Friday, June 10, 2016

MTN agrees to pay Nigeria $1.7 billion fine over three years

MTN Group Ltd. agreed to pay a 330 billion naira ($1.7 billion) fine to the Nigerian government over three years, ending an eight-month negotiation process.

MTN Nigeria also agreed to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange, the Johannesburg-based company said in a statement on Friday.

MTN shares rose 10 percent, on track for their biggest gain since 2008, to 136.09 rand as of 12.36 p.m. in Johannesburg.

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