Nigeria hits MTN as telephony’s sales fall short in Ghana

Rob Shuter, Group President and CEO of MTN. Photo : RR

Casablanca (ADV) – MTN, the international telecommunication giant is in trouble in Nigeria where it is fighting a losing battle against the Central Bank of Nigeria (CBN) and in Ghana over poor sales.

In Nigeria, the CBN last week ordered MTN to « immediately » pay back the $8.1 billion for illegally repatriating US$8,134,312,397.63 abroad.

MTN officials have denied the charges, sparking off a standoff between the two institutions as the deadline for MTN to pay the fine expires.

What happens next is the jigsaw puzzle or the ‘tango’ that the two institutions are dancing in Nigeria.

Whereas in Ghana, MTN has reportedly failed to make the targeted sales of 4.6 billion shares and only managed to sell 1.5 billion cedis or US$236 million.

MTN sources said Sunday that the amount is just a third of the shares the outfit made available in an initial public offering.

Notwithstanding, the shares will be listed on the Ghana Stock Exchange, with trading due to start September 5, as contained in the sale’s prospectus, the statement concluded.

© Bur-csa – ADV