Business MTN Shares Rise after Court's Decision on $3.9bn Nigerian Fine

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LequteMan

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MTN shares on Friday jumped 9.2% to close at R122.99 after news that the group is seeking an out-of-court settlement with the Nigerian Communications Commission (NCC).

The NCC fined MTN $5.2bn, later reduced to $3.9bn, for its failure to register subscribers as requested by the law.

But MTN challenged the penalty in court, as it believes the size of the fine and the way it was imposed were not in accordance with the commission’s powers under the Nigerian Communications Act.

On Friday, the Federal High Court in Lagos, Nigeria, adjourned the matter to enable the parties to settle.

If they are unable to reach a settlement, the matter will return to court in March.

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