SENS Note - 10 September 2018

MTN - further CBN and AGF announcement

Further announcement regarding Central Bank of Nigeria ("CBN") and the Attorney General of the Federal Republic of Nigeria ("AGF") matters and renewal of cautionary announcement. As previously disclosed the CBN has alleged improper dividend repatriations by MTN Nigeria Communications Ltd. (MTN Nigeria) and requested that USD8.1 billion be returned “to the coffers of the CBN” whilst the AGF has alleged unpaid taxes on foreign payments and imports and that approximately USD2 billion in relation to these taxes be paid to the Federal Government of Nigeria (and now directed that the payment of the USD8.1 billion is dealt with through his office rather than as directed by the CBN). MTN Nigeria has denied these allegations and claims. Furthermore four commercial banks were issued fines in respect of the administration of the CCI and irregular dividend repatriation matter and requested to return, in aggregate, the same USD8.1 billion. In order to protect MTN Nigeria's assets and shareholder rights within the confines of Nigerian law, MTN has applied in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while MTN continue to engage with the relevant authorities on these matters. MTN remain resolute that MTN Nigeria has not committed any offences and will continue to vigorously defend its position. MTN will provide further information as and when available. Shareholders are accordingly advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.

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