The MTN Group on Thursday announced the receipt of a letter from the Nigerian Communications Commission, NCC confirming the reduction of the N1.04tn ($5.2bn) fine imposed on its Nigerian subsidiary to N674bn ($3.4bn).
The letter, dated 2 December 2015, was in response to MTN’s earlier request for a reduction in the fine which was imposed by the NCC for the telecommunications company's failure to disconnect 5.1 million unregistered SIM cards. The reduced fine must be paid by 31 December 2015.
As a fallout of the huge fine, the Chief Executive Officer of MTN Nigeria, Mr. Michael Ikpoki, and its Head of Regulatory and Corporate Affairs, Mr. Akinwale Goodluck, have lost their positions.
The MTN Group has already appointed the Chief Operating Officer of MTN Irancell, Ferdi Moolman, and Amina Oyagbola, to take over Ikpoki and Goodluck's respective positions.
The Executive Chairman, MTN Group, Phuthuma Nhleko, said in a statement that the move “will enable MTN to continue to realise its strategy and vision, while also ensuring that we achieve high governance standards and robust risk mitigation."
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