The Nigerian unit of South African Telecoms Company MTN Group said on Friday the Attorney General of Nigeria, Justice Abubakar Malami (SAN) has withdrawn its $2 billion tax demand against MTN Nigeria.
Attorney General Abubakar Malami had ruled that the firm owed taxes relating to the import of equipment and payments to foreign suppliers from 2007 to 2017.
“We are very pleased with the decision of the Attorney General and we commend him for his wisdom,” MTN Nigeria’s Chief Executive Ferdi Moolman said in a statement.
Shares in MTN Group rose by more than 4% after the announcement. Nigeria is its biggest market, with roughly 60 million users.
MTN, whose local unit listed on the Nigerian Stock Exchange last year, has said it would sell more shares to the public and increase local ownership once the tax row is resolved.
Amaka E. Nliam