MTN Sets To Pay Off 330 Bln Nigeria Fine, As Shares Close At 132 Naira On NSE

MTN Nigeria Plc has paid 275 billion naira into the government coffer as part payment on the 330 billion naira fine imposed on the telecoms giant over its refusal to disconnect unregistered SIM on the order of the industry regulator.
According to the Nigerian Communications Commission (NCC), the telecoms firm, which was listed on the local bourse last Thursday as part of settlement agreement with the government plans to liquidate the balance of 55 billion naira by the end of this month.
The local unit of South African telecoms firm was originally fined 1.04 trillion naira for failing to deactivate more than 5 million unregistered SIM cards, but it negotiated a reduced fine to clear its path to list its subsidiary on the Nigerian Stock Exchange (NSE).
Last week, shares began trading on the Nigerian Stock Exchange in Lagos in a 2 trillion naira flotation that marked the exchange’s second-largest stock by market value.
The telecoms firm continue its rally on the floor of the NSE on Tuesday, gaining the maximum 10 percent to close at 131.70 naira per share. A total of 14.56 billion shares valued at 110,78 billion naira exchanged hands on the floor of the NSE on Tuesday.
The shares of MTN Nigeria has gained 46 percent since it was listed last Thursday as investors piled up demand for stakes in the telecoms firm.