MTN negotiates Nigerian R71bn fine

AFRICA’S largest cellphone operator MTN said yesterday its chief executive was in talks with Nigerian regulators after its Nigerian unit was fined $5.2 billion (R71bn) by the Nigerian Communications Commission for failing to timeously disconnect 5.1 million customers with unregistered SIM cards.

“Shareholders are advised that the group CEO is engaging with the Nigerian authorities on the regulatory aspects of this matter. In addition senior management of the company and its advisers are currently engaging with the JSE Limited on the timing of the aforementioned SENS announcement,” MTN said in a statement.

US deal ‘to approve IMF funding reform’

WASHINGTON: US officials say they hope to see the US congress approve reforms to the International Monetary Fund that give emerging markets a greater say.

US treasury under secretary for international affairs Nathan Sheets said the Obama government was focused on getting the deal done, although he did not specify a timeframe.

The Senate appropriations committee has approved a funding bill that would also implement the IMF reforms.

Republican lawmaker Kay Granger, responsible for shepherding the House bill, said she was optimistic the two chambers could work out a deal.