Some high-profile South African companies have failed miserably in Nigeria. Hotels and casino group Sun International is the latest to pull out.
While the penalty was cut to $3.9 billion earlier this year, MTN proposed to pay $1.5 billion in cash and installments to settle it
Fine was $5.2 billion, then cut to $3.4 billion, and now raised to $3.9 billion - to be paid latest December 31.
The penalty on Africa's largest telecoms firm sent its share price plummeting and led to the resignation of chief executive Sifiso Dabengwa.
Nigeria, Africa's most populous country, is MTN group's largest market where it had over 62.8 million subscribers by the second quarter of 2015.
Nigeria 'broke', and Buhari using mega fines on MTN, banks to raise money? Analysts think so – and that worries them
President yet to disclose the portfolios of his 36 cabinet approved by Senate. Africa’s largest economy hasn’t had a cabinet for five months now.
Shares of Africa’s biggest telecoms firm MTN stopped from trading as fallout from record Nigeria fine continues
South African multinational has failed to convince Nigerian regulators to lower the $5.2 billion fine, according to reports.
Buhari’s Nigeria cracks whip again; after MTN fine and Stanbic directors' suspension, now banker UBA hammered
UBA is the fourth major company to run foul of Nigerian regulators this week – fined $15m for failing to meet president and central bank's deadline.
The penalty is more than 20% of the telco’s market value, leading to shares posting their biggest three-day plunge in Johannesburg since 2008.
Buhari’s Nigeria: Tough day at office for SA multinationals as MTN hit with record fine; bank directors shut out
The magnitude of MTN's penalty "is way, way higher than the profits they’re going to make from Nigeria for many years to come".
Nigeria’s answer to Spotify and Apple Music lures investors from giant telco MTN to hip hop mogul Jay-Z
The country's music industry has seen sales triple in the past five years as mobile downloads surged despite rampant piracy.
The mobile-phone company sees the naira deteriorating further.