According to Vanguard Newspaper senior executives of the telecommunications corporation MTN arrived in Nigeria on Wednesday to discuss the possibility of making changes to the senior management of MTN Nigeria.
Currently MTN Nigeria is headed by Chief Executive Officer (CEO) Michael Ikpoki.
Observers have noted that the arrival of these senior executives is connected to the $5.2 billion fine MTN Nigeria currently imposed by the Nigerian government. The fine was issued by the Nigerian Communications Commission (NCC) to MTN Nigeria for their failure to disconnect customers with unregistered SIM cards. It will be recalled that SaharaReporters previously wrote a story detailing how and why the telecommunications giant was fined such a high amount.
Vanguard Newspaper reported that the spokesman for MTN Nigeria, Chineze Gbenga-Oluwatoye, denied any connection between the fine and the visit of the senior executives. MTN saw its shares drop by 19 percent on the Johannesburg Stock Exchange (JSE), the largest three day drop since 2008. The company’s stock was also reported to have dropped by 2.6 percent, its lowest since October, 2012.