Mobile operator MTN is concerned about its share price, which has continued to decline after Nigeria ordered it and its bankers to pay an eight-point-one-billion-dollars refund.
The share price has declined by more than 20% on Thursday. Stock was down 14 % in the morning. The allegation is the latest setback for MTN in Nigeria, its most lucrative market.
It comes two years after MTN agreed to pay one-billion-dollars to end a long-running dispute over unregistered SIM cards.
The Nigerian Central bank this week ordered mobile operator MTN to return $8.1 billion it says was repatriated improperly over eight years.
MTN share price started to tumble after the announcement, decreasing to its lowest level in 20 years. Nigeria is MTN’s biggest market on the continent.
MTN also paid a billion dollars last year for missing the deadline to disconnect unregistered customers in Nigeria. This is the latest setback as the company tries to crawl back its losses.
The mobile company also faces still competition and tougher regulatory environment in South Africa.