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MTN may list in Nigeria

Companies

Johannesburg - South Africa's MTN Group may list its Nigerian unit on the stock exchange in Lagos once it has resolved a disputed $3.9 billion fine with authorities in the Western African nation, its executive chairman said on Thursday.

MTN also said it has set aside R9.3 billion ($600 million) to cover a potential settlement of a fine imposed by Nigerian authorities last year for failing to cut of unregistered SIM card users.

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A customer uses a cellphone beside an MTN Connect Point in Lagos, Nigeria. File picture: George Osodi

However, this amount may not be the final amount it pays, its executive chairman said on Thursday.

"Like most provisions, it's based on prevailing circumstances. It is not a number of finality," Phuthuma Nhleko told reporters.

Africa's biggest wireless phone company is in talks with Nigerian authorities to reduce a $3.9 billion fine imposed last year for failing to cut off unregistered SIM card users.

Read also: MTN cuts dividend

MTN posted a more than 50 percent drop in annual profit on Thursday.

Shares in the mobile company rose more than 9 percent to R149 by 0845 GMT.

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