MTN seeks review of $5.2b fine by 80%

MTN Group Limited in South Africa has appealed to the Nigerian Communications Communications (NCC) to review downward the $5.2 billion fine by 80 per cent.
Bloomberg reported that the head of research of Renaissance Capital (RenCap) in Nigeria, Mr. Adesoji Solanke, shared a note with clients on Wednesday, where he said: “MTN is pushing to reduce the fine by 60 per cent to 80 per cent.”
According to Bloomberg, a second lender said: “MTN is considering borrowing from banks, as it recently checked what the banks’ lending capacity to it is.”
It however quoted MTN’s Group spokesman, Chris Maroleng, as saying: “We don’t comment on banking matters, and banking regulators in Nigeria are best placed to provide context on these matters.”
It also quoted the Director of Public Affairs of NCC, Mr. Tony Ojobo, as saying: “I don’t have that information.”
MTN has until November 16, 2015, to pay the penalty, which relates to the timing of the disconnection of 5.1 million subscribers and is based on a charge of N200,000 for each unregistered customer.