NCC Increases MTN Fine By $500Million After Initially Making ‘Typographical’ Error

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Apparently, MTN Nigeria is not out of the woods yet following an increase of $500 million to its reduced $3.4 billion NCC fine after the regulator said it wrote an incorrect figure in an earlier letter to the telecoms operator.

Recall that NEWS360 INFO, Thurday, reported that the regulator in a letter it sent to MTN Group reduced the initial $5.1bn fine to $3.4bn following series of meetings between the two parties.

“There was a typo,” Nigerian Communication Commission spokesman Tony Ojobo told Bloomberg by phone on Friday, referring to a letter dated Dec. 2 that reduced the original $5.2 billion penalty to $3.4 billion. “The reduction should have been 25 percent. We saw the mistake and had to fix it.”

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MTN spokesman Chris Maroleng declined to comment. The shares traded 4.7 percent lower at 133.40 rand as of 10:39 a.m. in Johannesburg, the lowest since Nov. 17.

MTN received a second letter on Thursday which superseded the first letter and increased the fine to $3.9 billion, the Johannesburg-based company said in a statement on Friday. The payment date is Dec. 31.

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