Culled—Proshare

4/9/2018

By John Bowker of Bloomberg

MTN Group Ltd. said Nigeria is seeking about $2 billion in back taxes from the embattled wireless carrier after refusing to accept the results of a self-assessment by the company.

The office of Nigeria’s attorney general calculated that the South African company owes $2 billion related to the import of foreign equipment and payments to suppliers over the past 10 years, MTN said in a statement on Tuesday. The company believes it has settled all tax obligations, it said.

The news comes less than a week after MTN was told by the Nigerian central bank to return $8.1 billion it is alleged to have illegally taken out of the country. While the company also refutes that accusation, the shares have slumped by almost 20 percent.