MTN shares losses 50 billion rand ($3.66 billion) after fine by NCC

According to Reauters, News of the fine has pummelled MTN's shares, which fell for a second day on Tuesday, easing 4.2 percent to 159.98 rand. That extended their losses to nearly 16 percent over the two days, wiping about 50 billion rand ($3.66 billion) from MTN's market value.
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Nigeria Communication Commission has fined MTN Nigeria the sum of $5.2 Billion,  for failing to disconnect subscribers with unregistered Sim cards bought before January 2012.

According to media reports, MTN allegedly had pre-registered SIMs on its database, thereby making it difficult to verify details of subscribers from biometric attributes, ultimately compromising national security.
The fine was based on N200,000 per unregistered subscriber. They have till November 16 to pay the said fine.

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