MTN – Tempered expectations

We believe that the stakeholder issues in Nigeria have not been fully resolved despite the impressive individuals comprising the International Advisory Board and MTN Nigeria board. In our view, the underlying cause of the issues in Nigeria have been driven by politics and not regulation. The re-election of the Attorney General, who brought the outstanding back-taxes case against MTN Nigeria, could result in future repercussions. The delays in the issuing of the PSB licenses in Nigeria could be due to lobbying by the commercial banks against increased competition from the MNOs.