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N1.04trn fine: MTN drops 54% profit in 2015, invests $94m

South African telecom operator, MTN Group, yesterday, reported a 54.4 percent drop in annual profit for the year ending 31 December 2015. The loss, according to the company, followed the setting aside of nearly 10 billion rand, approximately $643 million, to cover settlement of the N1.04 trillion fine its Nigerian operation incurred for allegedly refusing to deactivate over five million improperly registered subscribers on its network.

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