Can MTN Nigeria Survive Multiple Fines?
The demand by the Central Bank of Nigeria is the latest setback as the bank has ordered MTN Nigeria and four banks to refund the sum of U.S.$8.1 billion alleged to have been illegally repatriated out of the country back to its coffers. This comes two years after Africa's biggest telecoms company, pleaded to pay more than U.S.$1 billion to end a dispute over unregistered SIM cards. MTN has vowed to stay in Nigeria, despite troubles.
MTN Nigeria.
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Nigeria:
Can MTN Nigeria Survive Multiple Fines?
This Day, 30 August 2018
As the news broke Wednesday that MTN Nigeria has once more been penalised by another regulator in Nigeria, industry watchers have been wondering if the telecom giant will be able… Read more »
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Nigeria:
Why 4 Banks Came Under CBN's Hammer Over MTN's $8.1bn Forex Deal
Leadership, 3 September 2018
Last week, the Central Bank of Nigeria (CBN) ordered MTN Nigeria and four banks to refund the sum of $8.134billion alleged to have been illegally repatriated out of the country… Read more »
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Nigeria:
Mobile Operators Defy Government, Deepen Insecurity
Guardian, 4 September 2018
Despite the danger the illegal sale of pre-registered Subscriber Identification Module (SIM) cards portends to the nation's security, the practice has continued. The Guardian found… Read more »
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Nigeria:
MTN Shares Plunge 23% As Nigerian Telco Refutes CBN's Claims
Leadership, 30 August 2018
The shares of MTN Group today plunged by as much as 23 percent to a nine year low, a day after the Central Bank of Nigeria (CBN) ordered its Nigerian operations to repatriate $8.1… Read more »
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Nigeria:
Central Bank Orders MTN to Refund U.S.$8 Billion
Leadership, 30 August 2018
The Central Bank of Nigeria (CBN) has ordered the Management of MTN Nigeria Communications Limited to immediately refund the sum of $8billion ($8,134,312,397.63) illegally… Read more »
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Nigeria:
MTN's Shares Drop 23% After CBN's U.S.$8.1 Billion Sanction
Guardian, 31 August 2018
The shares of the MTN Group dropped as much as 23 per cent to a nine-year low, yesterday, a day after the Central Bank of Nigeria (CBN) ordered the telecoms firm to repatriate $8.1… Read more »
InFocus
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MTN Group shares have plunged to a nine-year low - a day after Nigeria ordered the mobile telecoms group to repatriate U.S.$8.1 billion that the authorities say was illegally sent ... Read more »