MTN shares jump after court adjourns case for dispute settlement

MTN has until March to reach a settlement with authorities in Nigeria over a $3.9 billion fine.

The decision was made by a judge at the Federal High Court in Lagos.

The case has been adjourned until mid-March to allow the disputing parties reach an agreement after the court hearing on Friday morning, MTN said in a statement.

The Nigerian Communication Commission (NCC) fined MTN for failing to disconnect 5.1 million unregistered subscribers.

Africa’s biggest mobile phone operator has been challenging the fine which was lowered from the initial figure of $5.2 billion.

The news boosted the telecoms giant’s shares which rose as much as 9.3 %, the biggest gain since May 2009.