NCC REDUCES MTN'S FINE FROM $5.2 BILLION TO $3.4 BILLION

The Nigerian Communications Commission (NCC) has reduced MTN’s fine from $5.2 billion to $3.4 billion.

According to online report, MTN is expected to pay the reduced fine not later than December 31 this year.

NCC, it was gathered, has communicated MTN on the decision of the commission to reduce the fine.

MTN said on Thursday that it had received the formal letter from the commission on Wednesday and was "carefully considering" a reply.

"The executive chairman, Phuthuma Nhleko, will immediately and urgently re-engage with the Nigerian authorities before responding formally, as it is essential for the company to follow due process to ensure the best outcome," the company said.

NCC had in October this year, fined MTN a whooping $5.2 billion (N1.04 trillion), for failure to deactivate 52 million lines on the MTN network and gave MTN until November 16 to pay. MTN could not meet up with the payment deadline and was still negotiating, until yesterday when NCC decided to reduce the fine to $3.4 billion.