Telecom giant, MTN Nigeria lost its precious shares value by 7.5 per cent as Nigerian Government demanded $2 Billion tax arrears from the company. Just last week, the central bank of Nigeria ordered MTN to return the sum of $8.13 Billion it allegedly repatriated to South Africa.
MTN gave a brief statement to the market in which it confirmed that Nigeria’s attorney general gave “notice of an intention to recover the $2 billion (1.73 billion euros) from MTN Nigeria”.
MTN was fined $5.2 billion in 2015 by Nigeria’s telecoms regulator for failing to disconnect unregistered SIM cards on its network.
The fine was later reduced to $1.7 billion after a series of negotiations with the Nigerian government.
MTN disagreed that it is owing the government such amount for taxes.
Is this just a way of showing MTN way out of Nigeria? Only time will tell.