The NCC has reduced the fine imposed on MTN to the sum of Naira equivalent of about ₦677 billion ($3.4 billion). This is coming after it was reported earlier in November that The NCC was in talks with MTN over reduction of the fine, following receipt of an appeal letter.
MTN has released a statement about a formal letter dated 2nd December, 2015 from the NCC, informing the company that after considering its request, the commission had thereby taken the decision to reduce MTN’s fine from the original ₦1.4 trillion to ₦677 billion, which has to be paid by or before the 31st of December, 2015.
MTN said it was carefully considering the NCC’s reply.
“However the executive chairman Phuthuma Nhleko will immediately and urgently re-engage with the Nigerian authorities before responding, as it is essential for the company to follow due process to ensure the best outcome for the company, stakeholders and the Nigerian authorities accordingly. All factors having a bearing on the situation will be thoroughly and carefully considered before the company arrives at a final decision”
The news is also coming on the heels of a proposed meeting this week between Nigerian President Muhammadu Buhari and President Jacob Zuma of South Africa to discuss the fine.