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MTN Agrees to Pay US$1.67 Billion Nigerian Fine

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MTN's Nigerian subsidiary has settled a massive fine with the government over its failure to disconnect unregistered SIM cards.

The company was fined USD3.9 billion last year, and has been in dispute with the government ever since.

The company said in a short statement that it will pay USD1.67 billion as a fine, but that the payment will be spread over six payments over the next three years.

As part of the settlement, the company will also seek to list its shares on the Nigerian stock market as soon as commercially and legally possible.

Following news of the settlement, MTN's shares on the South African stock market jumped by 20 percent.

"MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria," the company statement said.

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Tags: mtn  Nigeria