Nigeria adopts softer tone on MTN

iStock
iStock

Nigeria appears to have taken a softer stance on Africa's leading mobile operator MTN, assuring stakeholders that a dispute over the repatriation of $8.13 in dividends will be "resolved".

Talking to reporters in Abuja following a monetary policy committee meeting on Tuesday, Nigeria's central bank governor Godwin Emefiele said "we'll resolve the matter".

"Everyone will be happy," Emefiele was quoted as saying by Bloomberg News.

In August, Nigeria shocked South Africa's MTN and foreign investors when it ordered the telecoms giant to pay back $8.13 billion that it allegedly illegally took out of the country, and fined four banks involved in the transfer.

Days later, in early September, President Muhammadu Buhari's attorney general followed up with another $2 billion tax fine.

With the economy still fragile after a deep recession in 2016 and elections looming early next year, many private sector players in Nigeria believe the move could dent investor sentiment.

It is not the first time MTN has been sanctioned by the Nigerian authorities.

In 2015, MTN was fined $5.2 billion by Nigeria's telecoms regulator NCC for failing to disconnect unregistered SIM cards on its network.

The fine was later reduced to $1.7 billion after a series of negotiations with the Nigerian government.


We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
When assisting your child with remote learning this year, did you:
Please select an option Oops! Something went wrong, please try again later.
Results
Follow the school's comprehensive sexuality education (CSE) curriculum?
13% - 97 votes
Adjust the CSE curriculum to suit the family's morals?
26% - 187 votes
Ignore the schools CSE programme and do your own teaching?
61% - 442 votes
Vote
ZAR/USD
15.25
(-0.09)
ZAR/GBP
20.29
(-0.13)
ZAR/EUR
18.23
(-0.10)
ZAR/AUD
11.25
(-0.23)
ZAR/JPY
0.15
(-0.04)
Gold
1787.51
(+0.09)
Silver
22.67
(+0.11)
Platinum
965.22
(+0.30)
Brent Crude
48.27
(+0.96)
Palladium
2413.01
(+0.60)
All Share
57822.50
(-0.17)
Top 40
53021.58
(-0.12)
Financial 15
11577.71
(-0.58)
Industrial 25
79894.95
(-0.12)
Resource 10
52804.55
(+0.03)
All JSE data delayed by at least 15 minutes morningstar logo