Tuesday, May 23, 2017

MTN Appeals for a Further Reduction in Fine

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It seems that MTN Nigeria is not totally satisfied with the 30% reduction in the fine imposed on it by the Nigeria Communications Commissions (NCC).

The company has just released a statement announcing that it has got an official letter from the NCC in which the commission has reduced the $5.2bn fine it has slammed on the company to $3.2 billion which is a 30% reduction. But the statement added that the company would only respond to NCC after taking all factors into consideration and consulting all relevant stakeholders.

It was learnt that it was the office of the Presidency that took the decision to slash down the fine and then informed the NCC to effect it. According to the statement released by NCC, the company was given until Dec. 31 to pay the fine.

But as reported by Reuters, the management of the company is yet not comfortable with the amount removed from the fine. It is begging NCC for further reduction of the fine.

Though the fine has been reduced by 30%, it will still pinch on the company should it pay $3.2bn. This is because the amounts exceeds the $1.5 average annual capital expenditure of MTN over the past five years by more than two times

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