NCC has reduced the fine imposed on MTN to $3.4 billion from $5.2 billion. Also, The company announced in a statement on Thursday morning that Michael Ikpoki, its Nigerian CEO, has handed in his resignation with immediate effect. In lieu of this, MTN named Ferdi Moolman, the former CEO of the company’s Iran unit and most recently the chief financial officer of MTN Nigeria, as head of the Lagos-based operations.
According to Bloomberg:
The initial fine of $5.2 billion was more than MTN’s total sales in Nigeria in 2014 and the equivalent of about 37 percent of the group’s total revenue. A full payment would have exceeded the revenue the Nigerian government made from oil in the second-quarter, and more than double the state’s non-crude proceeds, according to central bank data. MTN’s largest shareholder, the Public Investment Corp., in November called on the board to take greater responsibility for the fine.
With the reduced fine, MTN has until the end of the month to pay the fine.