- MTN executives will meet Nigerian Communications Commission
- Meeting planned after regulator imposes $5.2 billion penalty
MTN Group Ltd., Africa’s largest phone company, will send senior executives to Nigeria this week to discuss a fine of $5.2 billion set by the country’s communications regulator, according to a person familiar with the matter.
MTN will meet with the Nigerian Communications Commission on Wednesday and will challenge the penalty, according to the person, who asked not to be identified because the matter is private. The fine relates to the timing of more than 5 million subscribers’ disconnections in August and September, Johannesburg-based MTN said in a statement Monday.
A spokesman for MTN didn’t immediately return a call seeking comment. Tony Ojobo, head of public affairs for the Nigerian Communications Commission, said in an interview that he’s not aware of a meeting between MTN and the regulator, and any letter from MTN requesting one will be treated “on merit.”
The fine is based on 200,000 naira ($1,005) for each unregistered subscriber, MTN said. The shares fell as much as 16 percent, the most since April 2000.