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.

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