Accra’s share market was poised for a massive boost in liquidity on Wednesday when shares started trading in MTN Group’s local unit.
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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.
Johannesburg-listed telecommunications group MTN said on Tuesday that is has concluded the sale of its subsidiary in Cyprus to Monaco Telecom, and has collected €262-million in cash from the transaction.
Telkom CEO Sipho Maseko has urged policymakers to “anticipate what the problems will be in 2025” and to look at regulation holistically instead of dealing with each on a standalone basis.
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.
On the podcast this week, Duncan McLeod and Regardt van der Berg chat about former communications minister Siphiwe Nyanda’s startling claims about why he was fired by Jacob Zuma, plus more on Apple’s upcoming keynote.
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.