The fine , which at first stood at $5 .2billion was reported to be cut down to $3 .4billion . Although , MTN has announced stating that “the fine had not been decreased by 35% – as stated from an initial
Fin24Tech claims that the 2nd letter from the NCC reached them late on 3 December 2015 , barely 24 hours after the first letter was given to MTN.
In a statement made to shareholders , MTN stated that the 2nd letter supersede the 1st letter , notified the company that the fine have really been decreased by 25% to 780 billion naira ( $3 .9bn ) rather than by 35% to 674 billion naira ( $3 .4bn ) , like was said in the first letter . The payment time frame remained 31 December 2015 .”
It further stated that , “Neither the 1st letter nor the 2nd letter sets up any specific information on how the decrease was determined” and Phuthuma Nhleko , the executive chairman of MTN Group , had a plan to “immediately and also urgently re-engage with the Nigerian Authorities” regarding the change .
Nevertheless , the fine has influenced the company in vital ways . Their share price in the Johannesburg Stock Market has got dropped by a 5th , both the group CEO as well as the Nigeria CEO have resign ; so also has MTN Nigeria’s head of regulatory and also corporate affairs , Akinwale Goodluck .
No comments:
Post a Comment