MTN shares nosedive
21 October 2016 - 10:13
The money alleged to have been illegally moved out of Nigeria could be "outrageously higher" than an original estimate of $14-billion, it was reported yesterday - sending cellphone operator MTN's shares to six-year lows. MTN officials, Nigeria's trade minister and four lenders were expected to appear at a hearing in Nigeria yesterday over the alleged illegal transfer of money.Nigeria's upper house of parliament agreed last month to investigate whether MTN unlawfully repatriated $13.92-billion between 2006 and 2016. Senator Dino Melaye reportedly said the figure was "actually outrageously higher".MTN has denied the allegation.Shares in MTN dropped 3.2%, levels last seen in mid-2010, before recouping to trade 2.4% lower at R107.38...
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