MTN’s share price dropped on the back of more bad news out of Nigeria. Derivative traders of the share would have been severely affected by this single-stock move, illustrating the risk that this type of trading poses.
Recently, there was some more bad news for MTN. The Central Bank of Nigeria (CBN) is claiming that MTN illegally repatriated dividends from Nigeria back to South Africa and is demanding that MTN return $8.1bn. It’s also demanding a tax payment of about $2bn. Keep in mind that the 2015 MTN Nigerian fine was some $5bn, so this is massive.
MTN has denied any wrongdoing and unlike in 2015, at least the telecoms company released a Sens announcement pertaining to the $8.1bn claim to market timeously.
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