MTN looks for softer deal in the $8.1 billion Nigerian fine

MTN looks for softer deal in the $8.1 billion Nigerian fine

South Africa’s MTN Group Limited said it is still in talks with the Central Bank of Nigeria, CBN, to negotiate the $8.1 billion fine imposed by the apex bank.

It would be recalled that the apex bank had imposed the fine on MTN for illegally transferring funds out of its Nigerian unit to its South African operation.

While MTN had denied the allegations, there are indications that the company would concede some grounds to the CBN on the fines.

In the latest update from MTN, Nigeria’s largest mobile carrier said it is in talks with the CBN to seek a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” the company said in a statement.

Nigeria’s is Africa’s largest mobile market with the largest mobile phone users on the continent. MTN competes with indigenous Globacom, Bharti’s Airtel and 9mobile (formerly known as Etisalat.)