Nigeria reduces MTN’s fine to $3.4bn

MTN informed investors on Thursday that the Nigerian government has reduced fine imposed on its Nigerian operation to $3.4 billion from $5.2 billion. By Gugu Lourie

The South African-based mobile phone operator said it has received a formal letter dated 2 December 2015 from the NCC informing them to pay $3.4 billion by 31 December 2015.

The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015.

MTN said in a statement it is carefully considering the NCC’s reply, however the executive chairman Phuthuma Nhleko will immediately and urgently re-engage with the Nigerian Authorities before responding formally, as it is essential for the company to follow due process to ensure the best outcome for the company, its stakeholders and the Nigerian Authorities.

“All factors having a bearing on the situation will be thoroughly and carefully considered before the Company arrives at a final decision,” MTN said.


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