South Africa's MTN Group said on Friday it will list the shares of the local unit on the Nigerian Stock Exchange (NSE) as soon as "commercially and legally possible" even as the telecoms firm reached agreement with government to pay 330 billion naira ($1.67 bln) as fine over a period of three years for failing to disconnect cell phone users in time.
The telecom firm was fined $5.2 billion by Nigeria last October for failing to deactivate more than five million unregistered SIM cards on its network.
MTN, Africa's largest telecoms company, has already paid 50 billion of the 330 billion naira owed.
The relationship between MTN, the Federal Government of Nigeria and the Nigerian Communication Commission has been restored and strengthened," MTN Executive Chairman Phuthuma Nhleko said in a statement.
Spokesman for Nigerian Communications Commission (NCC), Tony Ojobo said "I believe MTN has learned its lesson,"
"Going forward, what we expect is service providers in this market will play to the rules," Ojobo said.
Shares in MTN surged 18 percent to 146 rand after the announcement in their biggest jump since April 2000. They have shed 22 percent since the fine was announced.
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