The exit of Ahmed Farouk as MD has inflicted many woes on MTN. After been fined by Nigerian Communications Commission, NCC over failure to disconnect unregistered SIM cards, MTN has gotten a deadline of November 16 to pay a $5.2 billion fine.
NCC spokesman, Tony Ojobo, gave the deadline in an interview where he said “The deadline set for the payment of the fine is November 16. The key issue is if MTN breached the law or not. Certainly, there was a breach and if there is a breach, we will apply the law.”
MTN failed to disconnect about 5.1 million unregistered SIM as directed by the NCC. The telecommunications service provider is said to be falling short in terms of quality service, over billing of customers, arrogance of its customer service executives and high call rates among other minuses.
The telecomm outfit was also plagued with porting of over 40,719 subscribers to another network in the month of September. It said that out of the 40,719 porting activities recorded in the month under review, 20,349 were incoming porting activities, while 20,370 were outgoing.
The report indicated in the outgoing table, MTN Nigeria lost 12,259 subscribers to other networks through the MNP activities in September.
According to the report, MTN is the worst hit during the exercise, followed by Airtel Nigeria, which lost 3,635 customers in the month under review.
The South African bourse suspended MTN in trading in the shares.
“Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform,” said Peter Redman of the exchange’s surveillance department.