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MTN plunges as Nigeria orders $8.1bn be refunded

MTN plunges as Nigeria orders $8.1bn be refunded

Photo by Reuters

30th August 2018

By: Reuters

  

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Shares in MTN Group plunged as much as 19% early on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return $8.1-billion.

Nigeria's central bank said the funds had been illegally moved abroad. MTN denies the allegations.

At 0713 GMT, the stock was down 14% at R92.12, recouping some of the losses after falling to a low of R86.99.

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Edited by Reuters

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