Finance

Nigeria : EFCC investigates MTN Nigeria’s recent listing on the NSE

Monday, 27 May 2019 17:08
Nigeria : EFCC investigates MTN Nigeria’s recent listing on the NSE

(Ecofin Agency) - In a statement published on May 25, 2019, MTN Nigeria indicated that its recent listing on the Nigerian Stock Exchange (NSE) was being investigated by the Economic and Financial Crimes Commission (EFCC).

“We wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly confirmed by NSE and the Securities and Exchange Commission. MTN Nigeria has not been accused of any wrongdoing by the EFCC,” MTN Nigeria wrote in the release. The operator also added that it is fully cooperating with authorities.  

The relations between MTN and Nigerian authorities have been troubled recently. In August 2018, the Central bank accused the operator of illegal repatriation of $8.13 billion between 2007 and 2015. The operator was then required to pay back this amount.  

In December 2018, the bank announced that the dispute was settled indicating that MTN provided additional documents clarifying the fund transfers. According to local media, MTN paid $53 million to settle the case.

In 2015 also, the telecoms regulator slammed a $5.2 billion fine on the operator for not disconnecting unregistered sim cards. Afterwards, this fine was reduced to $1.65 billion.



 
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