MTN Faces New Nigeria Headache as Local Unit Probed Over Listing

World News: . []

MTN Faces New Nigeria Headache as Local Unit Probed Over ListingNigeria’s Economic and Financial Crimes Commission has requested certain information and documentation regarding the May 16 listing, MTN Nigeria Communications Plc said in a statement on Saturday. While Nigeria is central to MTN’s growth strategy and home to about 60 million of the Johannesburg-based company’s subscribers, a string of accusations and legal claims by various authorities have weighed on the carrier’s shares. The listing on the Nigerian Stock Exchange was itself a condition of a settlement reached with the telecommunications regulator in 2016 over the handling of customers without proper documentation, while MTN is also fighting a claim that it owes $2 billion in back taxes.

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