MTN denies alleged financial impropriety in Nigeria

MTN denies alleged financial impropriety in Nigeria


JOHANNESBURG – THE MTN Group has applied to the Federal High Court of Nigeria in a bid to secure its assets in the country, which is its biggest market.

The application for injunctive relief from the Central Bank of Nigeria (CBN) and the Attorney General (AG) comes amid alleged improper dividend repatriations claims by authorities against the network operator.

CBN has ordered the mobile operator to “return to its coffers” US$8,1 billion. AG has also demanded $2 billion said to have accrued from taxes on foreign imports.

MTN denies the allegations.

“We believe that we have complied with all relevant laws, and in light of that, and the conflicting instructions from different organs of State, we have had no choice but to seek relief from the Courts in Nigeria,” said MTN Group President and Chief Executive Officer, Rob Shuter.

He added, “We remain firmly committed to the Nigerian market and will continue to engage with the authorities on these matters.”

In a statement, the company said in line with good corporate governance, MTN Nigeria was a responsible, professionally-run company that complied with all laws and regulations, contrary to what had been alleged in the CBN and AG claims.

“The notion that there has been wide-spread non-compliance, amongst other things, is inaccurate. MTN will continue to vigorously defend its position,” MTN stated.

– CAJ News

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