MTN in bank talks on payback

October 10, 2018

JOHANNESBURG – MTN is said to have held talks with Nigeria’s central bank governor Godwin Emefiele yesterday in a bid to address the bank’s demand for the company to pay back $8.1 billion (R120.17bn) which it claimed was 'unlawfully repatriated'.

MTN, which has been embroiled in a legal battle with the CBN for allegedly unlawfully removing money from the country, was volatile on the JSE in line with the jittery market.

However, MTN closed 0.74 percent higher at R86.64 on the JSE yesterday, despite expectations that Finance Minister Nhlanhla Nene would be replaced following his testimony at the state capture commission that he had visited the Gupta residences 11 times.