– Minister of communications, Mr Adebayo Shittu has warned against scaring MTN away
– Mr Shittu says the constant fines and probe could scare the huge telecoms company from the country
Do not scare MTN away from Nigeria – Minister warns
Mr Adebayo Shittu, the minister of communications has warned the Senate that MTN Nigeria needed more protection, and that their actions could scare the company away from investing in the country.
Nigeria’s telecommunications regulator has fined the huge telecoms company, MTN $5.2 billion for missing a deadline to disconnect unregistered SIM cards, the company announced on Monday, January 23.
The penalty led to shares in Africa’s largest telecommunications company crash more than 12 percent to 167 rand on the Johannesburg Stock Exchange, the biggest fall the firm has suffered in a day since November 1998.
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However, the Senate Committee on Banking instituted another probe of MTN, over allegations that it illegally transferred $13.9 billion out of Nigeria to its host country, South Africa.
The minister said the country must not “scare away” MTN in the name of probe, adding that the company should be presumed innocent until found guilty of committing the offence as alleged.
Meanwhile, Ferdi Moolman, the company’s CEO, has described the allegation as “completely unfounded and without merit.”
Moolman said: “We would like to
According to Vanguard, due to the latest investigation, directors at MTN Group discussed the possibility of the company exiting the country due to what they termed “endless hostility” of Nigerian authorities.
MTN Nigeria had promised to list on the Nigerian stock market later this year but appear to have deferred it until it was through with several problems plaguing it at the moment.
A minister was in September 2016, accused of aiding MTN to repatriate $13.9bn to its home country, South Africa.
READ ALSO: MTN increase prices of internet subscription for Nigerians
Sen. Dino Melaye accused a Minister of facilitating the illegal repatriation of $13.9bn by MTN to its home country, South Africa.
Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank are reportedly involved in the offence, and it is said to have been committed through the bankers between 2006 and 2016.
However, latest reports from South Africa media suggested that MTN listing in the stock exchange could now be postponed until 2018 as a result of the ongoing probe.
360naze
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