Shares of South Africa’s MTN Group rose by 2.6 per cent Wednesday, on the Johannesburg Stock Exchange, following media report of a possible resolution and reduction of the $10.1 billion claims on it in Nigeria.



Bloomberg, while quoting a source, said the deal hasn’t been signed and could yet fall through.

On Tuesday, the Group Chief Executive Officer, Rob Shuter, had said that the telecommunications firm was doing everything within it means to resolve the issue amicably.


The Nigerian authority had asked MTN to refund $8.1 billion allegedly repatriated out of the country without due process and the Office of the Attorney-General, equally asked the telecommunications firm to pay $2 billion tax arrears.

Media report claimed that MTN may likely get a reduction from the $10 billion to about $800 million. However, a source very close to MTN told The Guardian, Wednesday that if MTN admitted to getting a reduction, “it would amount to the fact that telecommunications firm was culpable. Moreover, the case is in Court already, and they have a good case at hand. I don’t see where the $800 million would come in.”

But the Senate has condemned attempt by the Federal Government to reduce the $10.1 billion fine imposed on the communication giant, MTN, to $800 million.

The upper chamber said the planned reduction of the fine is a matter of interest to it, noting that although it was not particularly against whatever the government would want to do with the MTN fine, it should be intimated on why the reduction became necessary.

The Central Bank of Nigeria had in a recent statement by its Governor, Godwin Emefiele, hinted that it would reduce the amount it ordered MTN Nigeria to repatriate.

But Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Rafiu Adebayo Ibrahim, told reporters on Tuesday in Abuja that he was shocked when he was contacted that the CBN failed to implement Senate resolutions before conducting another investigation into the alleged infraction by MTN.

Ibrahim said his committee would immediately ask for CBN’s report on the matter to be better informed, adding that the only way Nigerians would know what transpired between the CBN and MTN on the $10.1 billion fine was through a detailed report.

https://www.akelicious.net/2018/11/mtn-shares-rise-by-26-on-possible.html

Yes..I'm FTC this morning... Sign of good things to come..And to my lecturer(Mr Taiwo) who said I'd never amount to anything meaningful in life... Come see me now...I MADE IT!!!!...Let's drink to this Achievement fam!!!

ok

Everywhere you go.....

CBN and AG over to you, share your reports, your negotiations etc

Where is the money? We need it for election

Vampire network provider hat is used to suck the finance of Nigerians I wonder why they are still operating in Nigeria.

Corruption alert...

Buhari doesn't understand that his poorly thought out action always has a corresponding effect on the Macro economy and that was how he tanked the once promising Nigerian economy..May God Almighty punish Buhari !!!!

10 billion? Haba how much is mtn worth na

TRUSTEDGUY:


Vampire network provider hat is used to suck the finance of Nigerians I wonder why they are still operating in Nigeria.

Shut up!!! How did they suck you dry ? Didn't they pay over 200 Million for License , didn't they set up expensive cell sites with no govt support , didntbthey have to pay local communities bribes just to be allowed to set up cell sites , despite no electricity don they fuel 2 generators per cell site 24 hours a day just for you to make your call, didnt they create thousands of direct and indirect jobs , didn't the support many small businesses in Nigeria , didn't they perform so much CSR , ddnt the pay their taxes to your govt ?

Mr MTN never extorted a dime from you , they provided you a service and you paid them for it

Iykesmooth:
10 billion? Haba how much is mtn worth na

mtn worth is far more than $10 billion.

You don't seem to know how much they do make from Nigeria alone yearly.

Omololu001:
mtn worth is far more than $10 billion.

You don't seem to know how much they do make from Nigeria alone yearly.

Dude mtn is not even worth 30 billion dollars ..we are talking BILLION DOLLARS here not naira.

Iykesmooth:


Dude mtn is not even worth 30 billion dollars ..we are talking BILLION DOLLARS here not naira.

where in my post did I say mtn worth $30 billion?

Go and read and learn more about MTN on Wikipedia

Omololu001:
where in my post did I say mtn worth $30 billion?

Go and read and learn more about MTN on Wikipedia

Can't you see that, ta
that was in 2015 they made that revenue

Botango23:

Can't you see that, ta
that was in 2015 they made that revenue

so if they made that revenue in 2015. What do you think there worth will be if they also make such a revenue in 2016 and 2017?

SarkinYarki:


Shut up!!! How did they suck you dry ? Didn't they pay over 200 Million for License , didn't they set up expensive cell sites with no govt support , didntbthey have to pay local communities bribes just to be allowed to set up cell sites , despite no electricity don they fuel 2 generators per cell site 24 hours a day just for you to make your call, didnt they create thousands of direct and indirect jobs , didn't the support many small businesses in Nigeria , didn't they perform so much CSR , ddnt the pay their taxes to your govt ?

Mr MTN never extorted a dime from you , they provided you a service and you paid them for it

Defend those swine as much as you can the facts still remain they are the most expensive network in Nigeria

TRUSTEDGUY:



Defend those swine as much as you can the facts still remain they are the most expensive network in Nigeria

They are the most expensive Network yet the have 65 million subscribers, are you saying more Nigerians prefer expensive Network to lea expensive ones .. all networks have the same Tarriffs doe on-net &off -net calls which is actually stipulated and approved by NCC...

SarkinYarki:


They are the most expensive Network yet the have 65 million subscribers, are you saying more Nigerians prefer expensive Network to lea expensive ones .. all networks have the same Tarriffs doe on-net &off -net calls which is actually stipulated and approved by NCC...

They have much Nigeria because they were the first in the business not really because they are cheap. More so they have the widest network but they are still expensive compare to other nonsense line.

SarkinYarki:


They are the most expensive Network yet the have 65 million subscribers, are you saying more Nigerians prefer expensive Network to lea expensive ones .. all networks have the same Tarriffs doe on-net &off -net calls which is actually stipulated and approved by NCC...

They have much Nigerians because they were the first in the business not really because they are cheap. More so they have the widest network but they are still expensive compare to others. nonsense line.

SarkinYarki:


Shut up!!! How did they suck you dry ? Didn't they pay over 200 Million for License , didn't they set up expensive cell sites with no govt support , didntbthey have to pay local communities bribes just to be allowed to set up cell sites , despite no electricity don they fuel 2 generators per cell site 24 hours a day just for you to make your call, didnt they create thousands of direct and indirect jobs , didn't the support many small businesses in Nigeria , didn't they perform so much CSR , ddnt the pay their taxes to your govt ?

Mr MTN never extorted a dime from you , they provided you a service and you paid them for it

Other networks providers face similar circumstances but far cheaper than this diabolical line.

TRUSTEDGUY:


They have much Nigerians because they were the first in the business not really because they are cheap. More so they have the widest network but they are still expensive compare to others. nonsense line.

Oga MTN was never first , the first mobile telco to roll out was Econet which is now airtel followed by Defunct MTEL ... If I told you in the last one year MTN has added about 3 million new subscribers while other networks are shrinking in subscriber base ... I have 3 lines and they are all MTN

TRUSTEDGUY:

Other networks providers face similar circumstances but far cheaper than this diabolical line.

Oga no network is cheaper than the others , Tarriffs for ON-net and off - net calls are regulated by the NCC to protect the smaller networks from extinction ..dont sat what you don't know

SarkinYarki:


Oga MTN was never first , the first mobile telco to roll out was Econet which is now airtel followed by Defunct MTEL ... If I told you in the last one year MTN has added about 3 million new subscribers while other networks are shrinking in subscriber base ... I have 3 lines and they are all MTN

And they lost 2 million. I look like somebody you got fit deceive? It is clear you work with those bastards that I no fit blame you for.

SarkinYarki:


Oga no network is cheaper than the others , Tarriffs for ON-net and off - net calls are regulated by the NCC to protect the smaller networks from extinction ..dont sat what you don't know

Far cheaper na we the customers go talk. See solar way dem bring dey cost 500K and dem say na for commoners OK o. Useless network.