There are indications that telecommunications giant MTN may completely suspend its services in Nigeria if current effort to negotiate an amicable settlement of $5.2bn (N1.4trn) fine imposed on the corporation by the NCC for failing to disconnect unregistered SIM cards fails, Daily Correspondents can authoritatively report.
A source at the multinational telecoms corporation who craved anonymity because he was not authorised to speak to the press told Daily Correspondents on phone that there is the likelihood MTN may not be able to settle such huge fine, which may force it to completely shut down its operation in Nigeria, and sent thousands of its workers into the labour market.
Daily Correspondents further learnt that the huge fine, which has unsettled the management of the South African telecoms giant leading to the resignation of its former CEO, Mr. Sifiso Dabengwa, is negatively affecting MTN shares in the stock market, which plunged by 20% in the last few days.
"MTN wishes to inform the market that MTN’s Chief Executive Officer, Mr Sifiso Dabengwa has resigned.
"Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the interest of the Company and its shareholders, have tendered my resignation with immediate effect," stated Sifiso Dabengwa, a statement from the company said, Monday.
Our source further said MTN was willing to pay something out of the huge fine, but the NCC insistence that the whole fine of $5.2bn must be paid is complicating matters and may not have gone down well with top management of MTN, who are already contemplating the withdrawal of their operations from Nigeria, from what our sources said, were as a result of fears that Nigerian regulators are now targeting South African businesses for obvious reasons.
Already, there is tension among staff of MTN Nigeria who fear losing their jobs should MTN pull out of the country, said our source.
Daily Correspondents has further learnt that the new South Africa MTN Group's Executive Chairman Phuthuma Nhleko is already in Nigeria to try to reach an amicable settlement of the $5.2 billion fine as the deadline approaches.
MTN has said it was continuing talks with the authorities in Nigeria over the fine.
https://m.facebook.com/dailycorrespondents/photos/a.422357237965621.1073741829.411451399056205/454980711369940/?type=3&refid=8&_ft_=qid.6216629514912740860%3Amf_story_key.3600752685621710927%3AeligibleForSeeFirstBumping.1

topic is not coherent with the post, please authenticate your news before posting it. smh

Ok now ... We de watch.. Makes me wonder who go luz

Good riddance to bad rubbish.

Pull out? Impossible! It's just initial gra gra. They should try it if they are serious and we will see avalanche of other major telecom investors queueing up to take the space vacated.

I hope this is not true, people will lose their jobs, this is bad for our economy.

I hope this is not true, people will lose their jobs, this is bad for our economy

They should b fast at it

Make I finish my remaining credit.

This is the time to attract more foreign investments into the country, not a time to lose the one we have because of greed. Mr. President liase with your boys to resolve this issue amicably, at least if you can not bring in an investor, try not chase out the ones your predecessors brought in.

I smell paid news.

I know this story is a lie but I'd still hold on the hope of wishful thinking.

its not goin to work jare

sheyman4phy:
Make I finish my remaining credit.