To fulfil their side of their deal MTN struck a deal with the West African nation to settle a record fine. The MTN Group is to raise 500 million dollars, to settle the fine.
The largest mobile phone company has been advised by Citigroup and Standard Bank to dispose of 30% of the Lagos based Unit into Nigerian Stock Exchange.
A final decision has not been made yet as discussions are still ongoing. The agreement was to pay a 1 billion fine after MTN missed the deadline to disconnect unregistered subscribers. The original penalty set was 5.2 billion.
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