Business 'We Made a Typo' - NCC Adjusts Fine Imposed on MTN

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The Nigerian Communications Commissions, NCC, has increased the fine it imposed on MTN Group to $3.9bn.

“There was a typo,” NCC spokesman Tony Ojobo said on Friday, referring to a letter dated Dec. 2 that reduced the original $5.2 billion penalty to $3.4 billion.

“The reduction should have been 25 percent. We saw the mistake and had to fix it," he said.

According to reports, MTN, is considering a further reduction in the fine as paying it will send its operations downhill.

The company has been given till December 31 to pay up.

MTN's shares traded 3.7 percent lower at 134.80 rand as at 11:38 a.m. in Johannesburg, the lowest since Nov. 17. The stock has fallen about 30 percent since the fine was made public on Oct. 26.


Bloomberg
 

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