FG reduces MTN fine to N674b

The Federal Government through the Nigerian Communication commission (NCC) has reduced MTN fine from N1.otrillion  to N674 billion.
 Meanwhile, the South African telecommunication giant has announced the resignation of the head of its Nigerian operations, Michael Ikpoki and the head of Regulatory and Corporate Affairs, Akinwale Goodluck.
 MTN in a statement said: “They are replaced by Ferdi Moolman as MTN Nigeria CEO and Amina Oyagbola as its head of Regulatory and Corporate Affairs. Mr Moolman was previously COO at MTN Irancell and most recently CFO at MTN Nigeria. A Nigerian national, Ms Oyagbola also retains the position of MTN Nigeria’s Head of Human Resources. She formerly headed regulatory affairs at the Nigerian operating company”.
 Making reference to the fine, MTN said: “after considering the Company’s request, it has taken the decision to reduce the fine on the MTN Nigerian business from the original N1,040,000,000,000 (One Trillion, Forty Billion Naira) to N674 Billion Naira which has to be paid by 31 December 2015.”
MTN further stated that 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 formally, as it is essential for the Company to follow due process to ensure the best outcome for the Company, its stakeholders and the Nigerian Authorities and accordingly all factors having a bearing on the situation will be thoroughly and carefully considered before the Company arrives at a final decision.”