MTN Group was awarded additional broadband spectrum in Nigeria related to its 2015 acquisition of Visafone Communications following a lengthy regulatory battle.
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Shares of MTN Group recovered from their biggest decline in more than five months to close little changed as Nigeria urged a Lagos court not to block a $2-billion penalty it imposed on the mobile carrier.
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.