MTN Nigeria shares rose to their highest point in two weeks after the country’s Attorney General (A-G) withdrew a $2 billion tax demand, ending a 16-month long battle between Africa’s largest wireless carrier and legal authorities in its biggest market.

Nigeria's A-G has withdrawn a tax claim of USD 2 billion against MTN and referred the matter to more relevant authorities. MTN Nigeria said that its legal council had received a letter stating that after careful review and due consultation with relevant statutory agencies, the A-G had decided to refer the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs (NC), with a view to them resolving the issues.

Earlier this year, MTN announced that MTN Nigeria was disputing a claim for back taxes of approximately USD 2 billion by the A-G. At the time of the claim and throughout the dispute, shares in MTN Nigeria were to decline.

MTN said it remains committed to building and maintaining cordial relationships with all regulatory authorities in Nigeria.