Nigeria In One Minute
MTN May Struggle to Repatriate $237m Iran Funds amid US Sanctions
MTN Group has admitted that efforts to repatriate $237.15 million (about 200 million euros) from its Iranian unit, MTN Irancell, will become tougher after U.S. President Donald Trump on Tuesday announced his country’s decision to withdraw from the Iran nuclear deal, and reinstated economic sanctions on the Islamic republic and companies doing business in the country.
This is just as MTN informed THISDAY via email Wednesday that the U.S. imposed sanctions on Iran and companies doing business in the country would not impact its reported earnings for 2018, nor will it affect its planned IPOs in Nigeria and Ghana.
Africa’s biggest wireless carrier had more than $1 billion stuck in Iran due to U.S.-led sanctions that ended following a landmark agreement in 2015.
Since that accord, the Johannesburg-based telecoms company has been steadily withdrawing the funds.
However, there were fears that Trump’s announcement on Tuesday would again limit MTN’s capacity to repatriate loans and dividends from Iran, its second biggest market with 43 million subscribers after Nigeria. It has operated in the country since 2005.
THISDAY, May 10, 2018
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