MTN Issues Profit Warning Blaming Nigerian Fine

Africa’s largest mobile network, MTN has reported that it expects its profits to fall significantly when it reports its half year 2016 results.

MTN blames this on the N350 billion regulatory fine imposed on it by the Nigerian Government. The fine they claimed will cost the company about 474 cents per share.

MTN reached an agreement with Nigeria to pay about $1.7 billion on June representing a third of what it was originally fined by the government.