MTN slams $8bn Nigeria demand

MTN has hit out at the Central Bank of Nigeria after it emerged on Wednesday that the mobile operator and several banks face a demand to refund $8.1 billion (R119 billion) allegedly illegally expatriated from the country over an eight-year period.

MTN confirmed to shareholders before markets opened yesterday in Johannesburg that it had received a letter from the Nigerian central bank alleging that certificates of capital importation issued in respect of the conversion of shareholder loans in MTN Nigeria to preference shares in 2007 had been improperly issued.

The banks mentioned are Citigroup and Standard Chartered.

This article was first published on TechCentral and has been edited.