MTN Group may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8.1-billion that Nigeria says was illegally taken out of the country.
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Members of Usaasa’s board, who were fired by telecommunications & postal services minister Siyabonga Cwele this week, have vowed to fight the decision to remove them, saying it was unlawful and unconstitutional.
Telecommunications & postal services minister Siyabonga Cwele has fired the board of government’s troubled universal access agency Usaasa, TechCentral has learnt.
MTN Group CEO Rob Shuter has warned that developments in Nigeria have complicated its plans for an initial public offering in the West African nation.
Lumko Mtimde, the suspended CEO of government’s universal service agency Usaasa, must be reinstated by next week, public protector Busisiwe Mkhwebane has ruled in a report that has condemned the conduct of the agency’s board.
Apple has set 12 September as its most important day of the year when the world’s most valuable public company will unveil the next iPhones.
MTN Group shares plunged more than 22% on Thursday morning after reports emerged that the Nigerian central bank has ordered four banks to refund more than $8-billion “illegally expatriated” by the telecommunications provider.
Struggling power utility Eskom is expected to submit an application to energy regulator Nersa for an average tariff increase of 15%/year for the next three years.
MTN Group’s unit in Ghana raised 1.1-billion cedis (R3.5-billion) selling about a third of the shares the wireless carrier made available in an initial public offering.
MTN Group has hit out at the Central Bank of Nigeria over a demand to refund more than $8-billion allegedly illegally expatriated from the country over an eight-year period.