Nigeria gives MTN until Nov. 16 to pay $5.2 billion fine

South African telecoms group MTN has until Nov. 16 to pay a $5.2 billion fine imposed by Nigerian authorities for failing to deactivate unregistered SIM cards before a deadline, Nigeria's communications regulator said on Friday.
Top executives from Africa's biggest mobile phone company are in Nigeria to discuss ways of resolving the massive fine, which has knocked around 20 percent off MTN's share price.
Nigeria's presidency and internal security agency were also involved in the talks, a regulatory source said.
"The outcome of the discussion may affect the date. That's why they are having the discussion so that they can reach a solution," National Communications Commission spokesman Tony Ojobo said.