Monday, September 24, 2018
Advertisement

MTN shares plunge to nine-year low after CBN sanction

MTN shares plunge to nine-year low after CBN sanction
August 30
09:04 2018
Advertisement

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.

Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.

At the time of filing this report, the telecommunications company’s shares were down by 14%.

In a statement released on Wednesday, the CBN fined four banks a total of N5.86 billion for allegedly issuing irregular certificates of capital importation to the company.

The affected banks are Citibank, Diamond Bank, Stanbic IBTC Nigeria and Standard Chartered Bank.

Commenting on the sanction in a statement released on Thursday, MTN said the sanctions damage investor confidence.

“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy,” it said.

“We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.”

Stanbic IBTC has also released a statement assuring customers of stability in its operations.

“The bank is holding further engagements with the CBN, in relation to the issues it has raised,” it said.

“Please be assured that the above does not impact on your ability to continue to conduct your various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the bank.”

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement