UPDATE: MTN Nigeria CEO Resigns as NCC Reduces Fine to $3.4bn

The Nigerian Communications Commission (NCC) has agreed to reduce the fine it imposed on MTN Group to $3.4 Billion from the initial $5.2 Billion.

The NCC had fined the telecommunications company over its refusal to disconnect about 5.1 million unregistered SIM cards from its network, in spite of repeated warnings by the regulator to comply.

A statement by the Johannesburg-based MTN Group on Thursday said the NCC decided to reduce the levy after considering a request from the company.

Meanwhile, MTN has named Ferdi Moolman, the former CEO of the company’s Iran unit and most recently the chief financial officer of MTN Nigeria, to head the Lagos-based operations, following the resignation of Michael Ikpoki.

The head of regulatory and corporate affairs of MTN Nigeria, Akinwale Goodluck, also resigned in what insiders claimed was a forced move.

The acting CEO of MTN Group, Phuthumba Nhleko, said “This revised structure and strengthened leadership will improve operational oversight and increase management capacity”.