MTN Faces Double Nigeria Blow With Tax Claim of $2 Billion
- News comes after central bank demanded return of $8.1 billion
- MTN says it hasn’t commited any offences; will defend position
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Nigeria is seeking about $2 billion in back taxes from MTN Group Ltd., another curve ball directed at Africa’s biggest wireless carrier less than a week after it was ordered to refund $8.1 billion in illegally repatriated funds.
MTN outlined the tax dispute and refuted both accusations in a statement on Tuesday, yet faces an uphill battle to convince investors it won’t end up shelling out for either or both offenses in its largest market. The shares extended their slump, falling 17 percent to an almost 12-year low by the close in Johannesburg.