MTN Group is expected to report a full-year loss for the 2016 financial year mainly due to a $1 billion regulatory fine imposed on it by Nigerian authorities, after refusing to deactivate 5.1 million unregistered users.

According to the company, the fine has cut off 474 cents from headline earnings per share.

MTN’s shares had declined by 2.18% at 115.16 rand the lowest since December. It added that its operational results for the full-year were also affected by fees incurred for its planned listing on the Nigerian Stock Exchange as well as underperformance from both its units in Nigeria and South Africa in the first half of 2016.

As a matter of fact, the group’s listing on NSE is one of the measures imposed on the firm in settling the fine. It had said in July that the listing would occur in 2017, depending on market conditions but the unit had been battered by the weak economy, depreciation of the naira, among others.

The company said it expected a headline loss and would issue a further trading statement on the possible range from which the loss is expected.

Anita Fatunji