South African giant telecommunications firm, MTN, has cut its full-year forecast for subscriber numbers after more than five million Nigerian customers were disconnected.
The subscribers were disconnected following a review into how they were able to register for phone contracts.
The telco will add 14.8 million net subscribers this year, compared with a previous forecast of 16.75 million, Johannesburg-based MTN said in a statement, on Thursday, October 22.
According to Bloomberg, the network operator customer base surged 0.9 per cent to 233 million in the three months through September compared with the previous quarter.
MTN, which operates in more than 20 countries across the Middle East and Africa, had 5.1 million subscribers cut off in Nigeria, its biggest market, at the end of August following checks on personal documents.
About 3.4 million of the customers have been reconnected, the company said.
MTN shares gained 2.4 per cent to 186.45 rand as of 3:31 p.m. in Johannesburg, valuing the company at 345 billion rand ($25.2 billion).