MTN shares slump as talks over $10b dispute continue

MTN Group has advised that it remains in discussions with Nigerian authorities over a $10 billion dispute.

The telecoms giant’s shares  declined 3.24 per cent to R83.59 on the JSE yesterday, down from a year high of R140.

“Shareholders are advised that MTN Nigeria Communications Limited continues to engage with the Nigerian authorities in order to reach a mutually acceptable resolution on both the Central Bank of Nigeria and Attorney General matters,” the group said in a statement yesterday.

A Lagos court adjourned the case between MTN and representatives of the apex bank to December 12, after lawyers requested a short adjournment for them to report back to the court on the settlement talks.

The CBN accused MTN in late August of illegally repatriating $8.1 billion from the country. MTN has denied any wrongdoing. That was followed by a secondary allegation that the operator owed $2 billion in back taxes, a claim which MTN has said is without merit

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