A report on Thursday evening that Nigeria is playing hardball with MTN Group sent the wireless carrier’s shares tumbling more than 10% shortly after markets opened in Johannesburg on Friday.
Browsing: MTN Nigeria
MTN Group, facing a combined $10-billion in claims from Nigerian authorities, has said it may no longer seek to raise capital through an initial public offering on the country’s stock exchange.
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.
Standard Bank Group has withdrawn a cautionary announcement to shareholders related to demands placed on it by Nigeria’s central bank over the alleged illegal repatriation of $8.1-billion in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.