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Wednesday 14 November 2018


MTN
The shares of South Africa’s MTN Group rose 2.6 percent on Wednesday following a media report that Nigerian authorities could reduce the $10.1 billion sum they are demanding from the telecoms company in a dispute.
The figure covers the return of funds that were transferred overseas by MTN and a separate $2 billion tax bill.
“Someone in the Nigerian government has said the fine will come down,” said Greg Davies, equities trader at Cratos Capital referring to a report by Nigerian local newspaer which did not disclose its sources. A second trader cited the same report.
A spokeswoman for MTN said she could not yet comment on whether the report was accurate.
Recall that Nigeria’s central bank on August 29, 2018 ordered the South African firm and its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations.

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