Browsing: MTN Nigeria
Christmas has come early for MTN Group. The telecommunications operator’s shares are likely to soar when markets reopen on Thursday in Johannesburg after it announced it has settled a multibillion-dollar dispute in Nigeria.
MTN Group is close to agreeing an $800-million settlement with Nigerian authorities over a claim it illegally transferred $8.1-billion funds out of the country, according to a person familiar with the situation.
MTN Group is making “great progress” with Nigerian authorities in talks about US$10.1-billion in claims, encouraging Africa’s largest wireless carrier that it can settle the long-running dispute out of court.
Is MTN Group on the verge of being chased out of its biggest market? Not a bit of it, according to CEO Rob Shuter.
MTN Group is close to securing a deal with Nigeria’s central bank over an order to repay $8.1-billion it is alleged to have illegally taken out of the country, according to a person familiar with the matter.
MTN Group’s fight with Nigerian authorities over $10-billion in repatriated funds and back taxes could increase risk in South Africa’s financial system depending on the outcome, the Reserve Bank said.
MTN Group has boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.