MTN Share Price Drops 23%

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The shares of the MTN Group dropped as much as 23 per cent to a nine-year low, yesterday, a day after the Central Bank of Nigeria (CBN) ordered the telecoms firm to repatriate $8.1 billion alleged to have been sent abroad illegally, the Guardian newspaper has reported.

The News Agency of Nigeria (NAN) reports that at trading on the Johannesburg Stock Exchange, MTN shares were down 21.4 per cent at 84.35 rand, after touching 83 rand, a level was last seen in 2009.

The CBN’s demand is the latest setback for MTN Nigeria, the South African group’s most lucrative but increasingly also its most problematic market.

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