MTN’s Nigeria fine increased again, to $3.9bn

THE Nigerian fine that precipitated a management shakeup at MTN has been increased again, to $3.9bn from the $3.4bn the company was told on Thursday it would have to pay by month-end.

MTN said on Friday that the latest amount was set out in a letter from the Nigerian Communications Commission late on Thursday, which superseded Wednesday’s letter that had reduced the original $5.2bn fine to $3.4bn.

MTN said in its statement to the Stock Exchange News Service that neither letter explained how the reduction was determined, and the company was "carefully considering" both letters.
Executive chairman Phuthuma Nhleko would "immediately and urgently re-engage with the Nigerian authorities before responding formally".

MTN on Thursday overhauled its top team as a result of the fallout from the Nigerian fine, levied in relation to the tardy disconnection of 5.1-million unregistered subscribers.

Sifiso Dabengwa had already resigned as CEO. MTN Nigeria CEO Michael Ikpoki and Akinwale Goodluck, head of regulatory and corporate affairs, have now also quit with immediate effect, as had been widely expected.

MTN Nigeria’s chief financial officer, Ferdi Moolman, takes over as CEO of the Lagos-based unit.

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