MTN shares slide as it remains in talks with Nigeria over $10 billion dispute

MTN Group has advised that it remains in discussions with Nigerian authorities over a $10 billion dispute.

“Shareholders are advised that MTN Nigeria Communications Limited continues to engage with the Nigerian authorities in order to reach a mutually acceptable resolution on both the Central Bank of Nigeria and Attorney General matters,” the group said in a statement on SENS on Monday (10 December 2018).

Reuters reported that on Tuesday, a court in Lagos adjourned the case between MTN and representatives of Nigeria’s central bank to December 12, after lawyers requested a short adjournment for them to report back to the court on the settlement talks.

Shares in MTN declined 3.24% to R83.59 on the JSE on Monday, down from a year high of R140.

Nigeria’s central bank accused MTN in late August of illegally repatriating $8.1 billion from the country. MTN has denied any wrongdoing.

That was followed by a secondary allegation that the operator owed $2 billion in back taxes, a claim which MTN has said is without merit.

 


Read: PIC increases stake in MTN

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MTN shares slide as it remains in talks with Nigeria over $10 billion dispute