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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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MTN shares hit by report of higher Nigeria money transfers

bycitibusinessnews
October 21, 2016
in Africa, Top Stories, West Africa
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The amount of money which South Africa’s MTN Group is alleged to have illegally moved out of Nigeria could be “outrageously higher” than an originally estimated $14 billion, Bloomberg reported on Thursday, sending its shares to more than six-year lows.

MTN officials, Nigeria’s trade minister and four lenders are to appear at a hearing in Nigeria on Thursday over the alleged illegal transfer of money out of the country.

Nigeria’s upper house of parliament agreed last month to investigate whether Africa’s top telecoms company unlawfully repatriated $13.92 billion between 2006 and 2016.

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Initial investigation findings have revealed the figure is “actually outrageously higher”, Bloomberg reported, citing senator Dino Melaye, who first raised the allegation last month.

MTN has denied the allegation. The company plans to present a comprehensive response to the latest accusations on Thursday, spokesman Chris Maroleng said.

Rafiu Ibrahim, chairman of Nigeria’s senate investigative panel on alleged illegal repatriation of funds, said on Wednesday that a team of international and local accountancy experts and lawyers had been assembled to look into the matter.

Shares in MTN dropped as much as 3.2 percent levels last seen in mid-2010, before recouping some of the losses to trade 2.4 percent lower at 107.38 rand.

“Investors are nervous with what’s happening with Nigeria purely because the past history has shown us that typically the government tends to move the goal posts,” Independent Securities trader Ryan Woods said.

The allegation is the latest setback for the South African company in its most lucrative but increasingly most problematic market.

MTN this year agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM cards.

–

Credit: CNBC Africa

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