The Central Bank of Nigeria (CBN) recently called out MTN, Nigeria’s largest telecommunications company, over repatriation of dividends, asking the telco to refund the $8.1 billion.Four banks were fined N5.8 billion for allegedly issuing irregular certificates of capital importation (CCI) to the company which made the repatriation possible.There seems to be some form of resolution in sight as the CBN is now reviewing [...]
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Ralph Mupita, MTN's chief financial officer, says the recent sanctions placed on it by the Central Bank of Nigeria will make its planned listing on the Nigerian Stock Exchange challenging.CBN had ordered MTN to repatriate $8.1 billion claiming that the funds were taken outside the country without proper certification.The attorney general of the federation has also requested that the company [...]
The Nigerian Communications Commission (NCC) says it hopes that there will be an amicable resolution between the Central Bank of Nigeria and MTN.The financial regulator had ordered MTN to refund the $8.1 billion it repatriated from the country, saying the funds were allegedly taken out of the country using irregular certificates of capital importation.Speaking on Tuesday at the ongoing ITU [...]
Rob Shuter, MTN's chief executive officer, says Africa is not ready for 5G network adding that most phones in Africa worked fine on just 3GSpeaking at a telecoms conference in Durban on Tuesday, Shuter said Africa is likely to be ready for the super-fast technology in about five years from now.5G networks, now in the final testing stage, will rely on [...]
Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]
It seems MTN is never too far from the speed dial to trouble. Three years ago, the telco, which has the dominant share of the mobile telecoms market in Nigeria, was slammed with a $5.2 billion fine for failing to disconnect 5.1 million subscribers after the registration deadline.After a back-and-forth, a bloodied nose and a shake-up in which the Chief Executive Officer [...]
MTN, Nigeria's largest telecommunications company, lost 999,891 subscribers between June and July.According to the latest industry statistics released by the Nigerian Communications Commission (NCC), the total number of active lines decreased by 881,586.Central Bank of Nigeria (CBN) recently ordered MTN to refund $8.1 billion it allegedly repatriated through illegal means.Globacom's subscribers increased by 214,646 while Airtel's subscribers increased by 149,880.9mobile's [...]
The management of MTN Nigeria has responded to the allegations of a $2 billion tax debt by the office of the attorney general of the federation (AGF).In a statement released on Tuesday and signed by Funsho Aina, the company's public relations manager, MTN said it is "regrettable and disconcerting" that the case has been reopened despite multiple tax assessments carried [...]
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 [...]
The Nigerian Communications Commission (NCC) says MTN, a telecommunications company, must complete its listing on the Nigerian Stock Exchange by May 2019.Speaking during an interactive session with journalists on Wednesday, Umar Danbatta, NCC executive vice chairman, said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.A listing on the stock exchange had been one of [...]
Airtel and 9mobile, mobile network operators in the country, have opposed the transfer of an 800MHz from Visafone Communications to MTN Nigeria.Speaking in Abuja on Monday at a public inquiry organised by the Nigerian Communications Commission (NCC), representatives of the operators said transferring the spectrum to MTN could result in a monopoly.Chidozie Arinze, 9mobile's head of regulatory affairs, said spectrum [...]
Data made available by the Nigerian Communication Commission (NCC) show that Globacom and 9mobile lost 471,782 internet subscribers between March and April.According to the monthly subscribers' operator data posted on its website on Monday, the number of active mobile telephone lines increased by 11 million to stand 160 million.Internet users increased to 101.2 million in April from the 100.6 million [...]
Ralph Mupita, chief financial officer at MTN Nigeria, says the company hopes to raise N400 billion from its debt issuance when it gets listed on the Nigerian Stock Exchange later in the year.Speaking in a Bloomberg interview, Mupita said the proceeds will be used to fund local investment and replace existing debt.Getting listed on the stock exchange had been one [...]
Telecoms giant MTN has appointed Chapel Hill Denham as one of the three brokers for its initial public offering (IPO) on the Nigerian stock market.The Nigerian financial firm will work alongside Renaissance Capital and Rand Merchant Bank, with Citigroup and Standard Bank serving as coordinators.MTN has not decided what portion of the subsidiary to sell, as it targets $400 million, [...]
Rob Shuter, the chief executive officer of MTN, says the company will list on the Nigerian Stock Exchange in 2018 if the conditions are appropriate.Shuter made this known on Tuesday while speaking in Lagos after signing a partnership on mobile banking with Ecobank.Listing on the NSE had been one of the conditions stipulated by the Nigerian Communications Commission (NCC) after MTN [...]
MTN Group Limited says it is anticipating a profit in its 2017 financial statement, adding that it has recovered from a $1 billion fine it paid for its Nigerian unit.In a statement, the company which is Nigeria's largest telecommunications network, said the financial statement would cover 12 months for the period ended December 31, 2017.The company announced that it lost [...]
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