CBN Challenging Our Nigerian Listing Process, Says MTN

CBN Challenging Our Nigerian Listing Process, Says MTN
  • PublishedOctober 29, 2018

MTN Group, the biggest telecommunication services company on the African continent, has successfully completed its listing on the Ghana Stock Exchange.

In its quarterly report for the quarter ended on September 30, 2018, and released on Monday, the telco said its listing process in Nigeria is currently facing challenges from the Central Bank of Nigeria (CBN).

“We successfully completed the listing of MTN Ghana. MTN Nigeria’s plans to list have been challenged by the
recent Central Bank of Nigeria and Attorney General of the Federal Republic of Nigeria matters,” MTN said in the report seen by TheCable.

“MTN remains committed to the listing in Nigeria and work continues in this regard. In the quarter, the group engaged extensively with authorities in Nigeria to deal with the matters they raised.”

During the quarter, the CBN alleged improper dividend repatriations by MTN Nigeria between 2007 and 2015 of $8.1 billion while the AGF alleged unpaid taxes on foreign payments and imports of approximately $2 billion.

MTN Nigeria has continued to deny these allegations and claims, stating that it remained resolute that it had not committed any offences and will continue to defend this position vigorously.

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