MTN seeks urgent legal relief in Nigeria

MTN Group said on Monday that it is taking Nigeria’s central bank and attorney-general to court over a dispute that has crashed the market value of the Johannesburg-headquartered emerging markets telecommunications group.

In a statement to shareholders, MTN said it has approached the Nigerian high court for “injunctive relief” restraining the central bank and auditor-general from take further action against the company while it continues to engage with “relevant authorities”. It is doing this, it said, to “protect MTN Nigeria’s assets and shareholder rights within the confines of Nigerian law”.

MTN said it “remains resolute” that its Nigerian subsidiary has not committed any offences.

The central bank has alleged improper dividend repatriations by MTN Nigeria and demanded that $8.1-billion be returned to its coffers. The attorney-general has alleged that MTN owned $2-billion in unpaid taxes.

MTN shares were last trading hands at R74.23 on Monday afternoon, down 0.7% on the session. They have plummeted by more than a third since news of the central bank demand first surfaced.  — © 2018 NewsCentral Media