Nigeria suspends talks on MTN fine

According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty.

Speaking to Bloomberg, Victor Oluwadamilare, spokesman for Nigeria's Ministry of Communications, said that a committee had been set up to investigate and that, until it concluded, nothing further would or could be done.

The Johannesburg-based MTN has been trying for months to resolve the fine levied upon it by the Nigerian Communications Commission for missing a deadline to disconnect unverified customers SIMS.

MTN is Nigeria's biggest mobile phone company, while Nigeria is the largest of the telecoms provider's 22 markets. Since the fine went public, MTN's stock has fallen by almost a third.

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