MTN Executives Meet with Nigerian Authorities on $5.2b Fine

Executives from South African telecom company MTN are meeting with Nigerian authorities on Thursday to discuss a $5.2 billion fine imposed on the group after it failed to disconnect subscribers with unregistered SIM cards, two regulatory sources said, according to Reuters.

Africa's largest mobile operator on Monday said the Nigerian Communications Commission (NCC) imposed a fine on MTN Nigeria over the timing of the disconnection of 5.1 million subscribers in August and September, sending its shares tumbling.

Senior government officials, MTN South Africa officials and the telecom regulator will attend the meeting.

"The federal government at the presidential level is holding a meeting with MTN and the NCC. The main thing on the agenda is the fine," the sources said.

MTN was not immediately available to comment.