UPDATE 1-MTN has paid 30 bln naira in part settlement of Nigerian fine -company source

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UPDATE 1-MTN has paid 30 bln naira in part settlement of Nigerian fine -company source
Thu Mar 30, 2017 5:32pm GMT

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LAGOS, March 30 (Reuters) – MTN has made a payment
of 30 billion naira ($98 million) to the Nigerian government in
part settlement of a 330 billion naira fine imposed on the
telecoms group for not disconnecting unregistered SIM cards, an
MTN source told Reuters on Thursday.

Africa's largest telecoms company has already paid 80
billion naira of the total amount owed, the source said. The
fine is due for payment in six instalments over three years, MTN
has said.

MTN Nigeria was originally fined $5.2 billion last October
for failing to deactivate more than five million unregistered
SIM cards, but the fine was reduced in a settlement that paved
the way for MTN to list its subsidiary on the Nigerian Stock
Exchange.

Nigeria has been cracking down on unregistered SIM cards,
concerned that they are used for criminal activity in a country
fighting an insurgency by Islamist militant group Boko Haram.

MTN, which operates in 20 countries, had set aside $600
million last year to pay the fine.
($1 = 305.45 naira)
(Reporting by Chijioke Ohuocha; Editing by David Goodman)

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