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Legalbrief   |   your legal news hub Friday 29 March 2024

MTN's stock soars in Nigeria

MTN Nigeria Communications surged by 10% last week, the most allowed by the exchange and matching the biggest gain since its May market debut. This after the Attorney-General dropped a $2bn tax claim against the mobile phone company. A report on the Fin24 site notes that analyst Tunde Abidoye said the removal of the payment demand was a boost to investor confidence, ending fears of a cash outflow. The stock has climbed 29% since it started trading almost eight months ago and is the biggest contributor by index points to the 4.2% gain in the Nigerian benchmark index since then.