MTN Nigeria to Pay $2 Billion in Back Taxes

• MTN Nigeria to Pay $2 Billion in Back Taxes

Following illegal fund repatriation accusation, MTN Nigeria has been asked to pay $2 billion in back taxes after the federal government of Nigeria refused to accept the results of a self-assessment by the company.

The office of attorney general said the South African company owes $2 billion on imported equipment and payments to suppliers over the past 10 years, MTN Nigeria said in a statement on Tuesday.

However, the company believes it has settled all tax obligations.

About a week ago, MTN Nigeria was accused of illegally repatriating $8.1 billion through four banks and directed by the Central Bank of Nigeria to return the repatriated funds.

Despite the company refuting the accusation, MTN shares have dropped by 20 percent in value since the news was first made public.