Lagos - MTN Nigeria has been fined $5.2 billion for
failing to disconnect 5.1 million unregistered
cellphone subscribers. The stock of the South African-based company fell 14 percent on the Johannesburg Stock Exchange on Monday's news.
The Nigerian Communications Commission
confirmed the penalty based on 200,000 naira
($1,000) for each cellphone SIM card that had not
been registered by its August deadline.
MTN promised a statement later Monday. The $5.2
billion is at least two average years' profit for MTN
Nigeria, by far the MTN Group's most lucrative
subsidiary, and nearly three times the $1.8 billion that it has invested in Nigeria, according to the company's website. MTN says it has about 62 million customers among Nigeria's 170 million people.
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