MTN had already announced the pending $65m sale of its 75% stake in MTN Syria before its latest troubles there. The Middle East region, once a major focus of MTN’s daring and expansive global growth strategy, contributes marginally to group revenue and profits, seemingly making it more trouble than it is worth. It has encountered numerous problems in Nigeria, including a massive $5.2bn fine, which was subsequently reduced to $1.5bn. Nigeria, contributing a third of revenue and nearly 40% of profits, is most certainly worth the trouble, and MTN has been working on its relationship with Nigerian authorities and listed its Nigerian operations on the local exchange. Group earnings have gradually improved as it has tackled these issues.

Source: The North Africa Journal March 24, 2021 06:22 UTC