According to a report via BBC News, MTN Nigeria has been fined USD $5.2 billion by Nigeria’s Communications Commission (NCC).
The report revealed that MTN was fined for non-compliance with a deadline set out by the NCC to disconnect all non-registered sim cards.
The move follows accusations by mobile phone users that the regulator had failed to bring operators to account for poor services to subscribers, the report revealed.
According to the report, MTN Nigeria said it was studying the letter sent to it by the regulator and will respond as soon as possible. A senior official of the company said it was in talks with the regulator over the fine and hoped to resolve the matter.
The report further revealed that some Nigerians said that they wanted the regulator to address poor network signals provided by telecoms companies in the country. Additionally, they want more sanctions on firms to encourage them to improve signals and the quality of service in the country.
Statistics from the NCC indicates that Nigeria, a country with estimated population of more than 170 million, has close to 150 million mobile phones.
According to timeslive.co.za, shares in MTN extended their losses to more than 10 percent and traded down 9.3 percent lower at 173 rand by 1236 GMT (14:36 SA time).