MTN’s $5.2bn fine: Presidents Muhammadu Buhari and Jacob Zuma to meet

Presidents Muhammadu Buhari (left) and Jacob Zuma

The presidents of Africa’s two biggest economies plan to meet in Johannesburg this week to discuss MTN’s $5.2bn fine in Nigeria, reported the Sunday Times. President Jacob Zuma and his Nigerian counterpart Muhammadu Buhari are expected to meet and discuss the fine along the sidelines of the Forum of China-Africa Co-operation, the newspaper reported on Sunday. The event takes place on December 4-5 at the Sandton Convention Centre. Meanwhile, the expected meeting between the two heads of state comes after Nigeria’s communications technology minister Adebayo Shittu told newspapers in the West African country that Buhari will decide on MTN’s fate regarding the fine.
The Nigerian Communications Commission (NCC) fined MTN $5.2bn for failing to disconnect five million unregistered SIM cards in a timely manner (You can read the story here). Nigeria’s SIM card registration process is designed to curb terror and criminal threats in that country.
The fine - which Denmark-based Strand Consult said is the biggest of its kind in history - has rattled the South African headquartered MTN whose share price shed about fifth of its value amid the penalty.
MTN’s group chief executive officer Sifiso Dabengwa subsequently quit while the company’s former CEO Phuthuma Nhleko was then appointed as executive chairperson and tasked with tackling the fine. Talks between MTN and the NCC regarding the fine are said to be ongoing with Nhleko having visited Nigeria.

Source: Fin24