THE Nigerian fine that precipitated a management shakeup at MTN has
been increased again, to $3.9bn from the $3.4bn the company was told on
Thursday it would have to pay by month-end.
MTN said on Friday
that the latest amount was set out in a letter from the Nigerian
Communications Commission late on Thursday, which superseded Wednesday’s
letter that had reduced the original $5.2bn fine to $3.4bn.
MTN
said in its statement to the Stock Exchange News Service that neither
letter explained how the reduction was determined, and the company was
"carefully considering" both letters. Executive chairman Phuthuma Nhleko
would "immediately and urgently re-engage with the Nigerian authorities
before responding formally".
MTN on Thursday overhauled its top
team as a result of the fallout from the Nigerian fine, levied in
relation to the tardy disconnection of 5.1-million unregistered
subscribers.
Sifiso Dabengwa had already resigned as CEO. MTN
Nigeria CEO Michael Ikpoki and Akinwale Goodluck, head of regulatory and
corporate affairs, have now also quit with immediate effect, as had
been widely expected.
MTN Nigeria’s chief financial officer, Ferdi Moolman, takes over as CEO of the Lagos-based unit.
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