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MTN: Nigeria's Fine Causes Negative 2016 Revenue - Phones - Nairaland

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MTN: Nigeria's Fine Causes Negative 2016 Revenue by MrMaestro: 2:37am On Mar 03, 2017
South African telecoms giant MTN said Thursday that it made a $200m loss in 2016 – the company’s first – after suffering a huge fine in Nigeria and currency challenges in key markets.

“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.

Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6bn) before tax for 2015

Overall performance was hindered by lower than expected growth in both South Africa and Nigeria — as well as the depreciation of the rand against the dollar and the continued impact of a $1bn fine by Nigerian authorities.




So this is why the president of South Africa came to Nigeria regarding the fine. MTN's execs must have seen this coming. If something happens to the Nigerian revenue, the company can't net a positive profit.

http://venturesafrica.com/mtn-announces-its-first-loss-ever/
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Standing5(m): 2:59am On Mar 03, 2017
They are still misbehaving . . .

1 Like

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 3:47am On Mar 03, 2017
I don't believe that fine Will affect mtn because it is still subscribers credit balance that mtn will illegally deduct the fine to pay fg not from their Pockets.

3 Likes

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 4:07am On Mar 03, 2017
Good news.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by veekid(m): 7:07am On Mar 03, 2017
Mtn with the useless service they provide ; well, it's better than Glo sha

3 Likes

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by osemoses1234(m): 7:08am On Mar 03, 2017
Mtn una dey craze
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by ImDharay: 7:08am On Mar 03, 2017
who bloody cares, we all being affected either ways.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Amajerry83(m): 7:11am On Mar 03, 2017
Am happy 4 dem o lol
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by pochoo: 7:11am On Mar 03, 2017
veekid:
Mtn with the useless service they provide ; well, it's better than Glo sha
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by ibkgab001: 7:12am On Mar 03, 2017
They will lose more

2 Likes

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by cee001(m): 7:13am On Mar 03, 2017
Hmmm
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by gift01: 7:16am On Mar 03, 2017
their brothers in South Africa are not helping matters....if they continue fighting our people
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by DonHummer(m): 7:16am On Mar 03, 2017
All that one Na story, them no make any loss, them just want make we dey feel pity for dem

5 Likes

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by mcquin(m): 7:17am On Mar 03, 2017
I use Glo, always have. Proudly Nigerian.

4 Likes 1 Share

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 7:19am On Mar 03, 2017
Wow
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by FILEBE(m): 7:21am On Mar 03, 2017
I don't wish bad for another man's business o. Right now...I dey hustle for my business so
...e no too concern me.

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Bossontop(m): 7:26am On Mar 03, 2017
undecided izit our fault dat una no gree hear word....comot make i c road jare

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Yugosng(m): 7:27am On Mar 03, 2017
grin
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Lanretoye(m): 7:30am On Mar 03, 2017
these people have not paid up and they are complaining already...
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Ahmeduana(m): 7:33am On Mar 03, 2017
Love Machine:
I don't believe that fine Will affect mtn because it is still subscribers credit balance that mtn will illegally deduct the fine to pay fg not from their Pockets.
THANK YOU, THAT IS JUST THE FACT.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by onadana: 7:38am On Mar 03, 2017
coolThieves.what of ..all the monew they have made both legally and illegally by reaping off subscribers.Still day complain.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by funkystanl(m): 7:41am On Mar 03, 2017
Love Machine:
I don't believe that fine Will affect mtn because it is still subscribers credit balance that mtn will illegally deduct the fine to pay fg not from their Pockets.

But why Think about it critically especially accounting wise...
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Maj196(m): 7:50am On Mar 03, 2017
Na subscribers go suffer am
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by SalamRushdie: 7:53am On Mar 03, 2017
Now they won't pay tax ...at the end of the day MTN has outsmarted the Nigerian govt under the inept leadership of the very visionless
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by AlphaStyles(m): 7:57am On Mar 03, 2017
make Dem better no complain bkus Dem don cheat us tire. by d way I never see the use of tax wey Dem dy collect
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by emperorAY(m): 8:04am On Mar 03, 2017
Mtn ehn? Na God go save us fom una hand
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 8:07am On Mar 03, 2017
Negative revenue or negative profit? Revenue can't be in negative. angry

4 Likes

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by agabusta: 8:14am On Mar 03, 2017
SalamRushdie:
Now they won't pay tax ...at the end of the day MTN has outsmarted the Nigerian govt under the inept leadership of the very visionless

The tax they'll pay before, will is it up to 1billion dollars?


Moreover, the govt would have already gotten VAT from them. That in addition to the fine suffices.

The govt must show that it can bite when it's instructions are flouted.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 8:35am On Mar 03, 2017
These people are thieves.they keep deducting money from ones account anyow they like.person suppose dey sue dem sef.they are just exploiting us to make gain.i subscribe daily plan of 30mb,immediately i unsubscribe for autorenewal and yet they deducted by auto renwal again when i had already cancelled.
Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by Nobody: 8:37am On Mar 03, 2017
that is why they now charge for share and sell. what was formerly Free. Mtn now understands what it feels like to be ripped off, i wish them more fines and more losses .

1 Like

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by chiboyo(m): 8:38am On Mar 03, 2017
Too many children on NL discussing issues they know nothing about!

1 Like

Re: MTN: Nigeria's Fine Causes Negative 2016 Revenue by masterP042(m): 8:39am On Mar 03, 2017
After watching the video of the xenophobic attacks on Nigerians. I now hate anything related to South Africa with passion.

1 Like

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