MTN Proposes $1.5 Billion Payment to Settle Record Nigeria Fine
- Phone company offers to spread cash payments over five years
- MTN shares jumped as much as 3.6 percent after the news
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MTN Group Ltd. has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents.
Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on Feb. 24, according to a letter to the government from the company’s lawyer, former U.S. Attorney General Eric Holder.