LatestGeneralNews

MTN’s share value slump as the Yellow company faces possible sanctions and fine for illegal money repatriation

 


These days it seems MTN makes headlines for the wrong reasons haven just quelled a fine dispute between the NCC and them. Africa’s largest telecommunications network is about to face more sanctions as they are faced off with the Nigerian over the alleged repatriation of their investment funds, tot the tune of $14 billion from the Nigerian economy in the space of 10 years (since 2006).

The Nigerian senate have stated their resolve to investigate the matter. The issue was brought to the hallowed chambers by Senator Dino Melaye. According to findings, four banks where involved in helping MTN carry out the illegal money movement. They include, Diamond bank, Stanbic IBTC; a subsidiary of Standard chartered plc, Citigroup Inc., and Standard Chartered Plc.


RECOMMENDED READ:   OPPO Launches AI-Powered OPPO A93 Smartphone in Nigeria

The banks listed as connivers are yet to release any statement as regards the matter.

This latest investigation has had a precipitously negative effect on the value of MTN shares. As the company’s shares has dipped in value, falling by 3.2%, the lowest it has been since August 2.

Meanwhile, the Nigerian telecommunications commission has blocked MTN’s takeover of the assets of Visafone. Visafone was acquired by MTN early this year to help bolster it’s data services. It seems the company’s plan to launch 4G network and also improve its data services to stay competitive will be delayed until the matter at hand blows over.

RECOMMENDED READ:   How to Mute Whatsapp Chat Forever
Show More

Ifeanyi Joseph

Ifeanyi Okondu is a creative writer, Java programmer, and football fan with a profound interest in technology. He spends most of his time reading, discussing, and writing about technology and how man’s brainchild is shaping the world. When he is not crafting engaging content, you may find him either watching YouTube videos, a football match, reading or exercising. You can connect with him on Facebook @ fb.com/okondu.

5 Comments

Leave a Reply

Your email address will not be published.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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button