Nigerian authorities reduced the amount it claims MTN improperly repatriated to South Africa from $8.1 billion to the far more favourable amount of $52.6 million, according to Businesslive.
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At the end of August, Nigeria ordered MTN to refund $8.1 billion it believes was illegally expatriated by the country’s biggest mobile operator in the eight years leading up to 2015.
Shares in MTN rose 8.2 percent when the favorable settlement was announced, according to Techcentral.
MTN provided documents to Nigerian officials to prove that all but a $1 billion preference share placement in 2008 had been Click here to read entire article