Nigeria: MTN Holds CBN Responsible for Delay in Listing on NSE

The MTN Group has claimed that its legal scuffle with the Central Bank of Nigeria (CBN) is the main reason why it is encountering obstacles on its listing process in Nigeria.

The telecoms company released its quarterly report for the quarter that ended on 30 September 2018. MTN states on the report that MTN Ghana was successfully listed with no problems.

The report also declares that the Central Bank of Nigeria along with the Attorney General of the Federal Republic of Nigeria has challenged MTN Nigeria’s efforts toward getting listed.

MTN has, however, said that it remains committed to securing a listing in Nigeria and continues to put much focus towards making this happen. The report states that in the past quarter, the group had extensive discussions with authorities in Nigeria to deal with the issues at hand.

The apex bank had alleged that MTN Nigeria illegally repatriated approximately $8.1 billion between 2007 and 2015 while the AGF accused the company of failing to pay taxes on foreign payments and imports of around $2 billion.

MTN has however waved off these allegations, and the telecoms giant has been in and out of court on a mission to get justice.

According to the quarterly report, MTN Group’s sales exceeded their targets for the third quarter, proving that even amidst the massive legal drama that has negatively affected its performance on the stock market, Africa’s largest wireless carrier has not lost its ability to grow the business.

The Chief executive officer of the MTN Group, Rob Shuter revealed in a statement that the company continues to move ahead with its plans to list in Nigerian Stock Exchange (NSE), in spite of all the issues that have been thrown at the company.

The decision to sell shares was the central part of negotiations relating to a $5.2 billion fine for the unregistered sim cards; the settlement included a decrease of the penalty to $1 billion.


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