On October 2015, the Nigerian Telecommunications Regulator fined South African mobile giant. MTN was fined $5.2 billion for missing a deadline to disconnect unregistered SIM cards.
This penalty affected major businesses and stocks. For the first time since 1998, Johannesburg lost more than 12% in the stock market.
This fine has grown to $8 billion from it initially $5 billion.
The Nigerian Federal Government (FG) wished the fined be reduced by 1000%. That would means MTN would be paying $800 million.
According to report, the Senate resist FG plans for this huge 1000% reduction.
The Senate claims that its yet to know how the money from $8.1 billion to $800 million was arrived at.