Business
Nigeria: Communications Regulator fines MTN a record $5.2 billion
Ojobo even said “there is an orchestration to try to blackmail the regulator,” without offering details. “MTN should operate in the rule of law – the same rule of law that protects – investment,” he told reporters. He added that in South Africa, MTN has ensured 98 percent compliance in registering its SIM card holders.
In Johannesburg, South Africa, MTN spokesman Chris Maroleng said the company is above board in its dealings with Nigeria. “MTN is committed to engaging with authorities in Nigeria – adhering to the highest principles of sound corporate governance and transparency,” Maroleng said.
South Africa and Nigeria are fierce financial rivals. The high-stakes spat has become political, with Nigerian Vice President Yemi Osinbajo, a corporate lawyer, heading the Nigerian team negotiating with MTN executives from South Africa.
Despite the furor, the regulating authority in Nigeria agreed this week to extend MTN Nigeria’s operating license until 2021 for US$94.2 million. MTN shares gained 5 percent on Tuesday’s news after losing nearly a quarter of their value over the fine.
MTN operates in 22 countries in Africa and the Middle East and reports having 233 million subscribers, more than 60 million of them in Nigeria.
Source: Associated Press
