MTN buys out minority investor in MoMo PSB — now sole owner of subsidiary

MTN Nigeria Plc says it has successfully bought the 7.17 percent shares of Acxani Capital Limited, a minority shareholder in its payment service bank, better known as MoMo PSB.

Uto Ukpanah, MTN Nigeria’s secretary, made the announcement in a statement filed on the Nigerian Exchange Group (NGX) on Monday.

MoMo PSB is the fintech solution of MTN Nigeria which was licensed in 2022 by the Central Bank of Nigeria (CBN).

According to Ukpanah, the latest development means MoMo PSB is now solely owned by MTN Nigeria.

“The company hereby notifies the Nigerian Exchange Limited and the investing public that the Company has successfully completed the purchase of the 7.17% minority shareholding in MoMo Payment Service Bank Limited (MoMo PSB) previously held by Acxani Capital Limited (the “Transaction”),” the statement reads.

“Following the completion of the Transaction, MoMo PSB is now a wholly- owned subsidiary of MTN Nigeria. Management believes this Transaction will simplify and strengthen MoMo PSB’s operations, which is crucial for achieving its growth ambitions.”

Acxani Capital is owned by Munir Ja’afaru, a former director in the defunct Nigerian Telecommunications Limited (NITEL).

He is also a prince in the Zazzau Emirate, Kaduna state.

Ja’afaru served as the former district head of Basawa in Zaria and was the chairman of the National Export Processing Zones Authority (NEPZA) until 2004.