Nigerian President Muhammadu Buhari, and South African President Jacob Zuma, will meet in Johannesburg this week to discuss the $5.2 billion MTN fine imposed by Nigerian authorities, TechCentral reports.

The report says the meeting will happen this week even as the Forum of China-Africa Co-operation, holds in South Africa on the 4th and 5th of December. The Nigerian President is said to have the final say on the fate of the record setting fine (the largest of its kind anywhere in the world).

The Nigerian Communications Commission slapped the telco with a hefty 1.04 trillion naira fine (or $5.2bn) for allegedly failing to adhere to the body’s instruction to cut off all unregistered sim cards. As many as 5.1 million unregistered SIM cards under that country’s SIM card registration legislation.

The interim MTN Group executive chairman Phuthuma Nhleko — who has taken the reins following the resignation of CEO Sifiso Dabengwa — has been negotiating with Nigerian authorities in an effort to have the fine reduced.

Over the past 30 days, MTN’s share price has lost 22.9% of its value.

Photo Credit: theglobalpanorama via Compfight cc

Ibukun Taiwo Author

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