MTN Resolves Nigerian Phone Dispute With $1.7 Billion Deal
- Fine is a third of original penalty over unregistered phones
- Stock surges 13%; unit to list shares on Nigerian exchange
This article is for subscribers only.
MTN Group Ltd. agreed to pay a 330 billion naira ($1.7 billion) fine in cash to the Nigerian government, a third of the original penalty, removing a major uncertainty hanging over the phone carrier’s operations in its largest market.
MTN rose 13 percent higher to 140 rand at the close in Johannesburg, the biggest gain since 2008, valuing the company at 258 billion rand ($17 billion).