Finance MTN is having a year to forget as Nigeria's Senate withdraws a report that exonerates the company from illegal repatriation accusations

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The company has earlier hinted that it will be paying about 200 cents per share to its shareholders.

A customer leaves an MTN shop in Johannesburg April 10, 2012. REUTERS/Siphiwe Sibeko play A customer leaves an MTN shop in Johannesburg April 10, 2012. REUTERS/Siphiwe Sibeko
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The Nigerian Senate has called for a re-investigation after a report on the activities of telecom giant MTN committee exonerated the company.

In 2016, the Nigerian government had accused the telecom group of illegally repatriating $14 billion out of the country. An accusation the telecom denied.

MTN group was accused of failing to get necessary certificates declaring it had an investment in foreign currency in the country thereby making  repatriation of returns on such investment , illegal.

According to Nigeria’s upper legislative, the report of the investigation failed to capture various infractions by all stakeholders.

Also Read: MTN Nigeria: Telecom firm to be listed on Nigerian Stock Exchange this year

In a related event, MTN group was also fined $8.5 million by the Rwanda Utilities Regulatory Authority (RURA) for a non-compliance regulatory procedure. MTN Rwanda was stated to have breached procedure in its involvement with MTN IT shared Services Hub in Uganda.

The CEO of MTN Rwanda, Bart Hofker confirmed this development and stated that they were currently in negotiation with Rwandan officials on the issue.

“We have taken the necessary steps to address the regulator’s non-compliance concerns of the year 2014. We are currently in discussions with the regulator to agree on the terms of settling the fine,” Bart said.

On Friday, MTN group had said that the headline earnings per share would be between 200.30 and 210 cents per share for the six months ended in June 2017.