Established by Fathi Ibrahim Bayoud 2005 - Homs

Nigeria adopts softer tone on MTN

Business | 2018-09-26 11:21:00
Nigeria adopts softer tone on MTN
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 (6.96 billion euros) 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.

AFP
Keywords:
Comments (0)

Post Your Comments

fill all fields below
*This confirmation code will prevent auto submit
X :Latest News
UK considering 'next steps' over Khashoggi's killing      European Parliament urges investigation on Khashoggi      Turkey will 'reveal whatever happened' in Khashoggi death: ruling AKP      Daesh releases six of 27 Druze hostages held in southern Syria: monitor      Afghan officials say IED at poll wounds 4      Amnesty official says Saudi probe questionable      Senator Graham says he's skeptical of Saudi explanation on Khashoggi      Saudi Arabia says journalist Khashoggi died after fight in consulate