MTN to pursue Nigeria listing despite regulatory woes
Nigerian authorities have claimed as much as $10.1bn from the mobile operator
MTN says it will forge ahead with a listing of its Nigerian business despite an ongoing dispute with authorities in that market that has shaved off nearly R40bn of the group’s market capitalisation. The mobile operator agreed to a listing of its 79%-held Nigerian unit as part of an earlier settlement with regulators after it failed to disconnect unregistered Sim cards. But new claims from Nigeria’s central bank and attorney general, worth a combined $10.1bn (R146bn), have cast doubt over those plans. The Central Bank of Nigeria has said it wants MTN to return $8.1bn of “illegally” repatriated dividends and the attorney- general says the company owes $2bn in taxes. Nigeria's demands have done little to help that country's reputation as an attractive investment destination. Officials in the west African country have already admitted that the MTN saga has weighed on sentiment. The demands sent MTN’s shares crashing from R107.34 in late August to below R70 by mid-September. At those lev...
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