The trouble seems to be far from over as Nigerian leading telecommunication company, MTN, has taken the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation (AGF) to court over its alleged dividend repatriation and unpaid taxes accusations.
Ugo Obi-Chukwu@ugodreJUST IN: MTN takes CBN and AGF to court https://nairametrics.com/mtn-takes-central-bank-of-nigeria-and-agf-to-court-over-back-taxes-and-repatriation/ …
MTN takes CBN and AGF to court | Nairametrics
MTN Communications Limited has taken the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation (AGF) to court.
nairametrics.com
This move, according to Nairametrics, is for the “firm to protect it’s MTN Nigeria’s assets and shareholders’ rights within the confines of Nigerian law.”
About two weeks ago, the CBN alleged improper dividend repatriations by MTN Nigeria based on an investigation by the regulator and had requested that the $8.1 billion illegally transferred between 2006 and 2016 be returned “to the coffers of the CBN”.
The AGF also alleged unpaid taxes on foreign payments and imports and that approximately $2.0 billion in relation to these taxes be paid to the Federal Government of Nigeria.
CBN asking MTN to repatriate $8.1B which is about 80% of their total market capitalization is a way of killing the company, they’ve done well by approaching the court. https://twitter.com/borie_nla/status/1039143748121309184 …
Haruna Braimoh@haruna_braimohLet’s get this; the issue here is not about CBN fines, or punishing the MTN!! Its about “REPATRIATIONS” I.e means mtn Nigeria has taken monies belonging to Nigeria illegally to other countries!!
Not only did the CBN place a fine on the telco, it also fined four banks allegedly involved in the transfer. They include Standard Chartered Bank (₦2.4 billion), Stanbic IBTC (₦1.8), Citibank (₦1.2 billion), and Diamond Bank Plc (₦250 million).
And as expected, MTN Nigeria denied the allegations, claiming that the regulator CBN was aware of the transfer. Interestingly, this series of fines is not the first as MTN had run-ins with the NCC a few years back and is still paying the issued fine.
Weakness
Despite being the market leader, MTN has always lagged in terms of consumer centric innovations being forced by @GloWorld to adopt the per second billing from the per minute billing. Also, compared to its contemporaries, MTN has a weaker customer care support service.
EduBridge Academy@edubridge_ngThe perpetual non compliance of the firm has placed it in the face of law several times. MTN has incurred N330 bn fines from defaulting NCC’s directive, $8.1 bn refund from CBN over foreign exchange infractions and a $2 bn tax bill from AGF.#swotsunday
This has caused more troubles for the telco as MTN Group’s shares plunged to more than 23% –its lowest level in nine years.
InvestAdvocate@investadvocateThe Day After CBN Fines – DIAMONDBNK, STANBIC and MTN Share Prices Drop https://investadvocate.com.ng/2018/08/31/day-cbn-fines-diamondbnk-stanbic-mtn-share-prices-drop/ …
The telco, resolute that it has not committed any offence, has reportedly “applied today in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while they (we) continue to engage with the relevant authorities on these matters.”
The latest crisis facing the telecommunication company may appear a tough one but it is not giving up without a fight!
DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.
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