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.
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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.
Accra’s share market was poised for a massive boost in liquidity on Wednesday when shares started trading in MTN Group’s local unit.
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.