MTN to Remain in Cameroon Despite Court-ordered Seizure of its Bank Accounts

MTN’s Cameroon unit has refused to exit the market despite a messy legal battle of over $23.72 million in frozen funds and delayed investments.

The company insists on staying despite the seizure of its bank accounts in 2022 under a Cameroon court order.

MTN To Remain In Cameroon Despite All Odds

According to MTN, its Cameroon’s funds of 14 billion CFA francs ($23.72 million) were transferred into an escrow account managed by the court registrar, as part of a garnishee order relating to a dispute.

The dispute originated from South African First National Bank’s liquidation of Danpullo’s South African properties following a real estate loan default.

Seeking restitution, Danpullo turned his sights on South African firms, including MTN. According to him, MTN, like FNB, is partially owned by South Africa’s Public Investment Corporation (PIC).

MTN Cameroon Denies Connection To Danpullo Dispute

Despite the issues on the ground, the CEO of MTN Cameroon, Mitwa Ng’ambi, assured that the company remains committed to the market, emphasizing ongoing dialogues with authorities to untangle the impasse.

Also, she firmly denied the company’s connection to the dispute, stating that PIC is not a shareholder in the company whose shareholders, it claimed, are a matter of public record in Cameroonian court.

Also Read: Osun State and MTN Locked in a Fight

She said, “The case poses a distraction to the company’s purpose and it has also delayed capital investment. Quite a bit of time and efforts are spent in trying to plead our case in court – time which should have been spent on the essence of our business, (which is) to deliver digital solutions to Cameroon.”

She, however, stated that the company would continue to engage with authorities and stakeholders to resolve the issue and would remain in Cameroon.

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