MTN fine reduced

After weeks of deliberations between African mobile giant MTN and the Nigerian authorities, following a $5.2 billion (roughly R74 billion) fine for MTN’s failure to disconnect 5.1 million unregistered sim cards on its network, the fine has been reduced to $3.4 billion (R48.8 billion), with the deadline for payment on 31 December 2015.

“MTN has received a formal letter dated 2 December 2015 from the NCC (Nigerian Communication Commission) informing the Company that, after considering the Company’s request, it has taken the decision to reduce the fine on the MTN Nigerian business from the original N1, 040,000,000,000 (One Trillion, Forty Billion Naira) to N674 Billion Naira which has to be paid by 31 December 2015,” said MTN earlier today.

The company is said to be in careful consideration regarding the reply. Despite taking time to do this, executive chairman Phuthuma Nhleko, is set to urgently resume talks with the Nigerian Authorities before MTN formally responds.

“Stakeholders and the Nigerian Authorities, and accordingly all factors having a bearing on the situation, will be thoroughly and carefully considered before the Company arrives at a final decision,” stated MTN.

The mobile network has further encouraged and advised all shareholders to exercise caution when ‘dealing in the companies securities’ and to verify all information.