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Business

South Africa's MTN says still in talks with Nigerian authorities

JOHANNESBURG: South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion di

Dec 10 2018

JOHANNESBURG: South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement, Africa's biggest mobile operator said on Monday.

The dispute is over the transfer of $8.1 billion of funds which Nigeria's central bank said the company had sent abroad from Africa's biggest economy in breach of foreign-exchange regulations. MTN has denied any wrongdoing.

MTN also faces a $2 billion tax demand from Nigeria's attorney general, a claim which the company has said is without merit.

"Shareholders are advised that MTN Nigeria Communications Limited continues to engage with the Nigerian authorities in order to reach a mutually acceptable resolution on both the Central Bank of Nigeria and Attorney General matters," the firm said in a statement.

On Tuesday, a court in Lagos adjourned the case between MTN and representatives of Nigeria's central bank to Dec.12, after lawyers requested a short adjournment for them to report back to the court on the settlement talks.

Another court hearing over the $2 billion tax demand will take place on Feb. 7, a registrar said last Monday.

Copyright Reuters, 2018