MTN: Nigeria 'drops demand for billions in back taxes'

Telecomms giant MTN says a demand for around $2bn ($1.5bn) in back taxes from Nigeria's attorney general has been withdrawn.

The South African firm has been locked in a legal dispute with Nigerian authorities. In a separate case last year, the two sides agreed an out-of-court settlement after MTN was accused of taking $8bn (£6bn) out of the country illegally.

Nigeria is MTN’s largest market - and the South African phone company is Nigeria's largest mobile phone operator, with more than 50 million customers.

"We appreciate this decision of the attorney general which paves the way to an orderly and amicable resolution of this matter," MTN Group CEO Rob Shuter said in a statement on Friday.