MTN SETS ASIDE $600M FOR PAYMENT OF $3.9BN FINE BY NIGERIAN COMMUNICATIONS COMMISSION (NCC)

MTN Group Ltd has announced that it has set aside $600 million towards the settlement of $3.9 billion regulatory fine imposed on it by Nigerian Communications Commissions last year for not deactivating 5.1 million unregistered subscribers.
The provision includes the 50billion naira ($250million) already paid by MTN which was announced on February 24th as 'good faith payment' as talks continue between MTN and the Federal Government of Nigeria towards reaching an amicable solution of the final amount to be paid by MTN.

MTN shares rose by almost 9 percent today for the first time in almost a month after the company announced they have set aside $600million for the payment of the fine.

Nigeria is MTN group's largest market with over 62.8 million subscribers by the second quarter of 2015.