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MTN denies illegally repatriating almost $14bn from Nigeria

National Treasury to offer 12- and 30-year-denominated bonds to international investors.

SIKI MGABADELI:  Good evening and welcome to the SAfm Market Update with Moneyweb. My name is Siki Mgabadeli.

South Africa’s the 47th world’s most competitive economy. That’s according to the World Economic Forum’s Global Competitive Index on last year. It’s a two-place gain, the second consecutive year of improvement. We were 56th in 2014 and this year’s is the highest position since 2010. So we are going to look at what we are doing right and what we are doing wrong.

News reports of allegations of severe misconduct at Sars have dominated our discourse over the past year or so, as you know. All of that culminated in reports of the possible imminent arrest of Minister of Finance Pravin Gordhan. Now two ex-employees of Sars have written a book called Rogue: The Inside Story of Sars’s Elite Crime-busting Unit. Moneyweb editor Ryk van Niekerk speaks to the authors, Johann van Loggerenberg and Adrian Lackay. We are going to be playing that interview this evening.

In our SME Corner Tumisang Ndlovu speaks to Wandile Zondo, who is founder and business manager at Thesis Lifestyle, who’ll take us through the business model.

David Shapiro is watching the markets for us today. But first, Prinesha Naidoo has your business news headlines.

PRINESHA NAIDOO:  Thanks, Siki. Good evening.

SABMiller shareholders have approved the company’s R1.4trn takeover by Anheuser-Busch InBev. The deal is expected to be concluded by October 10 and SABMiller is to delist from the Johannesburg and London stock exchanges next week. The merged company will keep the AB InBev name.

MTN has denied allegations that it illegally repatriated almost $14bn from Nigeria. This after the upper house of Nigeria’s parliament agreed to investigate whether the company illegally transferred the money between 2006 and 2016. The allegations come months after MTN negotiated a $1bn fine with the Nigerian government for missing a deadline to disconnect unregistered customers in the country.

National Treasury has appointed Barclays HSBC JP Morgan and Nedbank to offer 12- and 30-year-denominated bonds to international investors. It will also be proposing a switch transaction, in which investors holding existing bonds maturing in 2019 and 2020 could either…the bonds for cash or exchange them for the new 12-year tranche.

On to financial indicators. At last count, the rand was at R13.68/dollar, R17.73/pound and R15.30/euro. Gold is trading at $1 319/oz, platinum at $1 012/oz and Brent crude oil at $46.12/barrel.

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