JUMIA – A brand deeply enmeshed in corporate fraud…MTN fingered in allegation

JUMIA – A brand deeply enmeshed in corporate fraud…MTN fingered in allegation

Posted on May 13, 2019 Authornewsheadline247

When a couple of weeks ago, Jumia made headlines by listing in the New York Stock Exchange, not a few people saw it as a big deal and a welcome development. But no sooner had the company sold itself as ‘Africa’s first unicorn’ to trade in the prestigious NYSE than the fraudulent claim of being

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MTN Nigeria earns N453bn profit in 2018

MTN Nigeria earns N453bn profit in 2018

Posted on March 8, 2019 Authornewsheadline247

MTN Nigeria recorded N453.1 billion Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2018. The communications company also attracted additional six million subscribers to its network in the year. The company made the disclosure in its annual reportreleased on Thursday in Lagos. It said that the six million subscribers brought the total number

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Alleged illegal $8.1 billion repatriation – MTN to pay $53m as settlement for CBN CCI dispute

Alleged illegal $8.1 billion repatriation – MTN to pay $53m as settlement for CBN CCI dispute

Posted on December 25, 2018 Authornewsheadline247

The Central Bank of Nigeria has agreed to accept $53 million offer from South African telecom giants, MTN after both parties reached a settlement on the issue of the $8.1 billion that was allegedly illegally repatriated from the country. In August, the apex bank had fined Citibank, Diamond Bank, Stanbic IBTC Nigeria and Standard Chartered

Read more Alleged illegal $8.1 billion repatriation – MTN to pay $53m as settlement for CBN CCI dispute

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$10.1b Dispute: Nigerian court adjourns case between MTN, CBN to Dec 4

$10.1b Dispute: Nigerian court adjourns case between MTN, CBN to Dec 4

Posted on October 30, 2018 Authornewsheadline247 Comment(0)

A Lagos judge on Tuesday adjourned a hearing in a $10.1-billion dispute between South African telecoms firm MTN Group and Nigeria’s central bank until Dec 4, Reuters reports. The central bank has accused the firm of illegally sending $8.1 billion abroad, and the Nigerian government has demanded $2 billion in related taxes from MTN. MTN,

Read more $10.1b Dispute: Nigerian court adjourns case between MTN, CBN to Dec 4

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MTN: We are relying on courts to settle $10.1b dispute with Nigerian authorities

MTN: We are relying on courts to settle $10.1b dispute with Nigerian authorities

Posted on October 30, 2018 Authornewsheadline247

MTN Group, Africa’s biggest mobile operator, will keep engaging with Nigerian authorities to resolve a $10.1 billion dispute with the West African country but is putting its faith in the courts to protect itself, its Chief Executive Officer, Rob Shuter said yesterday. Reuters reported that the telecom firm, which makes about a third of its

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EFCC says raiding of Standard Chartered Bank done by errant officers

EFCC says raiding of Standard Chartered Bank done by errant officers

Posted on September 14, 2018 Authornewsheadline247

The anti-graft agency, Economic and Financial Crime Commission (EFCC) has denied invading the Lagos head office of Standard Chartered Bank. Standard Chartered Bank was among the four banks indicted by the Central Bank of Nigeria for allegedly aiding MTN in illegal repatriation of $8,134,312,397.63 from the country, in violation of the extant Nigerian foreign exchange

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Illegal Fund Repatriations: MTN drags CBN, AGF to court over $10.1bn demand

Illegal Fund Repatriations: MTN drags CBN, AGF to court over $10.1bn demand

Posted on September 10, 2018 Authornewsheadline247

MTN Nigeria has filed a suit against the Central Bank of Nigeria (CBN) and the Attorney-General of the Federation to seek a restraining order. In a suit filed in Lagos on Monday, the telecom giant is seeking an injunctive relief to protect its assets and shareholder rights. The Central Bank of Nigeria (CBN) had revealed

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MTN in more troubles as FG orders telecom giant to pay $2bn tax arrears

MTN in more troubles as FG orders telecom giant to pay $2bn tax arrears

Posted on September 5, 2018 Authornewsheadline247

There seem to be more troubles for MTN Nigeria as Abubakar Malami, the Attorney General of the Federation has asked the telecom giant to pay $2 billion in tax arrears covering the period between 2007 and 2015. This is coming days after MTN had been exposed in an illegal repatriation of fund of over $8 billion.

Read more MTN in more troubles as FG orders telecom giant to pay $2bn tax arrears

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Illegal Forex Repatriation – ‘CBN investigated MTN on three charges’- Emefiele

Illegal Forex Repatriation – ‘CBN investigated MTN on three charges’- Emefiele

Posted on September 4, 2018 Authornewsheadline247

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that telecom giant, MTN was investigated over three allegations by the bank’s committee of governors. Emefiele speaking from China where he is attending the Forum on China-Africa Cooperation with President Muhammadu Buhari — told TheCable NG on Monday that “painstaking investigation” into MTN’s forex

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Diamond Bank, Standard Chartered, others fingered in MTN’s $8 billion money laundering

Diamond Bank, Standard Chartered, others fingered in MTN’s $8 billion money laundering

Posted on August 30, 2018 Authornewsheadline247

Barely three years after MTN was fined $5.2 billion in Nigeria for not complying with government’s rule on deactivation of unregistered SIM cards, emerging details have again exposed the South African telecoms giant in an illegal repatriation of $8,134,312,397.63 from the country, in violation of the extant Nigerian foreign exchange and anti-money laundering laws. According to

Read more Diamond Bank, Standard Chartered, others fingered in MTN’s $8 billion money laundering

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NCC Vice Chairman frustrating sale of 9Mobile, aiding MTN dominate telecom sector – Insiders allege

NCC Vice Chairman frustrating sale of 9Mobile, aiding MTN dominate telecom sector – Insiders allege

Posted on August 11, 2018 Authornewsheadline247

An emerging story suggests the Nigerian Communications Communication (NCC) and its Executive Vice Chairman, Umar Garba Danbatta are deliberately frustrating the sale of 9Mobile, formally Etisalat. Reports monitored on THEWILL stated that the commission has refused to issue a “No Objection” that will pave way for the final sale of the company to the preferred

Read more NCC Vice Chairman frustrating sale of 9Mobile, aiding MTN dominate telecom sector – Insiders allege

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NCC orders MTN to complete NSE listing by May 2019

NCC orders MTN to complete NSE listing by May 2019

Posted on August 9, 2018 Authornewsheadline247

The Nigerian Communications Commission (NCC) has ordered MTN, a telecommunications company, to complete its listing on the Nigerian Stock Exchange by May 2019. The NCC executive vice chairman, Umar Danbatta said this during an interactive session with journalists on Wedneaday. He said the commission is conducting fresh due diligence on Teleology, the preferred bidder for

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HR declares MTN does not have casual employees as labour denies destruction of properties

HR declares MTN does not have casual employees as labour denies destruction of properties

Posted on July 13, 2018 Authornewsheadline247

Business

The human resource executive of MTN Nigeria, Esther Akinnukawe has declared the company does not have casual employees. In reaction to allegations by the Nigeria Labour Congress that the organisation has a high percentage of casual staff, Akinnukawe in her statement on Wednesday said the allegation was not true. Members of the Congress had on Monday,

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Don’t give scarce national resources to MTN, it’ll impede competition – Firms warn NCC

Business

Don’t give scarce national resources to MTN, it’ll impede competition – Firms warn NCC

MTN wants to practice in Nigeria what it felt was not good for the South African market – Operator…… Group of operators in the telecommunications industry have openly warned the Nigerian Communications Commission not to allow South African telecom giant, MTN to dominate the telecommunication market. The operators insisted such undue advantage will impede competitions

Read More… Don’t give scarce national resources to MTN, it’ll impede competition – Firms warn NCC

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