The Central Bank of Nigeria has accused the South African company of illegally transferring $8.1bn (£6.3bn) abroad, which is against the country’s foreign exchange regulation.

MTN says it has done nothing wrong.

The Nigerian government has also demanded $2bn in related taxes from the telecoms giant, which makes about a third of its annual core profit in Nigeria.Last week, Nigeria's Finance Minister Zainab Ahmed said the fine had been damaging for Nigeria.

Speaking at the 24th Nigerian Economic Summit in the capital, Abuja, she added that investors should not be worried that they would be next.