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MTN is close to reaching a $800m settlement with Nigerian authorities over a claim it illegally transferred $8.1bn funds out of the country, according to a person familiar with the situation.
Africa’s biggest mobile-phone operator is moving closer to a listing on the Nigerian exchange, a move that could help it regain goodwill among Nigerians.
Africa’s biggest mobile network MTN has hit back at reports about allegations that it illegally repatriated about R187bn out of Nigeria.
The mobile operator has denied it paid a bribe to Nigerian officials to reduce its multi-billion dollar fine as part of settling a dispute over disconnecting unregistered SIM cards.
Africa’s biggest mobile network by subscribers has warned that its Nigerian fine woes and weak currencies are expected to dent its first-half results.
The entrance of former US Attorney General Eric Holder in helping to reduce the $3.9bn fine marked a change of strategy for the mobile network.
MTN Group plans to substantially increase capital spending in Nigeria next year after agreeing to settle a $1.7bn fine in its biggest market.
Nigeria’s House of Representatives said the country’s telecommunications regulator can restart talks with wireless operator MTN Group regarding a $3.9bn fine.
Embattled mobile network MTN Group says it is near to hiring a new chief executive officer after the previous head of the company quit late last year.
Mobile network MTN paid its former group chief executive officer Sifiso Dabengwa R23.7m for 'loss of office' amid the company facing a multi-billion dollar fine.
The telecoms giant experienced a boost in overall revenue of almost 7%. In SA, the group also saw an increase in data revenue growth of almost 19%.
A Nigerian regulatory fine, foreign exchange losses and losing money from digital investments are key reasons behind MTN’s losses, the company said.
MTN Group shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier.
Mobile network MTN has moved to defend the R1.32bn it paid to advisers to help it with negotiations over a multi-billion dollar fine in Nigeria.
Nigeria’s mega fine on mobile network MTN is still weighing on the company as it warned of forthcoming losses on Tuesday.
Africa’s biggest mobile network by subscribers, MTN Group, has finally moved to appoint a new chief executive officer following months of upheaval at the company.
MTN will take immediate steps to list shares in Nigeria as part of a deal to settle a dispute over unregistered SIM cards and will also issue an apology, it says in agreement.
Chairperson Phuthuma Nhleko says he can improve the mobile-phone company’s risk management and avoid a potential repeat of missteps that have led to a $3.9bn fine.
The drawbacks of the telecom provider's aggressive African and Middle East expansion have come back to haunt it as a multi-billion dollar Nigeria fine saga drags on.
Nigeria’s telecommunication regulator has lifted its suspension of services to MTN.
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