ISSUES WITH MTN WILL BE RESOLVED – FEDERAL GOVT.
By Joseph Omoniyi
It seems the Federal Government of Nigeria may be ready to take a subtle position on Africa’s leading mobile operator, MTN, over the repatriation of $8.13 in dividends.
Nigeria’s Central Bank Governor, Godwin Emefiele, speaking with newsmen on Tuesday, in Abuja at a monetary policy committee meeting said, “we’ll resolve the matter.” “Everyone will be happy,” Emefiele was quoted.
In August, Nigeria had shocked South Africa’s MTN and foreign investors when it demanded the telecoms giant to pay back $8.13 billion (6.96 billion euros) that it allegedly illegally took out of the country, and fined four banks involved in the transfer.
Days later, in early September, President Muhammadu Buhari’s attorney general followed up with another $2 billion tax fine.
With the economy still fragile after a deep recession in 2016 and elections looming early next year, many private sector players in Nigeria believe the move could dent investor sentiment.
It is not the first time MTN has been sanctioned by the Nigerian authorities.
In 2015, MTN was fined $5.2 billion by Nigeria’s telecoms regulator NCC 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.
More Stories
JUST IN: PRES. TINUBU ORDERS IMMEDIATE RELEASE OF MINORS FACING PROSECUTION
President Bola Tinubu has ordered the immediate release of all kids detained and charged in court for allegedly participating in...
(BREAKING) #EndBadGovernance: BREKETE RADIO GOES OFF AIR TO PROTEST DETENTION OF MINORS
A human rights radio and television station in Abuja called Brekete Family has temporarily stopped broadcasting in protest of the...
NEWS: VALENCIA ASK FOR ANOTHER COPA DEL REY POSTPONEMENT AFTER FLOODS
Due to the catastrophic floods in the area, Valencia asked that their postponed Copa del Rey first-round matchup with Parla...
TWO CONFIRMED DEAD AS POLICE, SOLDIER CLASH IN NASARAWA
Following a confrontation between an army officer and a police special constabulary assigned to Jenkwe Division, Obi Local Government Region,...
APC CLEARS CROSS RIVER LG POLL,WINS ALL 18 LGAs
The ruling All Progressives Congress has won all 18 chairmanship positions in the Cross River Local Government elections held on...
CABLE INSTALLATIONS DESTROYED AS FIRE GUT POPULAR AP PLAZA, ABUJA
Cable installations have been destroyed as fire engulfed the popular AP Plaza in the Wuse 2 area of Abuja. ...