Tag Archives: MTN Group

MTN Group: Latest News

  • MTN & Orange Fined $160M For Tax Evasion In Cameroon

    MTN Fine By Kevin Mwanza, 5:25 am

    Embattled South African telephone operator MTN Group and French-owned Orange were charged $160 million in Cameroon for failing to pay taxes on games and gambling services. In a report written by the central African country’s anti-corruption commission, known as CONAC, MTN and Orange were also accused of allegedly not paying taxes on their money transfer system, known as Mobile Money.

  • M&A Africa: MTN Acquires Nigerian Rival Visafone, Fires 2,000 Employees

    tech stocks By Kevin Mwanza, 9:21 am

    Embattled South Africa-based mobile operator MTN Group has acquired a Nigerian rival, Visafone, and fired more than 83 percent of its employees, PUNCH reported. Over 2,000 employees were let go as of Jan. 5 as part of a takeover agreement between the two operators. Affected workers said they were not notified of the decision and it came as a surprise.

  • South Africa’s MTN $5.2B Fine In Nigeria Becomes A Diplomatic Issue

    By Kevin Mwanza, 11:31 pm

    Presidents of Africa’s two largest economies, Nigeria and South Africa, are set to meet this week to deliberate over the $5.2 billion fine hanging over the continent largest mobile operator, MTN Group. Nigeria’s President Muhammadu Buhari will meet with his South African counterpart, President Jacob Zuma, during the second China-Africa Co-operation summit to be held in Johannesburg this week.

  • South Africa’s Vodacom Sued For $14B In DR Congo

    By Kevin Mwanza, 7:50 am

    South African-based telecoms operator Vodacom Group has been sued for $14 billion in the Democratic Republic of Congo by the controlling shareholder of the company’s minority partner. Alieu Conteh is suing Vodacom for undermining his “position as a statutory director of Congolese Wireless Network (CWN), which owns a 49 percent stake in Vodacom Congo”.

  • 10 Things You Didn’t Know About Africa’s Largest Telecoms Operator, MTN

    Why Nigeria Fined MTN So Heavily By Peter Pedroncelli, 10:00 am AFKI Original

    South Africa’s MTN Group has been in the global news in recent weeks because of the turmoil that the telecoms company has had with its Nigerian unit. The Africa’s largest telecoms operator was fined a massive $5.2 billion by the Nigerian Communication Commission for allowing 5.1million unregistered sim cards on its network in the West African country. Here are 10 things that you need to know about MTN.

  • MTN Faces Another Hefty Fine In South Africa For Insider Trading

    By Kevin Mwanza, 3:31 am

    MTN Group faces a hefty fine in South Africa if the regulator confirm that there were cases of insider trading on the firm’s shares at the Johannesburg Stock Exchange before it announced it had been fined a record $5.2 billion in Nigeria. MTN, Africa’s largest mobile phone services company, was last week slapped with the largest fine any African company has ever faced by the Nigerian Communication Commission

  • How The MTN Group Became Nigeria’s Largest Music Distributor

    By Kevin Mwanza, 6:50 am

    MTN, which has 63 subscribers in the west African nation of more that 170 million people, is the biggest music distributor through its ring-back tones, popularly known as “caller tunes”, launched in 2008. Richard Iweanoge, MTN Nigeria’s general manager for consumer marketing, estimates that about two-third of the mobile operator’s subscribers use caller tunes

  • Cost Of Xenophobia: South African Companies In Rest Of Africa Feel The ‘Heat’

    By Kevin Mwanza, 8:58 am

    South African companies with operations in other African countries have started feeling the pressure of Xenophobic attacks on immigrants in Durban and Johannesburg that has already killed six people in the last two weeks. Nigeria has issued an ultimatum to the South African embassy in Lagos to stop the violence within 48 hour or else the government will shut down all South African businesses

  • MTN Group In Final Stages Of Acquiring A Stake In Nigeria’s Visafone

    By Kevin Mwanza, 5:17 am

    South Africa’s MTN Group is in the final stages of buying a stake in Nigeria’s Visafone Communications at unspecified amount, two unnamed source told Reuters on Friday. The Africa’s largest telecoms operator is seeking to get a grip in the West African market and an investment on the Nigerian entity that was set up almost eight years ago after tycoon Jim Ovia, who also founded Zenith Bank, acquired three operators.

  • South Africa’s MTN Group To Reap $1B From Iran’s Nuclear Deal

    By Kevin Mwanza, 3:41 am

    South Africa’s telecoms operator MTN Group, could add up to $1 billion in loan repayments and dividends to its books following a long awaited nuclear deal reached by world powers and Iran last week, the firm’s investor relations officer told said. The South African mobile operator was blocked by sanctions from transferring it dividends from the Middle Eastern country’s state-owned telecom, Irancell,

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