MTN’s share price fell to its lowest level in six years after reports that the money it was alleged to have moved out of Nigeria illegally could be “outrageously higher” than an originally estimated $14bn.

The mobile network operator’s share price closed at R107.50, down 2.3%.

MTN officials, Nigeria’s trade minister and four lenders appeared before Nigerian MPs on Thursday in connection with the alleged illegal transfer between 2006 and 2016.

MTN Nigeria CEO Ferdi Moolman said he “categorically denies all suggestions” the company illegally had repatriated the money.

Forensic experts are examining business documents dating back 16 years.

Mergence Investment Managers’ Peter Takaendesa said it was important for MTN to speak out in good time to assure investors that it complied with Nigeria’s laws or the shares would remain under pressure given Nigeria’s problems.

•Sourced from Business Day (South Africa).

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