MTN Nigeria shares have dropped to their lowest level in five weeks a day after a $2 billion tax dispute case involving the telecoms firm was adjourned to October.
Shares in MTN, the local unit of South Africa’s telecoms group MTN Group, dropped 2.4% to 128.75 naira each, a level they reached on May 21.
MTN had instituted the suit against the Federal Government over N242 billion and 1.3 billion dollars import duties and withholding tax assessments dispute.
The Telecoms Company is claiming the sum of N3 billion in damages.
(Reuters)