MTN’s worst nightmares are becoming reality in Nigeria

Nigerian authorities are demanding $2 billion in taxes from MTN.

The company paid about $700 million which it says fully settled the amount it owed in taxes.

The increasingly problematic market is the company’s most lucrative, bringing in a third of its profits.

Nigeria also wants MTN to hand over $8.1 billion it supposedly unlawfully repatriated.

These demands follow two years after MTN agreed to pay more than $1 billion to end a dispute with Nigeria over unregistered SIM cards.

The Money Show’s Bruce Whitfield interviewed MTN Group CFO Ralph Mupita.

Listen to the interview in the audio below (and scroll down for quotes from it).

We remain committed to Nigeria. It’s a key part of the MTN investment case.

Ralph Mupita, MTN Group

All our repatriations… we’re vociferous that we’ve not done anything wrong…

Ralph Mupita, MTN Group

We still stand by our position… We don’t have any dues to the state in terms of back taxes…

Ralph Mupita, MTN Group

It is a regulatory assault. But we will deal with it respectfully… Nigeria is an attractive market…

Ralph Mupita, MTN Group

I said to my own daughter, ‘We’re a little bit poorer!’

Ralph Mupita, MTN Group

We’ll do our best and try to resolve this as quickly as we can.

Ralph Mupita, MTN Group

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This article first appeared on 702 : MTN’s worst nightmares are becoming reality in Nigeria


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