MTN shares rise 8.9 per cent on planned CBN meeting over $8.1b claim
MTN shares rose by 8.9 per cent on the Johannesburg Stock Exchange, South Africa, yesterday, following Central Bank of Nigeria (CBN)’s resolve to meet with the telecommunications firm and the indicted banks over the $8.1 billion repatriation fund saga. The rise in shares is MTN’s biggest in the last six months, but the stock is…
Stakeholders berate MTN over persistent default, abuse of law
Following double sanctions slammed on the MTN Group over allegations of illegal repatriation of $8.13 billion, and another $2 billion in outstanding taxes, capital market stakeholders believe these are a ‘dent’ on the firm’s corporate governance image.
Dangote is most valuable brand in 50 top brands
Dangote, a wholly Nigerian brand, has been voted the overall valuable brand in the 2018 Top 50 Brands. It replaces MTN Nigeria at the top with 87.4 points against 80.8 point for MTN. Dangote had, in previous editions, held the position of most valuable Nigerian brand but having emerged the most valuable brand overall, that…
MTN’s woes in Nigeria
When I first delivered a lecture on relations between South Africa and Nigeria in Lagos in 2005, I was particularly shocked by the venom of the attacks levelled against South African telecommunications giant, Mobile Telephone Networks (MTN), which was being derided as “Money Thieving Networks.” At the time, MTN had barely been in the Nigerian market…
Telecoms operators end Q2 with 9.04% growth
Despite several challenges confronting telecoms operators individually and collectively in the country, there was an appreciable growth rate in quarter two. Quarter two, which ended in June showed that the Mobile Networks Operators (MNOs) combined saw a 6.12 per cent growth rate from 2.92 per cent in the first quarter of the year…
MTN sues CBN, AGF over alleged $10.1b infractions
Telecommunications firm, MTN Nigeria, has headed for the court over the alleged $10.1 billion financial malfeasance levelled against it by the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF).
Good corporate governance, MTN and Nigeria
The giant telecommunication company, MTN has been in the news lately. Of course it is good for a corporate organisation to be in the news, but it must be for good reasons.
FG wants MTN to pay additional $2b in taxes, import duties
It is fresh trouble for MTN as the Federal Government, through the office of the Attorney General (AG) of the Federation, has asked it to pay $2 billion as tax on import duties and VAT and for withholding taxes on foreign imports/payments over the last 10 years.
Whistleblower led to the MTN $8.1 billion probe - Official
According to the office of the Attorney General of the Federation, a whistleblower prompted an investigation into alleged MTN infractions that last week led to a demand for $8.1 billion taken out of Nigeria to be brought back. Ladidi Mohammed, head of asset recovery, told Reuters in a phone interview that an investigation was then…