Telecom network operator MTN today said the Nigerian Communications Commission (NCC) has reduced fine on MTN Nigeria to $3.4 billion from $5.2 billion.
The reduction in penalty follows the discussion between NCC and MTN Nigeria officials in the recent weeks. The cut in penalty will be a major relief for MTN.
MTN is facing the huge penalty for failing to disconnect customers with unregistered SIM cards. The penalty is too big comparing the annual revenue of $3.6 billion MTN generated from Nigeria in 2014.
Earlier, MTN Chief Executive Officer Sifiso Dabengwa resigned due to the fine of $5.2 billion imposed by the telecom regulator. Nigeria is MTN’s biggest and important telecom market. MTN has more than 62 million customers in Nigeria. MTN has generated 54 billion rand ($3.9 billion) in Nigeria in 2014, about 37 percent of total revenue.
