African Tech Round-Up

It’s been a truly awful week for the MTN Group— what with a $5.2 billion fine imposed on MTN Nigeria (the group’s largest and most profitable subsidiary) by the Nigerian Communications Commission (NCC) for failing to disconnect unregistered SIM cards timeously, the news of which led to considerable market panic and a subsequent 16% drop in MTN’s share price. This week, MTN also started fielding allegations of engaging in highly sophisticated tax evasion practices such as using transfer pricing to ship profits off to distant tax havens via their off-shore ‘businesses’, namely MTN Dubai and MTN International in Mauritius. Meanwhile, the Johannesburg Stock Exchange has confirmed that they will be investigating MTN for possible insider trading that may have occurred around the whole handling of information regarding the NCC debacle. And so far, the MTN Group’s CEO’s efforts to engage with the Nigerian authorities concerning the unprecedented fine have yet to yield any form of relief. Given all this, it’s unsurpri