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Nigerian government probe into MTN listing baffles the market

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Telecoms giant is still dealing with that country’s auditor-general on a $2bn claim for back taxes

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.

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Kikikikikikiki- MTN is their piggy bank.

The paid the first fine (bribe) , now the want more again . Shareholders paying for Nigerian corruption . Good luck with that 'investment'.

Hahaha another shakedown

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