ADVERTISEMENT
ADVERTISEMENT
logo
ADVERTISEMENT

MTN’s share price crashes to six-year low over Nigerian probe

News Express |21st Oct 2016 | 2,317
MTN’s share price crashes to six-year low over Nigerian probe

MTN’s share price fell to its lowest level in six years after reports that the money it was alleged to have moved out of Nigeria illegally could be “outrageously higher” than an originally estimated $14bn.

The mobile network operator’s share price closed at R107.50, down 2.3%.
MTN officials, Nigeria’s trade minister and four lenders appeared before Nigerian MPs on Thursday in connection with the alleged illegal transfer between 2006 and 2016.
MTN Nigeria CEO Ferdi Moolman said he “categorically denies all suggestions” the company illegally had repatriated the money.
Forensic experts are examining business documents dating back 16 years.
Mergence Investment Managers’ Peter Takaendesa said it was important for MTN to speak out in good time to assure investors that it complied with Nigeria’s laws or the shares would remain under pressure given Nigeria’s problems.
•Sourced from Business Day (South Africa).

Comments

Post Comment

You may also like...

Top FCTA official enrolls two sons in public school
Top FCTA official enrolls two sons in public school
Cattle starve as 417 grazing reserves lie idle
Cattle starve as 417 grazing reserves lie idle
All set for Ladoja’s coronation as 44th Olubadan
All set for Ladoja’s coronation as 44th Olubadan
Yes, life does go on…. even after one’s death
Yes, life does go on…. even after one’s death
OPT program for foreign students faces growing calls for elimination by US lawmakers
OPT program for foreign students faces growing calls for elimination by US lawmakers
Nearly 300 Nigerian languages endangered, some may disappear within a generation — Vincent Nwosu, language researcher
Nearly 300 Nigerian languages endangered, some may disappear within a generation — Vincent Nwosu, language researcher
Rivers market space buzzes as Fubara returns to office

Rivers market space buzzes as Fubara returns to office

FG unveils National Energy Master Plan implementation committee

FG unveils National Energy Master Plan implementation committee

Liverpool edge out Everton in Merseyside derby

Liverpool edge out Everton in Merseyside derby

Ronaldinho to lead Barça legends against Africa legends in Abuja clash

Ronaldinho to lead Barça legends against Africa legends in Abuja clash

South Africa face sanction for fielding suspended player in World Cup Qualifier as FIFA opens disciplinary proceedings

South Africa face sanction for fielding suspended player in World Cup Qualifier as FIFA opens disciplinary proceedings

Afrobeats songs dominate UK chart as Rema’s ‘Fun’ debuts at #2

Afrobeats songs dominate UK chart as Rema’s ‘Fun’ debuts at #2

I once wrote a song for Beyoncé, says Adekunle Gold

I once wrote a song for Beyoncé, says Adekunle Gold

BREAKING: Many feared dead as explosion rocks factory in Kaduna

BREAKING: Many feared dead as explosion rocks factory in Kaduna

INEC Chairman: Potential successors of Prof. Yakubu emerge

INEC Chairman: Potential successors of Prof. Yakubu emerge

Six children found locked in storage unit in US, parents arrested and charged to court

Six children found locked in storage unit in US, parents arrested and charged to court

FG’s new tax policy: Concerns mount as January take-off date approaches

FG’s new tax policy: Concerns mount as January take-off date approaches

Prepare your handover note, PDP tells Tinubu

Prepare your handover note, PDP tells Tinubu

Over 100 Nigerians held for drug trafficking in India

Over 100 Nigerians held for drug trafficking in India

Gunmen attack NUJ secretariat, shoot policeman

Gunmen attack NUJ secretariat, shoot policeman

2027: Why I hosted ex-CPC leaders — Atiku

2027: Why I hosted ex-CPC leaders — Atiku

Imo community sends SOS to IGP over alleged police cover-up

Imo community sends SOS to IGP over alleged police cover-up

Killings can’t end if government doesn’t go after terrorism sponsors — Hayab, CAN Chairman, Kaduna

Killings can’t end if government doesn’t go after terrorism sponsors — Hayab, CAN Chairman, Kaduna

Afriland tower tragedy: Survivors tell horrific tales of Lagos highrise inferno

Afriland tower tragedy: Survivors tell horrific tales of Lagos highrise inferno

No force can stop our victory in 2027 — APC chair

No force can stop our victory in 2027 — APC chair

Insecurity: 21 states commit N133bn to security votes

Insecurity: 21 states commit N133bn to security votes

Saturday, September 20, 2025 4:53 PM
ADVERTISEMENT

Follow us on

GOCOP Accredited Member

GOCOP Accredited member
logo

NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.

Quick Links

Home
About Us
Advertise
Contact
Photo Gallery
NewsExpress TV

Categories

BusinessPoliticsEntertainmentOpinionSportsInternationalNewsMaggie's BlogICT MonitorNews and Events

Contact

Adetoun Close, Off College Road, Ogba, Ikeja, Lagos State.
+234(0)8098020976, 07013416146, 08066020976
info@newsexpressngr.com

Find us on

Facebook
Twitter
Copyright NewsExpress Nigeria 2025
Terms of service
Privacy policy
Admin
Email
Developed by Just Web Services