MTN Nigeria Fine May Be Cut to $800 Million, Senators Say: Punch
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Nigeria may be prepared to reduce an $8.1 billion fine imposed on MTN Group Ltd. over the alleged illegal repatriation of funds to as little as $800 million, Punch newspaper reported, citing senators it didn’t identify.
MTN shares rose as much as 7.3 percent after the report was published in the Lagos-based newspaper, the biggest jump in more than six weeks, and traded 3 percent higher at 83.45 rand as of 9:32 a.m. in Johannesburg.