MTN to invest $1.6bn in Nigeria’s capital market after AGF withdrew tax case against firm

TELECOMMUNICATION giant, MTN on Wednesday said that it will be investing $1.6 billion in Nigeria within the next three years in an effort to strengthen and expand its network and operations in the country.

In a delegation led by Mcebisi Jonas Chairman of MTN Group, officials of the company met with President Muhammadu Buhari to discuss its plans.

According to a statement released by the firm, Buhari had promised the company Nigeria’s full cooperation and will strive to create an enabling business environment as it looks to ‘combat insecurity across critical national infrastructure’ and attract more foreign investment in the country.

He also hailed MTN’s support of Nigeria’s digital inclusion programmes and its commitment to growing the telecom industry.

The president of the MTN group promised “steadfast investments in Nigeria, particularly over the next three years” and an increased effort if the firm in strengthening the digital economy of the country.

“Financial inclusion and access to funding and digital services all become easier when our continent is powered by connectivity. The benefits of a connected continent are far-reaching, making a positive impact across Africa,” said Rob Shuter, MTN Group President, and CEO. “We cannot achieve this goal on our own, and are working on strengthening relationships with our key partners to extend access to comprehensive and affordable solutions to all.”

However, this new development followed on the heels of the withdrawal of legal action against MTN Nigeria by the office of the Attorney General due to unremitted taxes in the tune of $2billion naira earlier this month.

According to the firm, other key government officials including Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami; Governor of the Central Bank of Nigeria, Godwin Emefiele and AttorneyGeneral and Minister of Justice Abubakar Malami were also consulted.


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