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MTN’s CEO and Cameroon prime minister discuss way forward on its frozen assets

MTN CEO Ralph Mupita. File ANA

MTN CEO Ralph Mupita. File ANA

Published Aug 28, 2023


MTN Group CEO Ralph Mupita met with the Cameroon Prime Minister Joseph Dion Ngute, and his delegation on the sidelines of the BRICS Summit in Johannesburg, MTN said in a statement on Friday and discussed not only investment, also the way forward on its frozen assets.

Mupita spoke to the delegation about a current matter in the country, in which the company's accounts had been garnished since September 2022.

MTN Cameroon's accounts with more than 14 billion CFA francs (R207m) have been frozen by Cameroon court order since September 2022, as the company was brought into a loan dispute by a Cameroonian businessman.

“Whilst the matter is currently in courts, the Group President and CEO requested the guidance of the Prime Minister on the matter as it is currently affecting not only the operations of the company but the sentiment of the company and country with investors and other stakeholders,” the mobile group said.

MTN said Ngute reassured the MTN delegation that the matter would be resolved speedily and fairly.

MTN also said Cameroon was a key market for the mobile operator.

“Our local operation, MTN Cameroon, is committed to the development of the digital economy of Cameroon and to this end, has committed over the next three years, an investment of more than $200 million (R3.7 billion) towards technology and network services, and $25 million towards strengthening the fintech business through the subsidiary Mobile Money Corporation,” it said.

Mupita said MTN was also interested in investments in future technologies such as 5G and was committed to ensuring more equitable connectivity across Cameroon through enhancing rural connectivity.

To date MTN Cameroon has connected 97% of the country, with ambitions to cover all Cameroonians by 2025, MTN said.