MTN Nigeria Sanctioned To Pay $5bn

MTN Nigeria Sanctioned To Pay $5bn

A BBC report is indicating that Nigeria’s Communication Commission (NCC) has fined MTN Nigeria $5bn (£3.5bn) fine for failing to disconnect subscribers with unregistered Sim cards bought before January 2012.

Reports say the fine is the largest in the history of telecom violations in Nigeria.

The report further noted that consumers of mobile telephony services in Nigeria want the regulator to also address the issue of poor network signals provided by telecoms companies in the country.

The also called for more stiffer sanctions on firms to ensure a massive improvement in the quality of service.

The NCC statistics again showed that Nigeria has close to 150 million mobile phones.

Meanwhile MTN Nigeria is in talks with the Nigerian Communications Commission to resolve the matter.

“$5.2 billion is way, way higher than the profits they’re going to make from Nigeria for many years to come,” Wayne McCurrie, a Pretoria-based money manager at Momentum Asset Management, which owns MTN shares, said by phone.

“That fine is totally and utterly out of proportion to whatever regulation they are contravening, if any.”

 

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