The Nigerian Communications Commission has sharply reduced a hefty penalty slapped on South African telecoms giant MTN over unregistered SIM cards, the company said on Thursday.
The Commission is now looking for a fine of $3.4 billion (3.2 billion euros), down from an earlier $5.2 billion, after negotiations with the regulator, it said.
MTN was slapped with the hefty penalty in October after it missed a deadline to disconnect 5.1 million unregistered SIM cards.
The reduced fine has to be paid by December 31.
The fine which resulted in the resignation of the group’s chief executive Sifiso Dabengwa in November, after news of the penalty sent the firm’s share price plummeting.
Dabengwa has been replaced by Phuthuma Nhleko, the firm’s former chief executive who will hold the position for six months.