August 30, 2018

MTN shares fall 18% as CBN hammer shakes markets

Shares of MTN Nigeria fell by a whopping 18% as the market opened on Thursday. The company is on the hook to refund a whopping $8.1 billion to the CBN following an accusation of illegal repatriation of funds.The share price is down 14% as at the time of filing this report. MTN share price closed 19.41% down […]

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Phuthuma Nkhleko, Chief Executive Officer, MTN Nigeria

Shares of MTN Nigeria fell by a whopping 18% as the market opened on Thursday. The company is on the hook to refund a whopping $8.1 billion to the CBN following an accusation of illegal repatriation of funds.

The share price is down 14% as at the time of filing this report.

MTN share price closed 19.41% down at the end of trading on Thursday.

Comments 1

Victor Omolaiye

August 30, 2018 · 4:38 pm

The fines on MTN and the four banks could have a negative multiplier effects on the prices of other stocks.

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