Thursday, September 29, 2016

Video - MTN denies it repatriated $13.92 billion from Nigeria

Telecoms giant MTN has denied accusations of illegaly moving $13.92 B out of Nigeria, saying the claim has no merit. The allegation threatens to raise tensions between Nigeria and MTN, yet again. It's just three months since the company agreed to pay a reduced fine of $ 1 B, for failing to have cancelled millions of unregistered SIM cards. MTN is the largest mobile phone operator in Nigeria, and the country accounts for around one third of MTN's revenues. The company had threatened to pull out of Nigeria during the unregistered SIM card dispute. MTN shares fell by over 3% on Tuesday. So far this year, MTN's JSE-listed share are 10% lower.

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