Fine: MTN agrees to pay Nigeria $1.7bn over three years

MTN Group Ltd. has agreed to pay a N330 billion ($1.7 billion) fine to the Nigerian government over three years after eight months of negotiation.

The Nigeria Communications Commission (NCC) had penalised South Africa’s MTN for failing to meet a deadline to disconnect 5.1 million unregistered subscribers. An initial fine of $5.2 billion was slapped on the telco.

MTN Nigeria has also agreed to take immediate steps to ensure it lists its shares on the Nigerian Stock Exchange, a statement by the MTN Group said.