South African group's largest market MTN faces court challenges in nigeria

   Africa largest telecom  MTN has been facing some challenges as regarding the regulatory framework in Nigeria. They are facing lots of challenges in the court has there are more than allegations against them that did not start recently.

The Nigeria high court, alleged MTN of using improperly issued certificate for converting Nigerian shareholders loan in the Nigeria unit to preference share for foreign exchange abroad of which the central bank of Nigeria told them to return $8.1 billion into the country in 2007.

Also, the Nigeria law makers investigated in 2016 wether MTN unlawfully repatriated $13.92 billon from Nigeria and in 2007 the investigations were concluded approving a report which largely  exonerates MTN.

In addition, the attorney general of Nigeria Abubakar Malami has imposed a $2 billion tax bill on MTN in September 2017 which was few days after the central banks of Nigeria announce the need for the company to repatriate fund and MTN said it had been in talks with the attorney general about an investigation into tax compliance relating to the importation of foreign equipment and payments to foreign suppliers over the last 10 years.

However MTN responded to be in one way or the other innocent of all allegations.

In conclusion MTN was asked to pay a fine of $5.2 billion for refusing to disconnect 5million unregistered subscribers as according to the telecom regulations, however the fine was reduced to $1.7 billion with a condition that MTN should would list all it's shares in Nigeria stock exchange.

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