FG adopts softer tone on MTN

The Federal Government of Nigeria appears to have taken a softer stance on Africa ’ s leading mobile operator MTN , assuring stakeholders that a dispute over the repatriation of $ 8 . 13 in dividends will be “ resolved ” .
Talking to reporters in Abuja following a monetary policy committee meeting on Tuesday , Nigeria ’ s central bank governor Godwin Emefiele said , “ we ’ ll resolve the matter. ”

“ Everyone will be happy , ” Emefiele was quoted as saying by Bloomberg News .

In August , Nigeria shocked South Africa ’ s MTN and foreign investors when it ordered 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.

AFP

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