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MTN lashes out at media over Nigeria ‘misinformation’

Johannesburg - Africa’s biggest mobile network MTN [JSE:MTN] has taken aim at what it calls “inaccurate media reporting” regarding a possible stock market listing in Nigeria.

Last week, MTN released its full-year financial results which pointed to a 51% drop in profit amid the company setting aside R9.29bn for its record $3.9bn Nigeria fine.

Alongside the release of these results, MTN says it hosted a media session, only to be followed by “inaccurate media reports and misinformation” about the company listing in Nigeria.

The company has lashed out at unnamed reports that MTN says inaccurately quoted its executive chairman Phuthuma Nhleko.

“Of particular concern are reports attributed to our senior executives, purporting that MTN Group is planning to list in Nigeria. This is grossly inaccurate,” said Chris Maroleng, MTN Group’s corporate affairs executive, in a statement.

“The correct comment, as expressed by the executive chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group.

“As a result, reports that MTN is considering a secondary listing in Nigeria are misleading,” said Maroleng.

Maroleng further said that the listing of MTN Nigeria “remains a consideration” and that “it is not a planned listing”.

The company has further denied unnamed reports that it has $22bn stuck in Nigeria.

“This is completely inaccurate,” said Maroleng in the statement.

“MTN Nigeria has the cash equivalent of approximately R24.6bn with some R26.2bn in debt implying a net debt position of R1.7bn,” Maroleng added.

MTN is Africa's biggest mobile network with over 230 million subscribers in 22 countries across Africa and the Middle East.

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