• MTN plans bond sale to raise $1bn NCC fine

    MTN plans bond sale to raise $1bn NCC fine

    MTN Group has appointed four banks to organise fixed-income securities investors’ fora as it seeks fund to settle the $1 billion fine imposed by the National Communications Commission (NCC), among other pressing needs.

    The Johannesburg-based company said in a statement on Wednesday that it has mandated Barclays Bank Plc, Bank of America Corp.’s Merrill Lynch, Citigroup Inc. and Standard Bank Group Ltd. to arrange a series of fixed-income investor meetings in the US and the UK starting from tomorrow (Friday, September […]

  • Breaking! MTN agrees to pay $1.7bn NCC fine

    Breaking! MTN agrees to pay $1.7bn NCC fine

    South African telecoms giant MTN said Friday it would pay a $1.7 billion fine to the Nigerian government in a “full and final settlement” over its failure to disconnect unregistered mobile phone users.

    The Johannesburg-based company said in a statement that “MTN Nigeria has agreed to pay a total cash amount of Naira 330 billion over three years.”

    Africa’s biggest wireless operator was fined $3.9 billion last year and has since been in negotiations with the Nigerian government over the size of […]