MTN shares collapse after ‘excessive’ penalty that signals escalating tensions between Africa’s largest economiesNigeria has imposed a record $5.2bn fine on a South African mobile phone company for failing to register users,raising concerns that regulations are being tightened to compensate for a budget shortfall.
The unprecedented fine has already caused a 16% drop in the share price of MTN, Africa’s largest mobile phone company, or threatens the firm’s future in Nigeria,its biggest and most profitable market.
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Source: theguardian.com