After coming out all guns blazing, Nigeria’s central bank has surrendered more ground in its tussle with MTN Group by giving a reprieve to one of the banks accused of illegally moving $8.1-billion out of the country.
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Standard Bank Group has withdrawn a cautionary announcement to shareholders related to demands placed on it by Nigeria’s central bank over the alleged illegal repatriation of $8.1-billion in funds by MTN Group.
MTN Group’s shares rose the most in more than six months after the Nigerian central bank softened its stance over claims that the carrier illegally transferred $8.1-billion out of the country.
Nigeria wants to end a dispute with MTN Group over a claim that the carrier illegally transferred $8.1-billion out of the country, an indication relations between the two parties have started to thaw.
Discarded by its globe-trotting parent Naspers after more than three decades, African pay-television heavyweight MultiChoice Group is facing an uncertain future.
The Nigerian attorney-general’s office exceeded its powers when it demanded MTN Group pay about $2-billion in back taxes, Africa’s largest wireless operator has said.
Telecoms minister Siyabonga Cwele has strongly suggested that the South African government stands ready to intervene on MTN Group’s behalf over the more than $10-billion in demands placed on the telecommunications provider by Nigeria.
Nigeria’s telecommunications regulator will strive to keep relations amicable between the government and MTN Group as the two parties negotiate $10-billion of claims against Africa’s largest wireless operator.
MTN Group is taking Nigeria’s central bank and attorney-general to court over a dispute that has crashed the market value of the Johannesburg-headquartered telecommunications group.
MTN Group has become a battleground issue for Nigerian politicians vying for ascendancy ahead of a national election in February, with $10-billion worth of claims made against the South African wireless carrier.