THE BAD

Finweek English Edition - - In Brief -

De­tails around the Nige­rian author­i­ties’ re­newed claims against MTN are be­com­ing ever murkier, and com­men­ta­tors are sug­gest­ing cyn­i­cal be­hav­iour on the side of Nige­rian author­i­ties. The Nige­rian Cen­tral Bank is de­mand­ing that the company re­turns $8.1bn in div­i­dends to the coun­try, and that it also owes the coun­try $2bn in taxes. Bloomberg, how­ever, re­ported that MTN re­ceived a let­ter from the cen­tral bank that “con­firms the va­lid­ity of the company’s cer­tifi­cates of the cap­i­tal im­por­ta­tion, which are needed to take funds out of the coun­try”. In an ar­ti­cle in MTN’s CEO Rob Shuter called the tim­ing of the ac­tion “pe­cu­liar and co­in­ci­den­tal”.

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