TVC E, BUSINESS – South African telecom giant MTN’s headline earnings last year dropped by 51 percent.
The Chief executive office, Phuthuma Nhleko says the loss was as a result of the $600 million it put aside to cover a huge fine imposed by Nigeria.
MTN’s Nigeria operation was slammed with a $3.9 billion penalty in October last years for failure to disconnect 5.1 million unregistered SIM cards.
The company has so far paid the sum of $250 million to the Nigerian government as it tries to negotiate a settlement.
MTN Group says it will list its Nigerian unit on the Nigerian Stock Exchange once it resolved the $3.9 billion fine with authorities in the country.
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