Further announcement regarding Central Bank of Nigeria and the Attorney General of the Federal Republic of Nigeria
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration Number 1994/009584/06
Share code: MTN
("MTN Group" or “the Company”)
Further announcement regarding Central Bank of Nigeria (CBN) and the Attorney General of the
Federal Republic of Nigeria (AGF) matters and renewal of cautionary announcement.
As previously disclosed the CBN has alleged improper dividend repatriations by MTN Nigeria
Communications Limited (MTN Nigeria) and requested that $8,1 billion be returned “to the coffers of
the CBN” whilst the AGF has alleged unpaid taxes on foreign payments and imports and that
approximately $2,0 billion in relation to these taxes be paid to the Federal Government of Nigeria (and
now directed that the payment of the $8.1 billion is dealt with through his office rather than as
directed by the CBN). MTN Nigeria has denied these allegations and claims. Furthermore 4 commercial
banks were issued fines in respect of the administration of the CCI and irregular dividend repatriation
matter and requested to return, in aggregate, the same $8,1 billion.
In order to protect MTN Nigeria's assets and shareholder rights within the confines of Nigerian law,
we have applied today in the Federal High Court of Nigeria for injunctive relief restraining the CBN and
the AGF from taking further action in respect of their orders, while we continue to engage with the
relevant authorities on these matters. We remain resolute that MTN Nigeria has not committed any
offences and will continue to vigorously defend its position.
We will provide further information as and when available. Shareholders are accordingly advised to
continue to exercise caution when dealing in the Company’s securities until a further announcement
10 September 2018
Deutsche Securities (SA) Proprietary Limited
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