We all are now currently aware of the NGN1.04 trillion fine ($5.2 billion) that was imposed on MTN by the NCC over failure to disconnect unregistered users from its network after the SIM registration deadline had closed. MTN has now announced that its CEO is currently in talks with the board of NCC on a ground of lighter terms as regards the fine.
From the time when NCC has announced the ban, MTN were give only up to the 16th of November to come up with the money for the fine settlement and MTN hopes to get something done before then.
This issue of fine has already done a lot to negatively affect the business of MTN as billions has already been deleted from their overall market worth. That is not all as since Monday, MTN’s stock has been rapidly dropping so fast that the last time they had such low value was 17 years ago.
Nigeria has been reported to be MTN’s largest customer base as given by the third quarter report and it is said that even though the issue of fine had cast a dark shadow over business, the money-making parastatals of MTN were still intact and as such, is still business as usual.