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

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MTN closer to settling dispute in Nigeria | IOL Business ReportMTN moved closer to finalising one of its most international problems with the Nigerian Communications Commission announcing yesterday that the mobile giant had paid an R11bn fine. busrep busrep Nigeria needs to quit extorting MTN it’s enough now
Source: IOL - 🏆 46. / 51 Read more »