The Nigerian Communications Commission has reduced the fine of MTN Nigeria for failure to disconnect 5.2 million unregistered sim cards.
The reduction in fine was announced on Thursday by MTN in South Africa.
Instead of the $5.2 billion (N1.04 trillion) it was initially to pay, the company will now have to cough out $3.4 billion (N674 billion).
The fine is to be paid not later than December 31, 2015.
The company said in a statement on Thursday that it had received a formal letter from the NCC on the development.
It added: “The executive chairman, Phuthuma Nhleko, will immediately and urgently re-engage with the Nigerian authorities before responding formally, as it is essential for the company to follow due process to ensure the best outcome.”
The development is coming hours after the forced resignation of the Chief Executive Officer of MTN Nigeria, Michael Ikpoki, and the Head of Regulatory and Corporate Affairs, Akinwale Goodluck, over the issue.
They were immediately replaced by Ferdi Moolman as the CEO, while Amina Oyagbola is the new Head of Regulatory and Corporate Affairs.
President Muhammadu Buhari is due to be in South Africa on Friday and Saturday and the expectation is that the issue would be discussed with President Jacob Zuma.
The NCC had in October fined MTN for failure to disconnect 5.2 million lines on its network.
It initially gave the telecoms firm a deadline of November 16 to pay the fine.
