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MTN pays $124 million for renewal of license

According to statement from the company, it made the payment to the Ivorian authorities this week

An MTN starter kit pack on display on a table at a retail stand in a file photo. REUTERS/Afolabi Sotunde

According to various media reports, South Africa-based MTN Group has paid $124 million to extend its operating license in Ivory Coast.

According to statement from the company, it made the payment to the Ivorian authorities this week, according to a report by CNBC Africa.

The money is 75 percent of the total cost of renewing the license which was originally meant to expire in April, 2016.

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The Nigerian arm of the South Africa-based telecommunications giant was fined $5.2 billion by the Nigerian Communications Commission for flouting its directives to deactivate 5.1 million unregistered SIMs.

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