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MTN stock rises in SA, as Nigeria’s AGF drop $2 billion tax claim charges

The decision of the AGF and Minister of Justice to drop its $2 billion tax claim against MTN Nigeria has affected the company’s shares.



MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today, MTN Nigeria Communications Plc: increase in other income, others boost revenues.

The decision of the Attorney General of the Federation (AGF) and Minister of Justice to drop its $2 billion tax claim against MTN Nigeria has affected the company’s shares at the stock market.

Impact on MTN stock: The stocks of MTN Group was positively impacted as it jumped to close 5.3% higher in Johannesburg on Friday, Bloomberg reported.

MTN shares traded at 83.67 rand at the close on Friday, valuing the company at 158 billion rand ($11.1 billion). The case had been a drag on the shares’ movement of the telecommunications company for months.

[READ MORE: MTN, Airtel, others disregard Pantami’s directives over voicemail, data cost)

The decision “paves the way to an orderly and amicable resolution of this matter,” MTN Chief Executive Officer Rob Shuter said in a statement.

He said, “MTN remains fully committed to meeting our fiscal responsibilities and contributing to the social and economic development of Nigeria and all regions where we operate.”

$9bn, P&ID, $9.6 billion award: UK Court grants Nigeria stay of execution, requests $200 million payment 

Abubakar Malami, SAN

Nairametrics had reported that MTN Nigeria was set to begin the process of withdrawing its case against the office of the Attorney General of the Federation (AGF) and Minister of Justice. This came after the latter dropped the demand for the sum of N242 billion and $1.2 billion from the telecommunications company.

The claim by the AGF was one of the many governments and regulator challenges MTN faced prior to its listing in Nigeria and after its IPO in its biggest market in Africa. MTN has 52.1 million subscribers in Nigeria.

Nigeria shares not affected: The decision of the AGF, however, didn’t affect MTN’s shares in its biggest market, Nigeria. Despite the positive impact on its South African shares, the company’s share price in Nigeria remained flat, recording no movement.

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The share price on the Nigerian Stock Exchange (NSE) a day before the AGF’s decision (last Thursday) closed at N116 and after the market closed on Friday, the stock remained at N116. This is despite the share price rising from N109.50 kobo last Wednesday to close at N116 on Thursday.

What this means: The report of the AGF’s decision to drop its claim against MTN might has boosted investors’ confidence in South Africa but investors in the country where the decision was made were not that inspired or motivated.

MTN Nigeria, MTN gives update on USSD charge controversy, MTN’s never-ending $2 billion tax case has a new court date , BREAKING: MTN unveil 5G Network in Nigeria , Vector, some Nigerians pick holes in MTN's data charges

Stanbic 728 x 90

The lack of movement on MTN’s share price in Nigeria might be because the AGF only abandoned its claim, while the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) are expected to take over and engage the company. So, the issue, which is a major concern to investors, is still hanging over MTN.


Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.



Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.



Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”


According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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