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Telecom giant's fine raised to $3.9 billion in new NCC directive

The South Africa-based company said in a statement that the NCC raised the fine again in a letter dated Thursday.

Ferdi Moolman, newly appointed CEO of MTN Nigeria

MTN Group has announced that the NCC has raised the fine which it must pay from $3.4 billion to $3.9 billion – just 24 four hours after the regulator had cut it down from $5.2 billion to $3.4 billion.

MTN Group shares fell for the second consecutive day.

The South Africa-based company said in a statement that the NCC raised the fine again in a letter dated Thursday.

The NCC had initially reduced the fine to $3.4 billion – a reduction of 35 percent, but the new figure would cut that down to a 25% reduction. MTN says the payment date still remains December 31.

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MTN shares dropped 5.2 percent as of 9.37a.m. in Johannesburg, the lowest drop since November 17. The company’s stock has now fallen in two separate sessions, extending the decline which the shares have underwent since the fine was made public back in October.

MTN Nigeria was fined for failing to meet a deadline to disconnect 5.1 million unregistered SIMs. The initial $5.2 billion fine is more than MTN’s total revenue in Nigeria in 2014 and is the equivalent of about 37 percent of all of MTN Groups revenue.

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