MTN goes to court to protect its assets in Nigeria

(Also read: MTN’s worst nightmares are becoming reality in Nigeria)

MTN is seeking a court order in Nigeria to protect its assets from further action by the country’s regulators and central bank.

In August the central bank ordered MTN to pay back $8.1 billion it says the company unlawfully repatriated.

Earlier this month Nigerian authorities demanded $2 billion in taxes from MTN.

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

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 telecoms expert Chiluba Mumbi.

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

I don’t think MTN will be that unprofessional… I really don’t think they did [break the law]…

Chiluba Mumbi

Nigeria has always been tricky…

Chiluba Mumbi

I very much doubt [that MTN should go to court]… I really don’t see this is going to be anything other than a negotiated settlement…

Chiluba Mumbi

This is the most valuable asset in the MTN portfolio… You can’t afford to write it down to zero.

Chiluba Mumbi

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This article first appeared on 702 : MTN goes to court to protect its assets in Nigeria


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