTN Mobile Money has recognized the existence of the shareholding arrangement, it has failed to disclose or surrender the government’s portion. The President indicated this has led to tension between the Liberian subsidiary and its parent company over transparency issues.
“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.”
President Boakai vowed to escalate the matter if the company refuses to comply or fails to identify those benefiting from the alleged stake.
He also cited reports indicating that one of the shareholders had died, and suggested that the shares should now be transferred to the Government.
The President has tasked the Central Bank of Liberia (CBL) and the Liberia Revenue Authority (LRA) with taking steps to retrieve the shares.
However, the pronouncement has drawn sharp criticism from legal experts, business leaders, and the public. Many questioned the rationale behind transferring privately owned shares to the state simply because a shareholder had passed away.
“Does the deceased not have heirs or relatives?” one critic asked. “Is the President suggesting that if he dies, his properties should automatically become government-owned?”
Critics argue that such a move undermines the principles of a free-market economy and sets a dangerous precedent for state interference in private enterprise. “Liberia is a capitalist state, not a communist or socialist one,” a prominent economist told FPA.
Sources within the Central Bank informed FrontPage Africa that lawyers representing the group that holds the 20 percent share are actively engaging with the CBL and are involved in ongoing legal proceedings against Lonestar Cell MTN.
Observers are now questioning the source of the President’s information and cautioning against foreign or political influences that may be misleading him into taking actions that could damage investor confidence and infringe on the rights of Liberian citizens.
The Boakai administration, facing significant U.S. aid reductions, has launched an aggressive domestic revenue mobilization strategy to finance government programs. The probe into alleged state assets is seen as part of that broader agenda.
As of Tuesday, neither the CBL nor the LRA had issued statements confirming or clarifying the President’s directive or the current ownership structure of Lonestar Cell MTN Mobile Money.
Lonestar Cell MTN, a subsidiary of South Africa-based MTN Group, is Liberia’s leading telecom and mobile money provider. The company has not responded publicly to the President’s remarks.
CBL Under Pressure Amid MTN Non-Compliance Allegations
Meanwhile, the Central Bank of Liberia is under scrutiny amid reports that top MTN executives are currently in Monrovia seeking to bypass government regulations, specifically a CBL mandate requiring the establishment of a Board of Directors for the Mobile Money unit.
FrontPageAfrica has learned that MTN has failed to comply with this longstanding directive, allegedly due to concerns that it would not retain a majority on the board. Despite repeated warnings and at least two fines imposed by the CBL, MTN has reportedly continued operating without a board, instead leveraging informal channels with top Liberian officials to avoid compliance.
In 2013, the CBL mandated that 20% of MTN Mobile Money shares be allocated to four or more Liberians. Though MTN has repeatedly assured the CBL that it is in compliance, sources tell FrontPageAfrica this has not been the case for more than a decade.
“MTN has refused to set up the Board of Directors because they wouldn’t have a majority on the Board,” a source familiar with the matter said.
According to multiple sources, the CBL gave the company a deadline that expired on May 9, 2025, which MTN failed to meet.
“They were fined and still have not complied. Instead of stepping in to appoint a temporary board, the CBL is again meeting with them today,” a source told FrontPageAfrica Tuesday evening.
“They’re doing this everywhere, and other regulators are taking firm action. A typical example is Ghana. Why must Liberia always go against its own people for a small amount of money?”
Ghana Moves to Enforce MTN Compliance
Ironically, the vice chair of MTN west Africa is a Ghanaian. In contrast to Liberia’s handling of the matter, MTN Ghana is taking concrete steps to comply with local laws.
According to reports by myjoyonline.com, under Ghana’s Payment Systems and Services Act, mobile money operators are required to have a minimum of 30% Ghanaian ownership. MTN Ghana’s mobile money subsidiary, MobileMoney Ltd (MML), currently falls short of this threshold and faces a June 13, 2025 deadline to comply or risk severe regulatory sanctions—including a potential shutdown.
In South Africa, 30 percent of MTN investments is owned by black South Africans. While the company is abiding by laws of these African countries with major investments, it is accused of circumventing the laws of Liberia; leaving critics to argue whether it is trying to bring apartheid policy to west Africa.
As the controversy unfolds, stakeholders are calling for transparency and respect for the rule of law in determining ownership of the disputed shares.
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