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Africa News of Friday, 10 January 2020

Source: BBC

MTN announces withdrawal of N725bn back taxes by Nigeria

MTN Nigeria has about 50 million customers MTN Nigeria has about 50 million customers

Nigeria's attorney general has withdrawn the initial N725bn ($2bn) in back taxes demanded from South African telecomms company, MTN.

According to the BBC, the two sides agreed on an out-of-court settlement following accusations levelled against MTN for taking N2.9trn ($8bn) out of the country illegally.

Nigeria is MTN’s largest market - and the South African phone company is Nigeria's largest mobile phone operator, with more than 50 million customers.

MTN Group CEO, Rob Shuter, released a statement on Friday which says, "We appreciate this decision of the attorney general which paves the way to an orderly and amicable resolution of this matter."