Nigerian government probe into MTN listing baffles the market
Telecoms giant is still dealing with that country’s auditor-general on a $2bn claim for back taxes
The decision by the Nigerian authorities to investigate MTN’s listing on the Nigerian Stock Exchange has left analysts baffled.
On Saturday, MTN Nigeria confirmed that it had received a letter from the Economic and Financial Crimes Commission (EFCC), requesting information and documentation on the mobile operator’s listing . The EFCC’s probe is not the first time the SA-based telecoms company has found itself in the crosshairs of Nigerian authorities, where it has 60-million of its 237-million subscribers worldwide. MTN is still dealing with Nigeria’s auditor-general on a claim for back taxes, alleged to be $2bn.