The Cameroon subsidiary of South African mobile operator MTN Group said late on Tuesday it won't exit the country despite the seizure of its bank accounts since 2022 under a Cameroon court order.
MTN is Africa's largest mobile carrier and its Cameroon subsidiary has one of the biggest networks in the country, with around 11 million users.
Last year, MTN 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 between Cameroonian businessman Ahmadou Baba Danpullo and South Africa's First National Bank (FNB) according to MTN.
After the bank liquidated a number of properties belonging to Danpullo in South Africa, the businessman sought to recover funds from South African companies including MTN on the grounds that like FNB they are partially owned by South Africa's Public Investment Corporation.
A spokesperson for Danpullo's company, the Baba Danpullo Group, did not immediately reply to a request for comment.
Mitwa Ng'ambi, CEO of MTN Cameroon, said the company continued to engage with authorities and stakeholders to resolve the issue and would remain in Cameroon.
The case poses a distraction to the company's purpose and it has also delayed capital investment, she said.
"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 core essence of our business, (which is) to deliver digital solutions to Cameroon," Ng'ambi said.
Latest Stories
-
Harris and Oprah Winfrey to rally support in livestream event next week
25 mins -
Trump says ‘I hate Taylor Swift!’ in Truth Social post
39 mins -
FBI investigating another attempted assassination of Trump
46 mins -
All NDC’s identified anomalies have been corrected – EC
57 mins -
Ensign Global College marks 10th anniversary with launch of new health & safety programme
1 hour -
Eight dead after Channel crossing attempt
1 hour -
Federation of Associations of Ghanaian Exporters demand drastic gov’t action against galamsey
1 hour -
Polling station results will be published on our website – EC
1 hour -
US denies claim CIA plotted to kill Venezuela president
2 hours -
We’ll use commercial agriculture to improve Ghana’s economic fortunes – Black Progressive Party
2 hours -
VRA thermal plants wasting scarce natural gas resource – Power Generators CEO
2 hours -
Lack of funds stalled amphitheaters’ construction – Okraku-Mantey on NPP manifesto promise
2 hours -
Playback: The Probe discussed NDC’s protest over forensic audit
3 hours -
TrueLife campus conference inspires students to embrace authenticity
3 hours -
GPL 24/25: Bechem vs Aduana ends goalless
3 hours