Shares of MTN Nigeria hit an all-time high on Monday after receiving approval to operate mobile money services in Africa’s most populous country.
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MTN Group’s shares surged in Johannesburg after it moved a step closer to getting a licence to operate lucrative mobile money services in Nigeria.
MTN Group has reported a 19.1% improvement in service revenue on the back of strong performances in data and mobile money.
MTN Group plans to proceed with a public offer to sell up to 575 million shares in its Nigerian business.
A Nigerian tax tribunal has cleared MultiChoice Group to appeal a disputed U$4.4 billion tax bill in the country, according to people familiar with the case.
MTN Group is set to complete the sale and leaseback of South African towers by the end of next month, while a separation of both the fintech and fibre units is also under way.
MTN Nigeria plans to invest R21-billion over the next three years to expand broadband access in Africa’s most populous country, its CEO said on Monday.
MTN Group’s Nigerian unit has reported a 27.6% increase in half-year Ebitda, despite a sharp decline in subscribers brought about by regulatory restrictions on new Sim sales and activations.
MTN’s service in Nigeria could be disrupted as a result of rising insecurity in different parts of the country, the local unit of South Africa’s telecommunications group said on Tuesday.
MTN Group on Wednesday posted a near 18% jump in first quarter revenue, led by double-digit growth in commercial operations across South Africa, Nigeria and Ghana.