South Africa's MTN confirmed on Monday it was fined $5.2 billion by the Nigerian regulator for failing to disconnect subscribers with unregistered and incomplete SIM cards at its firm in Africa's biggest economy.
Shares in MTN extended their losses to more than 10 percent and traded down 9.3 percent lower at 173 rand by 1236 GMT.
The Nigerian Communications Commission imposed the fine on MTN Nigeria and it relates to the timing of the disconnection of 5.1 million subscribers in August and September, Africa's largest mobile operator said in a statement.
"MTN Nigeria is currently in discussions with the NCC to resolve the matter in recognition of the circumstances that prevailed with regard to these subscribers," the company said.
Monday, 26 October 2015
MTN confirms Nigerian unit fined $5.2 bln, shares fall
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