South African mobile phone firm MTN to pay $1.7bn Nigeria fine

The firm was originally fined a record $5.2bn by the Nigerian Communications Commission (NCC) but the two sides have settled on a lower amount.

"This is the best outcome for the company," MTN executive chairman Phuthuma Nhleko said.

The fine was imposed amid fears that militants were using the phone lines.

The NCC confirmed in a statement that payments would be made by instalments over the next three years.

(BBC)