The newly appointed of South Africa’s MTN Group, Phuthuma Nhleko,
has hinted that he would seek a reduction on the $5.2 billion fine
imposed on the company’s Nigerian arm by Nigerian regulator, the NCC.
Nhleko was named executive chairman of MTN for up to six months after former CEO Sifiso Dabengwa resigned with immediate effect on Monday.
Sifiso Dabengwa has resigned from his position as CEO of MTN Group effective yesterday Monday. |
According to Reuters, Nhleko says his first priority is Nigeria, Africa’s most populous nation and MTN’s largest market.
"I can't say whether we'll pay the whole fine. I don't want to negotiate with Nigerian regulators on a public forum," Nhleko, also a former CEO of MTN, said according to the Reuters report"Nhleko will bring the matter to a conclusion," said 36One Asset Management analyst Jean-Pierre Verster. ”I expect there will be a discount of somewhere between 5 percent and 75 percent. He sees the Nigerian regulator's renewal of MTN's operating license last week as a sign that the regulator could cut MTN some slack,” he added, according to the Reuters report.
MTN
has a deadline date of November 16 to pay the fine imposed on it by the
NCC for failing to deactivate over 5 million subscribers with
unregistered SIMs.
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