MTN Nigeria Fine Cut 35% to $3.4 Billion as Local CEO Quits
- Fine payable by the end of December, Nigerian regulator says
- MTN's chairman will consider penalty, to consult further
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The Nigerian telecommunications regulator cut the fine imposed on MTN Group Ltd. to $3.4 billion from a record $5.2 billion and the chief executive officer in the country quit as part of a wider management shake-up at Africa’s biggest mobile-phone operator.
The shares gained 1.2 percent to 148.49 rand as of 9:32 a.m. in Johannesburg, valuing the company at 274 billion rand ($19.1 billion). The stock is still down about 22 percent since the penalty was made public on Oct. 26.