How Munir Ja’afaru got huge payout from fintech deal

By Funsho Arogundade

Among the Northern Nigerian nobles, one Prince whose profile stands him out for his bulwark of princely respect, integrity, civilization, etiquette, and all other positive traits is Mallam Muhammad Munir Ja’afaru.

This Zazzau aristocrat and prince is one of northern Nigeria’s most fascinating royal personalities. He is the only male child of Mallam Ja’afaru Dan Isiyaku, the 16th Emir of Zazzau, who reigned from 1937 to 1959 as administrative head of Zaria Native Authority which consisted of 17 districts. On account of his air of distinction, grace and of course natural gait, Prince Ja’afaru is undoubtedly a rare breed royal and aristocrat. He holds the traditional title of Madakin Zazzau and is a passionate believer in the organic links between generations.

Over time, the prince has made himself available for young people. It is no exaggeration to say that the entire youth of Zazzau and other parts of the North look up to him as a mentor, guardian, a living history and an embodiment of all the exemplary qualities they should strive to achieve. As a certified lawyer, technocrat and investor with multiple accomplishments, Ja’afaru has extended his entrepreneurship into different sectors, including banking and fintech. It was in furtherance of his desire to redefine Nigeria’s financial topography that made Ja’afaru, through his Acxani Capital Limited, an emerging market investment company, take a non-controlling interest of 20 per cent stake in MoMo Payment Service Bank, a fintech solution firm granted a licence by the Central Bank of Nigeria in 2022. MoMo PSB has MTN Nigeria with the remaining controlling majority stake of 80 per cent of the company. But in May 2024, Acxani suggested selling their 20 per cent ownership in MoMo. However, the stake was later reduced to 7.17 per cent which Ja’afaru has now sold for N6.95 billion in a block deal.

The Nigerian Exchange recent data showed that with the completion of the acquisition from Acxani’s 7.17 per cent stake, MoMo PSB has now become a solely owned subsidiary of MTN Nigeria while Ja’afaru, the aristocratic prince, walked away with close to N7 billion as a return from his wise investment in the fintech powerhouse.