Shares of Africa’s biggest mobile operator MTN have been suspended at the Johannesburg Stock Exchange (JSE) following a $5.2N (1 Trillion Naira) fine imposed by the Nigerian Communications Commission.
MTN Group was slapped with the penalty last week for failing to disconnect unregistered users with the Nigerian authorities giving the company two weeks to pay up the fine.
The telco group share lost 25 percent of its market value in the days following the announcement. JSE has suspended trading of MTN’s shares pending a statement from the company with analysts saying the fine will cripple MTN’s operations.
BBC’s Matthew Davies says disconnecting unregistered SIM cards is crucial to Nigeria’s fight with Boko Haram and other criminal groups.