NCC fines MTN Nigeria $5.2b
Nigerian Communications Commission, NCC has fined MTN Nigeria $5.2 billion for failing to disconnect unregistered subscribers.
The telecommunication company disclosed that the NCC hinged their action on the fact that all other
telecom firms operating in the country complied with their directive to disconnect unregistered subscribers except MTN.
MTN while confirming this in a statement to shareholders said it is in discussions with the NCC in a bid to resolve the matter.
“Shareholders are advised that the NCC has imposed a fine equivalent to $5.2 billion on MTN Nigeria”, the company said in a statement to shareholders.
The company explained that, “this fine relates to the timing of the disconnection of 5.1 million MTN Nigeria subscribers who were disconnected in August and September 2015 and is based on a fine of N200 000 for each unregistered subscriber.”
Meanwhile, MTN’s share price fell sharply by over 8 percent in trade on Monday in Johannesburg to R171 at 14:40.
According to the company’s latest quarterly update, Nigeria is MTN’s biggest market with over 60 million subscribers,