Thursday, January 17, 2019 5:55:29 PM- Nigerian Stock Exchange.



  MTN defies all odds and skyrockets its customer base to 225.4m

      

30 October 2018 :Despite all the regulatory challenges and the legal accusations, The MTN Group, is striding its way to the pinnacle. Africa’s largest wireless carrier’ improved its operational performance leading to a 10% y/y increase in its group service revenue, in comparison to the similar period in 2017, while also adding 2.5 million subscribers to its customer base in the third quarter reaching a figure of a whopping 225.4 million.


Regulatory disputes in its biggest markets including Nigeria, Iran and Ghana.

have been one of the biggest road blocks the company has had to suffer.


The company has been on the receiving end of a lot of backlash from the Nigerian regulators, causing the company to lose its share value from a record high of R240 to R85. Unregistered sim cards, the transfer of monies from the country and tax concerns are couple of clashes the company has been facing since 2015. 


Most recently, the company was accused of illegally transferring $8.1 billion of cash from Nigeria. Although the company denied the accusations, the case is still under scrutiny.


During the quarter MTN also listed its Ghanaian business to get access to spectrum, and could potentially sell some of its Ugandan business to local people to ensure the renewal of its license in that country.

The company has also suffered a blow in Iran, its second largest market, after the US reintroduced sanctions on the country.


Reporting for EasyKobo on Tuesday ,30 October 2018 in Lagos, Nigeria




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