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[Oops] NCC Says MTN Fine Was Reduced To $3.9b Not $3.4b…Error Due To Typo

Nairametrics by Nairametrics
December 4, 2015
in Uncategorized
Why MTN South Africa staff have been on strikes for 4 weeks

Striking workers of MTN in South Africa

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MTN Group Ltd. had its record fine in Nigeria increased $500 million to $3.9 billion after the country’s telecommunications regulator said it wrote the incorrect penalty in an earlier letter to Africa’s largest phone company.

“There was a typo,” Nigerian Communication Commission spokesman Tony Ojobo said by phone 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.”

The shares traded 3.7 percent lower at 134.80 rand as of 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.

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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