Accra’s share market was poised for a massive boost in liquidity on Wednesday when shares started trading in MTN Group’s local unit.
Browsing: MTN Nigeria
Nigeria is seeking about $2-billion in back taxes from MTN Group, another curve ball directed at Africa’s biggest wireless carrier that’s come to light less than a week after it was ordered to refund $8.1-billion in “illegally” repatriated funds.
MTN Group CEO Rob Shuter said the company is committed to Nigeria even as it considers how to respond to an order to return $8.1-billion in repatriated funds.
MTN Group and four lenders won approval from Nigeria’s central bank to repatriate funds in a ruling last year, indicating Africa’s largest wireless operator is at least now complying with regulations it’s accused of flouting prior to 2015.
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.
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.
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.
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.
Nigeria ordered four banks including Citigroup and Standard Chartered to refund more than $8-billion it says was illegally expatriated by MTN Group over eight years through to 2015.
MTN Group is facing pressure to list its unit in Uganda as Africa’s largest mobile phone company seeks to renew a licence in the country.