Nigeria's central bank deducts N1.8 billion fine from Stanbic IBTC over MTN case

Nigeria's central bank (CBN) has deducted the sum of N1.886 billion from Stanbic IBTC Bank Plc for breaking forex rules in MTN fund repatriation.

This comes after MTN Group faced a $2 billion demand for taxes in Nigeria, the latest in a series of skirmishes with authorities in the South African mobile phone company’s most lucrative but increasingly problematic market.

Speaking to Ray White on The Midday Report, Byron Lotter explained the impact of this transaction.

15 percent of MTN shares are owned by government employees by the PIC so this is a witch hunt. Its an attack on millions of South Africans who have a pension with the PIC.

Byron Lotter, Portfolio Manager at Vestact

If its a way for them to make money, it's actually short-sighted.

Byron Lotter, Portfolio Manager at Vestact

The previous fine on MTN bought in $3.9 billion on the Nigerian fiscal.

Byron Lotter, Portfolio Manager at Vestact

Listen to what this will do to investors in Nigeria...


Recommended

by NEWSROOM AI
Read More
Public Protector's office accused of irregular expenditure

Public Protector's office accused of irregular expenditure

EWN reporter Bonga Dlulane says the Public Protector failed to comply with legislation when buying goods and services.

ANC factions are very much alive - analyst

ANC factions are very much alive - analyst

Political Editor at Mail and Guardian Matuma Letsoalo questions the face of unity shown by the ANC.

City of CT apparently undersold prime Foreshore property by millions

City of CT apparently undersold prime Foreshore property by millions

GroundUp reports on an apparent valuation blunder which saw the City sell Site B to Growthpoint for much less than market value.

MTN records first loss in 20 years

MTN records first loss in 20 years

The Money Show’s Bruce Whitfield interviews MTN Chair Phuthuma Nhleko about the company’s most challenging year ever.

MTN Nigeria shut down offices after protests

MTN Nigeria shut down offices after protests

Protests yesterday in Nigeria as a response to xenophobic sentiment within South Africa led to an attack on the MTN office there.

Nigeria hit MTN Nigeria with a R70 billion fine

Nigeria hit MTN Nigeria with a R70 billion fine

The Nigerian Communications Commission has hit MTN Nigeria with one of the biggest penalties ever of R71 billion fine.

Popular articles
[LISTEN] New Visa regulations could change the face of South African tourism

[LISTEN] New Visa regulations could change the face of South African tourism

Lecturer at TUT's Dept of Tourism, Unathi Henama says that the tourism sector is at the center of the economic policies in SA.

We call it Heritage Day so it's more inclusive - Coconut Kelz (Lesego Thlabi)

We call it Heritage Day so it's more inclusive - Coconut Kelz (Lesego Thlabi)

In this segment of the Current Affairs with Coconut Kelz, satirical comedian Lesego Thlabi channels Kelz to chat about Heritage Day.

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

What does Citadel’s famed disciple of contrarian, deep-value investing Dr Adrian Saville hope for (and fear) about money?