• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

MTN shares recover as company reaches truce with CBN

Fikayo Owoeye by Fikayo Owoeye
December 28, 2018
in Business News, Company News
MTN Nigeria, NCC

MTN's Office

Share on FacebookShare on TwitterShare on Linkedin

MTN shares surged as high as  8.2 percent on Thursday after it reached a truce with the CBN over allegations that it illegally transferred $8.1 billion of funds out of Nigeria.

The embattled teleco had seen more than $3 billion of its market value erased since the news of the fund-transfer allegations came to light in August, with the stock losing more than a third of its value.

How it all began

The Central Bank of Nigeria (CBN) in August fined four banks a total of ₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.

RelatedStories

NGX ends the week positive as market capitalization gains N45 billion

We recommended these stocks earlier this year, See how they are performing 

July 19, 2025
Karl Toriola, MTN Nigeria

NCC vs MTN: AGF to decide on criminal charges facing CEO Karl Toriola 

July 2, 2025

The CBN sanctioned the bank after evidence emerged about how they used irregular Certificates of Capital Importation (CCIs) to remit funds on behalf of MTN’s offshore investors.

The CBN then asked the banks and MTN Nigeria to immediately repatriate a total of $8.134 billion; being part of funds that were illegally taken out of the country.

The CBN upon review of the additional documentation concluded that MTN Nigeria was no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders.

The apex bank however maintained that proceeds from the preference shares in MTN Nigeria’s private placement remittances of 2008 of circa USD$ 1 billion were irregular having been based on CCIs that only had an approval-in-principle, but not final regulatory approval of CBN.

More hurdles for MTN in Nigeria.

Recall thay the AGF had accused the firm of failing to pay taxes amounting to $2.0 billion. The taxes span over a ten-year period and are related to the importation of foreign equipment into the country as well as payments to the suppliers of the said equipment.

The company also maintained its tax payments were up to date, and it had made no provisions for the back taxes the AGF alleged the company was owing.


Follow us for Breaking News and Market Intelligence.
Tags: MTN finesMTN Nigeria
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

NGX ends the week positive as market capitalization gains N45 billion
Equities

We recommended these stocks earlier this year, See how they are performing 

July 19, 2025
Karl Toriola, MTN Nigeria
Legal & Regulations

NCC vs MTN: AGF to decide on criminal charges facing CEO Karl Toriola 

July 2, 2025
MTN
Companies

NCC approves three-year national roaming deal between MTN Nigeria and 9Mobile 

July 2, 2025
MTN gains as SWOOTs capitalization close at N18.835 trillion.
Sectors

MTN Nigeria backs FG’s 3MTT initiative with N3 billion grant 

June 24, 2025
Access Bank
Financial Services

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025
MTN Group, Airtel Africa sign agreements to share network infrastructure in Nigeria and Uganda 
Financial Analysis

Data boom: Airtel and MTN set for profit surge in 2025 

June 9, 2025
Next Post
Bonds, CBN

Nigerian Stock Exchange expels 35 stockbroking firms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Medical tourism: Why many Nigerians can no longer go abroad for treatment  – Olakunle Onakoya, Cedarcrest CEO
  • U.S introduces new immigration fees for asylum and work permit applicants, effective July 22 
  • Sabreworks celebrates excellence, rewards outstanding team members with life-changing awards

Follow us on social media:

Recent News

Medical tourism: Why many Nigerians can no longer go abroad for treatment  – Olakunle Onakoya, Cedarcrest CEO

Medical tourism: Why many Nigerians can no longer go abroad for treatment  – Olakunle Onakoya, Cedarcrest CEO

July 19, 2025
United States extends period for work permits for non-citizens

U.S introduces new immigration fees for asylum and work permit applicants, effective July 22 

July 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics