These days it seems MTN makes headlines for the wrong reasons haven just quelled a fine dispute between the NCC and them. Africa’s largest telecommunications network is about to face more sanctions as they are faced off with the Nigerian over the alleged repatriation of their investment funds, tot the tune of $14 billion from the Nigerian economy in the space of 10 years (since 2006).
The Nigerian senate have stated their resolve to investigate the matter. The issue was brought to the hallowed chambers by Senator Dino Melaye. According to findings, four banks where involved in helping MTN carry out the illegal money movement. They include, Diamond bank, Stanbic IBTC; a subsidiary of Standard chartered plc, Citigroup Inc., and Standard Chartered Plc.
The banks listed as connivers are yet to release any statement as regards the matter.
This latest investigation has had a precipitously negative effect on the value of MTN shares. As the company’s shares has dipped in value, falling by 3.2%, the lowest it has been since August 2.
Meanwhile, the Nigerian telecommunications commission has blocked MTN’s takeover of the assets of Visafone. Visafone was acquired by MTN early this year to help bolster it’s data services. It seems the company’s plan to launch 4G network and also improve its data services to stay competitive will be delayed until the matter at hand blows over.