MTN close to paying off 330bn naira fine in Nigeria – NCC

22nd May 2019

By: Reuters

  

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African telecommunications giant MTN has paid 275-billion naira ($898.99-million) toward a 330-billion naira fine imposed on it for not disconnecting unregistered SIM cards, Nigeria's communications agency said on Tuesday.

The final 55-billion naira payment from MTN, Africa's largest telecommunications firm, to the Nigerian government is due at the end of the month, the Nigerian Communications Commission said in a statement.

MTN was originally fined 1.04-trillion naira for failing to deactivate more than five-million unregistered SIM cards, but it negotiated a reduced fine to clear its path to list its subsidiary on the Nigerian Stock Exchange.

Last week, shares began trading on the Nigerian Stock Exchange in Lagos in a two-trillion naira flotation that marked the exchange's second-largest stock by market value.

Edited by Reuters

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