May 22, 2019 / 7:46 AM / 6 months ago

MTN close to paying off 330 bln naira fine in Nigeria -NCC

A general view shows MTN head office in Lagos, Nigeria October 29, 2018. REUTERS/Afolabi Sotunde/File Photo

ABUJA (Reuters) - African telecommunications giant MTN has paid 275 billion naira ($898.99 million) toward a 330 billion naira fine imposed on it for not disconnecting unregistered SIM cards, Nigeria’s communications agency said on Tuesday.

The final 55 billion naira payment from MTN, Africa’s largest telecommunications firm, to the Nigerian government is due at the end of the month, the Nigerian Communications Commission said in a statement.

MTN 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.

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.

($1 = 305.9000 naira)

Reporting By Camillus Eboh; writing by Libby George; editing by Jonathan Oatis

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