MTN says listing plans plagued by CBN, AGF issues

MTN Group Chief Executive Officer Rob Shuter has said MTN Nigeria’s plans to list on the floor of the Nigerian Stock Exchange (NSE) have been challenged by the recent issues involving the Central Bank of Nigeria and Attorney General of the Federation.

MTN Nigeria recently sued the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF) over allegations of improper repatriation of about $8.1 billion and unpaid taxes of $2.0 billion, levelled against it by the two agencies.


The telco is seeking injunction to restrain the duo from taking further action in respect of their orders to reclaim the alleged debts.

Shuter said the two issues are delaying MTN’s listing in Nigeria.

He disclosed this in a statement contained in the MTN Group 2018 Q3 financial result for the period ended 30th September 2018.

He however assured that MTN remains committed to the listing in Nigeria, noting that the group had engaged extensively with authorities in Nigeria to deal with the matters they raised.

The group reported a 1.1 per cent rise in quarterly user base helped partly by strong performances in Nigeria, its largest but increasingly problematic market.

The group also said its user base increased by 2.5 million subscribers to 225.4 million users. The Group Mobile money customers grew by 1.7 million to 25.8 million users. Its active data subscribers increased Quarter on Quarter by 5.0 million to 74.2 million.

Group service revenue increased year-on-year (YoY) by 10.0% and Group data revenue increased Year on Year by 23.9%.

MTN Nigeria had an excellent quarter, increasing service revenue  by 17.4% Year-on-Year, towards the upper end of its medium-term target for Nigeria of double-digit growth. This growth was led by a 52.5% increase in data revenue and a 21.5% increase in outgoing voice revenue.



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