September 12, 2018 / 5:32 PM / a month ago

MTN says $10.1 bln Nigeria demand makes local listing challenging - CFO

LAGOS, Sept 12 (Reuters) - A $10.1 billion demand by Nigerian authorities from South African telecoms group MTN makes its planned debut stock market listing in the country “pretty challenging and awkward”, the group’s chief financial officer said on Wednesday.

Nigeria’s central bank has asked MTN to repatriate $8.1 billion in monies sent abroad, claiming the funds were sent without proper certification. The company is also facing a $2 billion tax demand.

Preparation of the company’s the initial public offering (IPO) prospectus is far advanced, Ralph Mupita told CNBC Africa television. (Reporting by Alexis Akwagyiram and Didi Akinyelure Writing by Chijioke Ohuocha; Editing by Jan Harvey)

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