Alleged telecom deal positioning Tinubu as major MTN shareholder sparks controversy

Top telecom industry sources have alleged that ongoing deals involving Mafab Communications, IHS Towers, and MTN Nigeria are part of a coordinated arrangement to secure a major MTN ownership interest for President Bola Ahmed Tinubu.

According to a report by SaharaReporters, industry insiders claimed the moves represent a structured effort overseen by MTN Nigeria CEO Karl Olutokun Toriola. One source stated, “This is the final step for Bola Tinubu to become a major shareholder in MTN and it was all orchestrated via Karl Olutokun Toriola.”

The allegations coincide with Mafab’s negotiations to transfer its 3.5GHz and 2.1GHz spectrum assets to MTN Nigeria, pending Nigerian Communications Commission approval. Sources further claimed that Mafab’s original $273.6 million 5G licence acquisition was funded via Alpha Beta Consulting LLP, asserting, “If you check when they paid for their NCC licence, they had money paid for them from Alpha-Beta Consulting LLP.”

The sources contend that these spectrum transfers and MTN’s proposed $6.2 billion acquisition of IHS Towers are interconnected moves toward this ownership goal.