Some high-profile South African companies have failed miserably in Nigeria. Hotels and casino group Sun International is the latest to pull out.
Some firms attracted to Africa because of the opportunities presented by weak institutions – In other words, bad government is good for business
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
Mobile phone company agreed to withdraw the case over the fine from the High Court in Lagos as part of efforts to reach a settlement
Lagos-based Visafone was founded in 2007 by Jim Ovia, a Nigerian businessman who also created Zenith Bank
Some 89.3% of Gabonese have access to electricity, the highest rate in mainland sub-Saharan Africa, second to only Mauritius and Seychelles.
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 initial fine of $5.2 billion was more than MTN’s total sales in Nigeria in 2014 and equivalent of about 37% of the group’s total revenue.
“The degree of transparency we’re starting to get with the new administration is hugely positive,” says an analyst who looks at the bright side.
The penalty on Africa's largest telecoms firm sent its share price plummeting and led to the resignation of chief executive Sifiso Dabengwa.
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After five-month vacuum, new ministers, including some big names, are under pressure to show results quickly. Their magic will be sorely needed.
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.
The fine exceeds Nigerian government revenues from oil in the second-quarter, and more than double the state’s non-crude proceeds
The license, with an original expiry date of February 2016, has now been extended to August 2021.
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.
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.