BEVERLY HILLS, December 04, (THEWILL) – The Nigerian Communications Commission (NCC) has increased MTN Nigeria’s record fine by $500 million, bring the total to $3.9 billion after it noticed that it stated an incorrect figure in an earlier letter sent to the telecoms giant informing the company of the reduction.
NCC spokesman, Tony Ojobo said Friday that the letter dated December 2, sent to MTN incorrectly reduced the original penalty from $5.2 billion to $3.4 billion, saying the reduction should have been by 25%. “We saw the mistake and had to fix it.”
MTN Friday said it received a second letter with the correct fine ($3.9 billion), which superseded the first letter. The company added that the payment date was set for December 31.
MTN Group’s shares at the Johannesburg stock exchange were down Friday morning trading at 133.40 rand, the lowest since November 17.
The record fine saw MTN Group of South Africa and MTN Nigeria CEO resigning from their positions.
