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...