• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

MTN pays off bulk of $1.5 billion Nigeria fine

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

AFP

By AFP
More by this Author

South African telecoms giant MTN has paid more than three-quarters of a record $1.5 billion dollar fine levelled by Nigeria for failing to disconnect unregistered subscribers, the government said late Tuesday.

Africa’s biggest wireless operator was initially fined $3.9 billion in October 2015, after failing to disconnect 5.1 million subscribers—amid concerns the lines were being used by Boko Haram insurgents.

After series of negotiations, the fine was reduced to $1.5 billion, or 330 billion naira.

“MTN has so far paid 275 billion naira to the federal government,” the Nigerian Communications Commission (NCC) said in a statement.

With more than 80 percent paid, the agency said MTN has until the end of May to pay the rest.

MTN, which began operation in Nigeria in 2001, is the country’s largest operator with 53 million subscribers.

It generates almost half of its revenue in the oil-rich west African nation, and last week floated on the Nigerian Stock Exchange (NSE).

The $6 billion flotation on the Nigerian bourse was part of the agreement to resolve its disputes with the Nigerian authorities over some infractions.

Last December, MTN agreed to pay a separate $53 million fine after being accused of illegally repatriating $8.13 billion to South Africa.

The decision to impose fines shocked MTN and its foreign investors, with four commercial banks involved in the transfer also sanctioned.

[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

All bars to be closed over the census weekend, CS Matiang’i orders

All bars to be closed over the census weekend, CS Matiang’i orders

August 21, 2019
City Hall kicks off plan to settle Sh2.7bn bills

City Hall kicks off plan to settle Sh2.7bn bills

June 12, 2019

Subscribe.

Trending.

Co-op Bank Branches in Nairobi and Their Contacts

March 3, 2025
Co-operative Bank Subsidiaries

Co-operative Bank Subsidiaries Shine with Strong 2024 Profits

April 2, 2025
Kenya Wildlife Service shares an update on the successful repatriation of 17 mountain bongos, now thriving in their newly established sanctuary in Mount Kenya, marking a major milestone in conservation efforts.

Repatriated Mountain Bongos Show Signs of Thriving in Their New Habitat

April 1, 2025
Tourism CS Rebecca Miano discusses the economic impact and global appeal of the 2025 Safari Rally

Tourism CS Rebecca Miano Reveals Economic Impact of the 2025 Safari Rally

April 1, 2025

Tourism Ministry Leads Push to Improve Passenger Experience at JKIA with New Service Charter

April 1, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Co-operative Bank Subsidiaries

Co-operative Bank Subsidiaries Shine with Strong 2024 Profits

April 2, 2025
Kenya Wildlife Service shares an update on the successful repatriation of 17 mountain bongos, now thriving in their newly established sanctuary in Mount Kenya, marking a major milestone in conservation efforts.

Repatriated Mountain Bongos Show Signs of Thriving in Their New Habitat

April 1, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF