On October 2015, the Nigerian Telecommunications Regulator fined South African mobile giant MTN a sum of $5.2 billion for failing to meet the deadline to disconnect unregistered SIM cards in the country.
This penalty affected major businesses and stocks. For the first time since 1998, Johannesburg lost more than 12% in the stock market.
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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 new reports, the Nigerian Senate has resisted the Federal government’s plans for reduction.
The Senate claims that its yet to know how the money from $8.1 billion to $800 million was arrived at.