MTN $5.2b Fine Reduced To $3.4b

Africa’s largest mobile network, MTN, has succeeded in reducing the $5.2 billion fine imposed by Nigerian authorities for failing to deactivate unregistered sim cards to $3.4 billion
The Federal Government had said that it was concerned about the unregistered sim cards being used by criminal gangs, elements, kidnappers to perpetrate evil.
Because of the fine, the South African company has been talking with Nigerian authorities since October on the issue to allow it to pay in installment.
Only on Thursday, MTN said it had succeeded in reducing the fine imposed by the Nigerian Communications Commission (NCC) on MTN by a third and the original fine amounted to double MTN’s annual profits last year.
Indication that the company was not comfortable with the fine has made a number of senior managerial changes, which included the resignation of the chief executive of its Nigerian unit, Sifiso Dabengwa.
MTN in a statement said, “After further engagements with the Nigerian authorities, the NCC has reduced the imposed fine. It added the fine was now $3.4billion.”
MTN presently has 231 million subscribers in 22 countries across Africa, Asia and the Middle East, however, Nigeria the most populous black nation in the world is its biggest market.
Two months ago MTN was named as most admired brand in Africa in the Brand Africa 100 awards, beating Samsung, while it was also awarded the continent’s most valuable brand, worth $4.6bn.
MTN was South Africa’s second mobile operator when it was set up in 1994 after the end of apartheid.