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.
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MTN Group’s unit in Ghana raised 1.1-billion cedis (R3.5-billion) selling about a third of the shares the wireless carrier made available in an initial public offering.
MTN Group has hit out at the Central Bank of Nigeria over a demand to refund more than $8-billion allegedly illegally expatriated from the country over an eight-year period.
Nigeria ordered four banks including Citigroup and Standard Chartered to refund more than $8-billion it says was illegally expatriated by MTN Group over eight years through to 2015.
Vodacom is negotiating a wireless network sharing deal with Telkom as a replacement for former partner Cell C, according to people familiar with the matter.
Telkom CEO Sipho Maseko on Monday warned that Icasa’s draft regulations on call termination rates could force the operator into a very difficult position, with the potential that it could ultimately withdraw from providing services in rural areas.
Cell C CEO Jose Dos Santos on Friday said communications regulator Icasa needs to make bolder decisions in its call termination regulations to assist smaller operators take on Vodacom and MTN.
Telkom CEO Sipho Maseko has severely criticised communications regulator Icasa over proposed new call termination rates, saying they could lead to a jobs bloodbath at the company.
Cabinet has approved an amended version of the Electronic Communications Amendment Bill, taking South Africa closer to the allocation of radio frequency spectrum to mobile operators.
As Blue Label’s share price on Wednesday fell to the same level as its debut price on the JSE 11 years ago, the company’s management team has moved to assure the market that its acquisition of 45% of Cell C was not only well thought through but will deliver the expected returns.