MTN may scrap IPO, adopt listing by introduction

MTN, a multinational telecommunications company operating in many African, European and Asian countries is considering other options of trading its shares in Nigeria. The wireless carrier facing a combined $10 billion in claims from authorities in Nigeria, said it may no longer seek to raise capital through an initial public offering on the country’s stock […]

Strike: MTN tells Nigerian staff to stay at home

South Africa’s telecoms group MTN on Thursday told its staff in Nigeria to stay at home after the country’s main unions launched a nationwide strike to demand a higher minimum wage from the government. Talks between the Nigerian Labour Congress (NLC) and the government to avert the strike broke down on Wednesday. Unions want the […]

CBN optimistic on resolution of MTN’s $8.1bn repatriation saga

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, yesterday said he was optimistic that the alleged illegal $8.134 billion repatriation dispute involving MTN and its lenders would be resolved amicably. The regulator had last month ordered the South African telecommunications firm and the affected banks in the deal to return the money to Nigeria, alleging […]

NLC asks MTN to pay $10.13bn forex fine, tax liability

The Nigeria Labour Congress (NLC) has asked MTN Nigeria, to pay the $10.13 billion sanctions, comprising the recent $2 billion fine in tax arrears and the $8.13 billion fine imposed on it by the Central Bank of Nigeria (CBN) over alleged breach of foreign exchange repatriation guidelines. In a statement issued on Sunday and signed […]

MTN’s NSE listing threatened by CBN’s $8.1bn refund order – Experts

Market pundits have said the request by the Central Bank of Nigeria (CBN) that the MTN Group should refund 8.1 billion dollars illegally repatriated from Nigeria will jeopardise the listing of its shares on the Nigerian Stock Exchange (NSE). The CBN ordered MTN to refund $8.1 billion illegal capital repatriation from its Nigerian operations to […]

CBN’s N5.87bn fine: Pay within 14 days, AGF orders banks, MTN

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has demanded in writing that MTN Nigeria and four banks pay the N5.87bn fine awarded against them by the Central Bank of Nigeria (CBN). CBN issued the directive on August 29 — two days after the story was published on how Godwin Emefiele, Governor […]

FG serves $2bn tax notice on MTN Group, Telco contests liability

The Federal Government has asked MTN Group to pay $2 billion tax being the telco’s computed tax liabilities for importation of foreign equipment and payments to foreign suppliers over the past 10 years. According to a news report sourced from Reuters indicated that the notice of the tax bill was served barely a week after […]

MTN should have paid $2bn in taxes – CBN

MTN has received a $2bn tax bill from Nigeria, it said on Tuesday, the latest demand by authorities in the company’s most lucrative but increasingly problematic market The news sent MTN’s share price at the Joburg Stock Exchange as much as 7.4% lower in afternoon trade: at 1.45pm, MTN had fallen 6.67% to R81.05. The […]

Market conditions threatening MTN Nigeria IPO plans – CEO

The Group Chief Executive Officer, MTN Group, Rob Shutter, on Monday said that the group’s plan to list its Nigerian unit through Initial Public Offering (IPO) this year was under threat after the Central Bank of Nigeria (CBN) fined the telecom firm $8.1 billion over illegally repatriated funds. Shuter said that “the implementation of our […]

Varsity don lauds CBN’s sanctions on four banks, MTN

A Professor of investment, Uche Uwaleke, has commended the Central Bank of Nigeria (CBN) for sanctioning four Nigerian banks and MTN Nigeria for regulatory infractions, advocating investigations by the Economic and Financial Crimes Commission (EFCC) to bring those indicted to justice. Uwaleke, who gave the commendation in an email to Business Eye, noted that by […]