The Nigeria’s attorney general on Tuesday told MTN they have to pay $2 Billion in back taxes on top of an $8.13 Billion that MTN was ordered to pay in an ongoing repatriation case.
MTN has stated it believes it has fully paid all back taxes owed to Nigeria, but that didn’t stop MTN shares from dropping 7.5%, its lowest in almost 10 years.
Nigeria is MTN’s biggest market which makes up 25% of its overall subscribers, so any negative news from that region can easily effect its stand as far as the stock market is concerned.
This is not the first time MTN has come under fire, having previously being fined $5.2-billion by Nigeria in 2015. The Nigerian government is also coming after MTN for $8.13 Billion in an alleged illegal repatriation.