MTN Nigeria Listing in Doubt Over $8 Billion Claim

  • African wireless carrier seeking to complete IPO this year
  •  Nigerian central bank says MTN illegally repatriated funds

MTN Group Ltd.’s plan to sell shares in its Nigerian unit this year is in jeopardy following allegations by the central bank that the South African company illegally moved almost $8.1 billion out of the country, according to people familiar with the matter.

While the listing process is far advanced there needs to be regulatory certainty for it to go ahead, said the people, who asked not to be identified as the information is private. That evaporated when Africa’s largest wireless carrier’s four banks were ordered late Wednesday to return the funds, causing MTN’s share price to plunge to nine-year lows…

MTN Nigeria Listing in Doubt Over $8 Billion Claim

Categories : Finance

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