News
Nigerian FG Fines MTN $2BN For Moving $8.1 Billion Out Of The Country Illegally
The Federal Government has ordered Africa’s leading mobile operator MTN to pay back taxes of $2 billion just days after the government ordered it to repatriate $8.13 billion, the company said on Tuesday.
MTN gave a brief statement to the market in which it confirmed that Nigeria’s attorney general gave “notice of an intention to recover the $2 billion (1.73 billion euros) from MTN Nigeria”. Based on the detailed review performed, MTN Nigeria believes it has fully settled all amounts owing under the taxes in question,” said the company.
Nigeria’s central bank said earlier that it had ordered South Africa-based MTN to refund $8.13 billion that it allegedly illegally repatriated and fined four banks involved in the transfer.
News of the unexpected tax bill sent MTN shares tumbling by as much as 7.5 percent to an almost 10-year low. It was also the latest challenge to hit MTN since it began operations in Nigeria 17 years ago.
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