MTN Blames Its Imminet Loss on NCC Fine

In a new statement released by MTN this week, the telecommunication company says its inability to record profit from 2016 accounting year was as a result of the N330bn fined placed on them by Nigeria Communications Commission (NCC), the company also claims said the fine took 4.74 rand from full-year earnings per share.

The statement reads in part
“The performance in Nigeria was hurt by the forced disconnection of 4.5 million customers by the government a year ago, regulatory penalties and the weakness of the naira against the dollar. In South Africa, lower demand for mobile-phone contracts weighed on earnings,” MTN said.

“Together, those factors wiped out all of MTN’s 2016 earnings, after the company reported profit of 7.46 rand per share in 2015.”