South Africa’s MTN Still in Talks with Nigerian Authorities

MTN's Chief Executive Officer, Rob Shuter

South Africa’s MTN Still in Talks with Nigerian Authorities

South African telecoms firm MTN Group on Monday said it was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement.

The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad from Africa’s biggest economy in breach of foreign-exchange regulations. MTN has denied any wrongdoing.

MTN also faces a $2 billion tax demand from Nigeria’s attorney general; a claim which the company has said is without merit.

According to the firm in a statement, it said “Shareholders are advised that MTN Nigeria Communications Limited continues to engage with the Nigerian authorities in order to reach a mutually acceptable resolution on both the Central Bank of Nigeria and Attorney General matters.”

On Tuesday, a court in Lagos adjourned the case between MTN and representatives of Nigeria’s central bank to Dec.12, after lawyers requested a short adjournment for them to report back to the court on the settlement talks.

Another court hearing over the $2 billion tax demand will take place on Feb. 7, a registrar said last Monday.

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