MTN Group is close to securing a deal with Nigeria’s central bank over an order to repay $8.1-billion it is alleged to have illegally taken out of the country, according to a person familiar with the matter.
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MTN Group’s fight with Nigerian authorities over $10-billion in repatriated funds and back taxes could increase risk in South Africa’s financial system depending on the outcome, the Reserve Bank said.
MTN Group has boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.
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Standard Bank Group has withdrawn a cautionary announcement to shareholders related to demands placed on it by Nigeria’s central bank over the alleged illegal repatriation of $8.1-billion in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.