MTN Says Nigeria Is Seeking to Recover $2 Billion in Back Taxes

Proshare

Tuesday, September 04, 2018 01:09 PM / By John Bowker of Bloomberg

MTN Group Ltd. said Nigeria is seeking about $2 billion in back taxes from the embattled wireless carrier after refusing to accept the results of a self-assessment by the company.

The office of Nigeria’s attorney general calculated that the South African company owes $2 billion related to the import of foreign equipment and payments to suppliers over the past 10 years, MTN said in a statement on Tuesday. The company believes it has settled all tax obligations, it said.

The news comes less than a week after MTN was told by the Nigerian central bank to return $8.1 billion it is alleged to have illegally taken out of the country. While the company also refutes that accusation, the shares have slumped by almost 20 percent.

 

 

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