CBN Halting Our Listing On Nigeria Stock Exchange - MTN
Image: Bubbles Nigeria

The MTN Group has completed its listing on the Ghana Stock Exchange, according to its quarterly report for the second quarter of the year ended on September 30, 2018.

According to the report which was released on Monday, the company claimed it is facing challenges on its listing process in Nigeria due to its face-off with the Central Bank of Nigeria (CBN).

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“We successfully completed the listing of MTN Ghana,” the telecom company said in the report.

“MTN Nigeria’s plans to list have been challenged by the recent Central Bank of Nigeria and Attorney General of the Federal Republic of Nigeria matters.

“MTN remains committed to the listing in Nigeria and work continues in this regard. In the quarter, the group engaged extensively with authorities in Nigeria to deal with the matters they raised.”

The apex bank had claimed that MTN Nigeria illegally repatriated $8.1 billion between 2007 and 2015 while the AGF alleged that the company has unpaid taxes on foreign payments and imports of $2 billion.

However, MTN had waved off the allegation and expressed its resolve to get justice.