Like a seasoned athlete competing for gold in the decathlon, MTN remains steadfast in its strategy to do business in Nigeria, despite facing a number of hurdles in the country over the years. "Nigeria is a core market of MTN Group. It's the most populated African country, with good demographics, has decent revenue growth and ebitda [earnings before interest, tax, depreciation and amortisation] margins are higher than SA," MTN Group CEO Rob Shuter said this week. Unlike other JSE-listed companies, MTN is one of the few South African businesses to have succeeded in operating outside its home country. Retail giant Woolworths has found itself in a quagmire in Australia — having invested there after failing to conquer the much sought-after Nigerian market. With 233-million subscribers in 21 markets globally, MTN operates in a number of conflict areas including Yemen, Syria and Afghanistan — markets that many investors have found unfavourable. Shuter said that as long as capital expenditu...

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