MTN Begs Buhari To Further Reduce $3.2bn Fine

Telecommunications giant, MTN, is seeking a further reduction in the fine slammed on it by the Nigerian government.
MTN had been fined $5.2bn by the Nigerian Communications Commission, NCC, for failing to disconnect unregistered subscribers from its network.
However, Nigerian authorities had slashed the fine by 30 percent to $3.2bn and gave the South African company Dec. 31 to pay up.
It was gathered that the decision to reduce the fine was taken by President Buhari’s office, which passed on the information to the NCC on Wednesday.
However, Reuters reports that management of the troubled company is still pleading with the Nigerian government to further reduce the fine.
But the reduced fine, if enforced, is still more than two times MTN’s average yearly capital expenditure of about $1.5 billion over the last five years and can still cause a lot of trouble for the company.
Daily Post.