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Shares in MTN, Africa’s biggest mobile operator, rallied on Wednesday, bouncing back from the previous session’s sell-off, which offered a reminder of the risks in one of its most lucrative markets, Nigeria.

The sell-off was triggered by new SIM card registration rules. The Nigeria Communications Commission announced on Tuesday that all operators are required to restrict outgoing calls of subscribers whose SIMs are not yet linked with its national identity number (NIN), which is similar to SA’s ID system. The announcement conjured up memories of previous clashes with Nigerian authorities that hammered MTN’s share price...

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