MTN sets aside N120 billion for Nigeria fine

South Africa’s MTN Group has set aside around 600 million dollars(about N120 billion) to cover the potential settlement of a fine in Nigeria, it said on Thursday, as it posted a more than 50 per cent drop in annual profit.

Africa’s biggest wireless phone company is in talks with Nigerian authorities to reduce a 3.9 billion dollar fine(N780 billion) imposed last year for failing to cut off unregistered SIM card users.

MTN said that headline Earnings Per Share (EPS) came in at 746 cents in the year to end-December compared with 1,536 cents a year earlier.

Headline EPS is the main profit measure in South Africa that strips out certain one off items.

The company raised its annual dividend by 5.2 per cent to 1,310 cents per share. (Reuters/NAN)