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MTN gets reduced fine of $1.671 billion from Nigerian authorities

10 June 2016 - 15:10 By TMG Digital

The original fine of $5‚2-billion levied against MTN for failing to unregister phone lines before a deadline set by a Nigerian regulator has been reduced to $1.671-billion‚ the company said on Friday. “Further to the various announcements to shareholders regarding this matter‚ MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria (FGN)‚” a statement said.“MTN Nigeria has agreed to pay a total cash amount of Naira 330-billion over three years (the equivalent of $1.671-billion at the official exchange rate and $902-million at the Lagos Parallel Market Rate) to the FGN in full and final settlement of the matter payable as set out hereunder‚” it added.“The Naira 50-billion paid in good faith and without prejudice by MTN Nigeria on 24 February 2016 forms part of the monetary component of the settlement leaving a balance of Naira 280-billion outstanding.” TMG Digital..

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