TheCable

Nigerian Communications Commission says it made a typographical error in reducing MTN Nigeria’s fine by 35 percent.

After sending a second letter which led to confusion at MTN, the regulator said it intended to reduce the fine by only 25 percent.

Tony Ojobo, NCC spokesperson, was quoted by Reuters to have said “the information that was conveyed to them initially said 35 (percent reduction) but it was 25. It was a typo.”

“The regulator exercised its discretionary powers based on consultations with the federal government and other stakeholders,” he added when asked why the fine was reduced.

NCC had said on Thursday that it had cut MTN’s N1.04tr fine by 35 percent, reducing it to N674bn, but now insists that the fine stands at N780bn.

MTN bagged the fine in October for failing to disconnect 5.1 million unregistered SIM cards within the stipulated time by the regulator.

MTN makes about 37 percent of its revenue from Nigeria, and a reduced fine of $3.9 billion would still equate to more than twice its annual average capital spending over the past five years.

In the face of this “typo”, MTN shares fell by over three percent on Friday, having lost over 25 percent since the fine was handed down on October 26.

MTN said earlier on Friday, that it was “carefully considering both the first letter and the second letter, and the executive chairman, Phuthuma Nhleko, will immediately and urgently re-engage with the Nigerian authorities before responding formally”.