Nigerian Government Hints At Lenience Towards MTN

Nigerian Government Hints At Lenience Towards MTN

Following a monetary policy committee meeting on Tuesday, Nigeria’s Central Bank Governor, Godwin Emefiele, said to reporters in Abuja, about the dispute with MTN, “We’ll resolve the matter. Everyone will be happy.”

In August, Nigeria ordered the telecoms giant, MTN, and foreign investors to pay back $8.13 billion (6.96 billion euros) that it allegedly illegally took out of the country, and fined four banks involved in the transfer.

In September, just a few days later, President Muhammadu Buhari’s Attorney General followed up with another $2 billion tax fine.

With the economy still fragile after a deep recession in 2016 and elections looming early next year, many private sector players in Nigeria believe the move could dent investor sentiment.

MTN has been fined by the Nigerian Government in the past for not adhering to regulations. In 2015, MTN was fined $5.2 billion by Nigeria’s telecoms regulator NCC for failing to disconnect unregistered SIM cards on its network. The fine was later reduced to $1.7 billion after a series of negotiations with the Nigerian government.




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