Shares in South African mobile phone giant MTN have risen almost 9% today after the company announced it had set aside $600m (£430m) to settle an ongoing dispute over a massive fine from the Nigerian authorities.
Nigeria’s telecom regulator issued the $3.9bn (£2.8bn) penalty last year after MTN Nigeria missed a deadline to disconnect 5.1 million unregistered Sim cards.
Nigeria is the MTN group’s largest market, where it had more than 62.8 million subscribers by the second quarter of 2015.
Last week, the company made a “good faith payment” of $250m (£180m) to Nigerian authorities.
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