MTN Blames CBN for Delay in Listing on NSE

MTN Group claimed it is facing challenges on its listing process in Nigeria due to its face-off with the Central Bank of Nigeria (CBN).

According to its quarterly report for the second quarter of the year ended on September 30, 2018, released on Monday, the company said that “We successfully completed the listing of MTN Ghana,” the telecom company said in the report.

“MTN Nigeria’s plans to list have been challenged by the recent Central Bank of Nigeria and Attorney General of the Federal Republic of Nigeria matters.

“MTN remains committed to the listing in Nigeria and work continues in this regard. In the quarter, the group engaged extensively with authorities in Nigeria to deal with the matters they raised.”

The apex bank had claimed that MTN Nigeria illegally repatriated $8.1 billion between 2007 and 2015 while the AGF alleged that the company has unpaid taxes on foreign payments and imports of $2 billion.

However, MTN had waved off the allegation and expressed its resolve to get justice.

According to the quarterly report, MTN Group Ltd. boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.

Rob Shuter, chief executive officer said in a statement on Monday, that the company is going ahead with plans to list in Nigerian Stock Exchange (NSE), in spite of the issue,

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