MTN says $10.1bn Nigeria demand makes local listing challenging

Posted by News Express | 13 September 2018 | 1,581 times

•The logo of MTN telecommunication company is seen printed on a umbrella at a call point

A $10.1 billion demand by Nigerian authorities from South African telecoms group MTN makes its planned debut stock market listing in the country “pretty challenging and awkward”, the group’s chief financial officer said on Wednesday.

Nigeria’s central bank has asked MTN to repatriate $8.1 billion in monies sent abroad, claiming the funds were sent without proper certification. The company is also facing a $2 billion tax demand.

Preparation of the company’s the initial public offering (IPO) prospectus is far advanced, Ralph Mupita told CNBC Africa television. (Reuters)

Source: News Express