MTN gets ultimatum to pay $5.2b fine
The Nigerian Communications Commission (NCC) has given MTN Group two weeks to pay a $5.2 billion fine imposed on the mobile phone company for failure to cut off users with unregistered SIM cards.
NCC spokesman, Tony Ojobo, told Reuters that MTN had until November 16 to make the payment, but the two sides were in talks to resolve the matter.
â€œThe outcome of the discussion may affect the date. Thatâ€™s why they are having the discussion so that they can reach a solution,â€ Ojobo said.
The Presidency and internal security agency were also involved in the talks, a regulatory source told Reuters.
The NCC imposed the penalty on Monday, hitting Africaâ€™s biggest mobile phone operatorâ€™s stock price.
Nigeria is MTNâ€™s biggest market by subscribers.
Some analysts have said the size of the fine risked damaging Nigeriaâ€™s efforts to shake off an image as a risky frontier market for international investors.
MTN had said on Monday the NCC imposed the fine for failing to disconnect subscribers with unregistered or incomplete SIM cards, under a directive given to all network operators which the regulator said only MTN had failed to comply with.
Please LOGIN or REGISTER To Gain Full Access To This Article
Wapbaze is an Entertainment website that deals in uploding of music tracks of any kind and letting her users download them in Mp3 formats of high quality. Wapbaze.com is the main website, Wapbaze.com/music/ is the folder for latest songs, wapbaze.com/movies/ is for mp4 movies updates so as wapbaze.com/videos/ is for 3gp music videos updates and wapbaze.com/forum/ is for latest gist, news, health and tech updates.