A dispute between Nigerian tax authorities and MultiChoice, Africa’s biggest pay-TV provider, has intensified, showcasing the risk international firms face as the continent’s largest economy tries to bolster revenue collections. 

MultiChoice was ordered by a Nigerian tribunal to pay 50% of a disputed $4.4bn (about R65,6bn) tax bill, prompting a rush to sell shares of the Johannesburg-based company and erasing $240m (about R3,5bn) of market value in less than two hours. The stock gained 3.6% at 9.23am on Thursday after the company said the court directive doesn’t compel it to pay half of the disputed amount. ..