Table of Contents
Key Points
- MTN Cameroon wins appeal overturning FCFA 14 billion freeze, ending garnishee order tied to billionaire Baba Ahmadou Danpullo’s legal dispute with FNB.
- The ruling marks a setback for Cameroon’s richest man in his fight against South Africa’s First National Bank, which dragged MTN into the case.
- MTN Cameroon raised $151.8 million in loans in early 2023 to stay afloat, shifting from debt-free to $21.6 million in net debt by midyear.
Cameroon's richest man, Baba Ahmadou Danpullo, has lost his control over South Africa's telecoms giant MTN Group after a court lifted a previous garnishee order that had frozen the bank accounts of MTN Cameroon, a subsidiary of the company. The decision freed up $23 million in the process.
MTN Cameroon wins appeal over frozen funds
This development marks a major twist in the ongoing legal battle between Danpullo and Johannesburg-based First National Bank (FNB), with MTN Cameroon caught in the middle. Despite MTN's repeated insistence that the case had no bearing on its operations, the freezing of its accounts was a direct consequence of the dispute.
The case dates back to 2023, when a Douala court ordered the transfer of FCFA 14 billion ($23 million) of MTN Cameroon's funds into an escrow account managed by the court registrar, following a garnishee order linked to Danpullo's legal fight.
However, on Monday, MTN announced that the Littoral Court of Appeal had overturned that decision. “The court concluded unanimously on February 24, 2025, that Bestinver Group companies were not entitled to impose these garnishes,” MTN Cameroon said in a statement. The final ruling was delivered to MTN in March 2025.
MTN maintains ethics amid turmoil
At the heart of the dispute is a legal conflict between Danpullo, his Bestinver Group, and FNB. In 2017, Danpullo secured a loan of R520 million ($30.6 million) from FNB to purchase the 1 Thibault building in Cape Town. Despite following the repayment terms, FNB moved to seize and liquidate his assets—valued at around R4 billion ($235.4 million)—in 2020.
Feeling wronged, Danpullo accused the bank of discrimination and shifted his focus to South African interests in Cameroon, including companies like MTN and Chococam, which he alleged had ties to the South African Public Investment Corporation (PIC), a major shareholder in FNB. MTN rejected these claims, stressing that its shareholder list is public and transparent.
"MTN Cameroon welcomes the Appeal Court's decision, which upholds our defense and reaffirms our rights," the company said in a statement. "We remain committed to Cameroon and to maintaining the high ethical standards that guide our operations."
Despite the court ruling, the legal conflict has left its mark on MTN Cameroon. In the first half of 2023, the company was forced to raise FCFA 91.5 billion ($151.8 million) through syndicated loans to cover its working capital needs and keep its operations afloat. This debt accounted for nearly 98 percent of the company's operational costs during that period.
Even with a strong performance—generating FCFA 156 billion ($258.8 million) in turnover, a 36 percent operating margin, and a market share of 51.4 percent—the company’s financial health suffered. By mid-2023, MTN Cameroon went from being debt-free at the close of 2022 to having a net debt of FCFA 13 billion ($21.6 million).
Cameroon’s richest man expands empire
Danpullo's journey to wealth is well-known in the region. From his beginnings as a truck driver, he built the Baba Ahmadou Group, a diversified conglomerate with interests spanning agriculture, telecoms, finance, and real estate.
He owns the Ndawara Tea Estate, the largest private tea estate in West Africa, and holds a significant stake in Nextel, a joint venture between Viettel Global and Best Invest Cameroon. As of 2019, his fortune was estimated at FCFA 547 billion ($905 million), making him Cameroon’s richest man and one of Africa’s wealthiest individuals.
Now, Danpullo is charting new territory. In December 2023, he filed documents to establish Société Cameroon Port Operators, a company focused on maritime transport and logistics services across Central Africa.
This marks a new chapter in his business expansion. As part of the Baba Ahmadou Group, the new company will focus on transit and transport services, rental of port handling equipment, and the construction and maintenance of port infrastructure, while exploring maritime and multimodal transport operations.
