MTN has to pay a R56-billion fine in Nigeria by the end of December. Here are 5 charts which illustrate just how large the fine is.
MTN recently announced that the Nigerian Communications Commission reduced its fine from N1.04 trillion (around R75 billion) to N780 billion (around R56 billion).
On 3 December, MTN announced its fine in Nigeria was reduced to N674 Billion Naira (around R48.5 billion). However, a day later the higher fine was upped.
The fine relates to the late disconnection of 5.1 million MTN Nigeria subscribers in August and September 2015.
The payment date for MTN’s fine in Nigeria remains 31 December 2015, which places pressure on the company.
Considering the size of the fine, it is not surprising that MTN executive chairman Phuthuma Nhleko will “immediately and urgently re-engage with the Nigerian Authorities” about the matter.
The charts below illustrate the size of MTN Nigeria’s fine, and its impact on the company. The figures used in these graphs are based on MTN’s financial results for the year ended 31 December 2014.