MTN shares dive with massive $5.2B fine in Nigeria

The new MTN Business Directory Services app South Africa.MTN, one of the largest phone providers in Nigeria has been hit with a fine equivalent to $5.2 billion, a record in Nigeria.

This fine relates to the timing of the disconnection of 5.1 million MTN Nigeria subscribers who were disconnected in August and September 2015 and is based on a fine of N200, 000 for each unregistered subscriber.

“MTN Nigeria is currently in discussions with the NCC to resolve the matter in recognition of the circumstances that prevailed with regard to these subscribers,” the company said.

Some Nigerians say they want the regulator to address poor network signals provided by telecoms companies in the country. They want more sanctions on firms to encourage them to improve signals and the quality of service in the country.

Shares in MTN are down by 12.5% today on the news.