Nigerian government probe into MTN listing baffles the market

An MTN roadside kiosk in Lagos, Nigeria. Picture: GETTY IMAGES/TOM SAATER

On Saturday, MTN Nigeria confirmed that it had received a letter from the Economic and Financial Crimes Commission , requesting information and documentation on the mobile operator’s listing . In 2015 the telecoms giant was slapped with a $5bn fine for failing to disconnect the SIM cards of 5-million unregistered users. The fine was reduced to $1.7bn after negotiations with the authorities.

“We don’t know what the details of the investigation are. Is it just procedural or where are they going with it? It’s not clear,” Takaendesa said.Asief Mohamed, chief investment officer at Aeon Investment Management, said he doubts that the investigation is justified.

The circus between mtn and nigerian gov is legendary..they alway pay billions of rands to the nigerian fiscus while south african costomers pay high data and airtime fees to fund its african adventures

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