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.
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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.
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.