MTN, 12 banks sign N 200 billion medium term loan agreement
Shares in South Africa’s MTN Group rose 2.6 per cent on Wednesday on a media report that Nigerian authorities could reduce the $10.1 billion sum they are demanding from the telecoms company in a dispute.
The sum covers the return of funds transferred overseas by MTN and a separate $2 billion tax bill.
“Someone in the Nigerian government has said the fine will come down,” said Greg Davies, equities trader at Cratos Capital referring to a report by Nigerian newspaper Vanguard which did not disclose its sources. A second trader cited the same report.”
A spokeswoman for MTN said she could not yet comment on whether the report was accurate.
It would be recalled that the Central Bank of Nigeria’s had Aug. 29 ordered MTN and its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations.
“I don’t think it will be staying at $8.1 billion,” Godwin Emefiele, CBN governor had said during a visit to London. This issue will be dealt with amicably and equitably.”
Additional report from Reuters
