MTN Stock Jumps After Nigeria Drops $2 Billion Tax Claim

MTN CEO says decision paves way for amicable settlement
Saga dragged on for 16 months, weighing on share price

MTN Group Ltd. telecommunications store in Johannesburg. — MTN Group Ltd. telecommunications store in Johannesburg.
Photographer: Waldo Swiegers/Bloomberg

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By Loni Prinsloo and Emele Onu

January 10, 2020 at 3:01 PM UTC

Updated on

January 11, 2020 at 7:32 AM UTC

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Nigeria dropped a $2 billion claim for back taxes against MTN Group Ltd., ending a 16-month long battle between Africa’s largest wireless carrier and legal authorities in its biggest market.