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MTN restates Nigeria foreign-exchange losses, appeals tax demand

2 years ago
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MTN restates Nigeria foreign-exchange losses, appeals tax demand

MTN Group Ltd. revised its estimate of unrealized foreign-exchange losses in Nigeria, and said it’ll appeal a new tax demand by the authorities in the West African nation.

The company’s Nigerian unit recognized additional unrealized foreign-exchange losses on outstanding matured trade obligations and increased net finance costs for the six months through June, after incorrectly measuring them before, it said in a statement on Monday. That means MTN Group’s earnings per share for the first half were also restated and are now 13% lower than the Johannesburg-based company reported previously.

Shares in MTN, Africa’s biggest wireless carrier, fell as much as 3% and traded 2.7% lower by 11:39 a.m. in Johannesburg.

Nigeria is MTN’s biggest market by subscribers and the Lagos-listed unit MTN Nigeria Communications Ltd. contributes more than a third of the group’s total revenue.

The company will also challenge an order by the Nigerian Tax Tribunal to pay $47.8 million in taxes. The evaluation pertains to a value-added tax assessment for the periods covering 2007 and 2010-17, it said.

“Having reviewed this outcome and considering input from tax and legal consultants, MTN Nigeria has resolved to appeal the decision,” the company said.

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African phone companies have been pushing back on sporadic tax demands from countries and regulators on the continent. Last week, six telecommunications chief executives — including MTN’s Ralph Mupita and Vodacom Group Ltd.’s Shameel Joosub — urged African leaders and policymakers to “rationalize” taxation on the mobile industry through the development of targeted fiscal policy reforms, according to an agreement signed in Rwanda.

MTN has a history of impasses with Nigerian authorities and was victorious in a dispute in the West African nation in 2020, when the government dropped a $2 billion claim for back taxes. More recently, Ghana had to abandon a $773 million back-tax bill against MTN that the company disputed.

Tags: appeals tax demandmtnMTN restates Nigeria foreign-exchange lossesNigeriatax appeal
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