The Nigerian Central Bank, CBN, is said to be meeting with the representatives of MTN Nigeria in order to resolve the lingering row between the regulator and the mobile carrier. It was reported yesterday that the CBN might be reducing the total amount to be repatriated back to Nigeria. The […]
The row between the Central Bank of Nigeria might not die down anytime soon. Nigeria’s apex bank, the CBN, is demanding for a 15% interest to be paid by MTN Nigeria on the $8.1 billion illegal funds it allegedly transferred out of Nigeria from its local unit. MTN is Nigeria’s […]
Nigeria’s largest mobile carrier, MTN said it might abandon its plans to list its shares on the Nigerian Stock Exchange. NSE. It would be recalled that MTN had agreed with the Nigerian government to list 30% of its shares on the NSE as a result of the renegotiation of the […]
The Central Bank of Nigeria has indicated signs that its illegal transfer row with MTN Nigeria would be resolved amicably. MTN is Nigeria’s largest mobile carrier with about 38% market share. It would be recalled that the CBN has ordered MTN Nigeria to return $8.1 billion back to Nigeria due […]
MTN Group Limited, Africa’s largest mobile carrier has received some respite on the standoff with Nigeria’s central bank over alleged $8.1 billion illegal repatriation. The CBN said it is reviewing documents submitted by MTN Nigeria and that its sanctions was not aimed at scaring foreign investors. It would be recalled […]
The South African government is said to be ready to intervene in a dispute between telecoms company MTN Group and the Nigerian government, if MTN asks for help, South Africa’s Telecommunications Minister Siyabonga Cwele Reuters report. The Central Bank of Nigeria had alleged improper dividend repatriations by MTN Nigeria through […]
Despite the latest directive for MTN to return $8.1 billion back to Nigeria, MTN Nigeria has been entangled in yet another regulatory confrontation. NIgeria has now ordered MTN’s local unit in the company to pay $2 billion as unpaid tax arrears. MTN said in a short statement that its Nigeria’s […]
The local unit of MTN Group Limited, MTN Nigeria said it has borrowed about $636 million from local banks to finance its network expansion. MTN is the largest mobile carrier in Nigeria with over 50 million subscribers. The loan is an equivalent of N200 billion in local currency using the […]
One of Africa’s telecommunications giants MTN, has sold its Cyprus business for about USD304 million to Monaco Telecom. “MTN Cyprus is MTN’s only operating business in the EU, and was acquired as part of MTN Group’s acquisition of telecoms holding company Investcom in 2006. It falls outside the group’s core […]
Offices and commercial facilities of MTN Nigeria, the country’s largest mobile carrier was shut down by labour unions. Several offices including the company’s headquarters was picketed over the refusal of the company to formalise engagement of staff and allow them participate in unions. The company has not officially commented on […]