MTN’s $5.2b Fine Not a Witch-hunt – Osinbajo

Vice President Yemi Osinbajo has said that the $5.2 billion imposed on MTN by the Nigerian government was not a witch-hunt of the South African mobile telecoms giant, according to a report by African News Agency.
The vice president also dismissed insinuations that the development had soured the relationship between Nigeria and South Africa – the two largest economies on the continent.
Reacting to a question at the 47th Annual Meeting of the World Economic Forum in Davos, Switzerland, on Tuesday, Osinbajo stressed that the decision to fine MTN was “not any kind of hostility” on the part of the Nigerian government.
Osinbajo said the initial fine of $5.2 billion imposed on MTN for failure to disconnect 5.1 million unregistered customers in the country on time, was an individual case that could not in any way amount to a souring of relations between the two nations.
After lengthy negotiations, MTN’s fine was eventually reduced to $1.7 billion to be paid over a period of three years. MTN is Africa’s biggest cellular phone company, and Nigeria its biggest market.
“MTN was a violation of regulations, not an arbitrary imposition of a fine,” Osinbajo said, adding that the company had been party to developing the regulations.
“They were given sufficient time to rectify or modify conduct.
“MTN has not complained of unfair treatment. There is not any kind of hostility. MTN has been in Nigeria for about 16 years and doing very well, and continues to do very well,” he added.