MONROVIA β The Liberian Senate Post and Telecommunications Committee chaired by River Gee County Senator, Francis S. Dopoh has concluded phase one of an investigative public hearings regarding allegations from Liberian shareholders of being denied share certificates, dividends, and governance participation, despite claims of holding a 20% ownership stake in Lonestar Cell MTN Mobile Money.
In an effort to ascertain the facts of the concern raised, the Committee on Wednesday May 28, 2025 entertained testimonies from relevant regulatory institutions as well as representatives from Lonestar Cell MTN, Mobile Money service provider, including the Liberia Chamber of Commerce.
In his presentation before the Committee, Central Bank of Liberia Executive Governor, Henry F. Saamoi told Senators that the CBL has put into place a regulatory framework for the sector, which calls for both Lonestar cell MTN and Lonestar Mobile Money to have a separate and distinct management, and that the company should have a separate accounting system, as well as separate Boards, and most of all, 20 percent of the share is allocated to only Liberians.
With respect to compliance, the CBL Executive Governor alluded to regulatory breaches in Lonestar Cell MTN and that of the Mobile Money, adding βOnly two of the regulations have been full complied withβ.
Governor Saamoi further mentioned that some of the compliance issues are tied to cooperate matters that cannot be disclosed in camera, as such the Senateβs committee should consider such issues to be handled in committee room.
The Acting Chairman of the Liberian Telecommunication Authority (LTA), Abdullah L. Kamara told the committee that both Mobile Money and Orange Money are not in compliance with the LTA regulations.
According to the LTA boss, the two service providers have been written to register and provide relevant information to the LTA but are yet to comply, despite three different communications.
Prince M. Kruah who represented both Lonestar Cell MTN and Mobile Money argued that the issues surrounding the accusation of denying Liberian sharholders the 20 percent is currently before the Supreme Court, as such as a Counsel for the company he cannot speak to said matter, because by doing so will be subjudice.
Regarding the shareholders, Cllr. Kruah excused that all of the Liberian shareholders are currently not in Country, as such they could not be available in the hearing as requested by the committee.
Most Senators, including Amara Konneh, Jonathan Boycharles Sogbie, Cllr. Joseph Jallah, Thomas Yaya Nimely, Debah M. Varpilah, J. Alex Tyler, including the Chairman of the Committee expressed dismay about the testimonies, especially the companyβs legal counsel presentation.
The Senators expressed concerns about the regulatory breeches and the lack of enforceability by the regulators, thereby hurting Liberians who are to get the 20 percent dividends, including the Country as a whole.
Based on consultations, the hearing was adjourned for the committee to give preliminary report to Plenary and schedule another hearing with the affected parties, along with the company and regulators.
