President Muhammadu Buhari says Telecom firms operating in Nigeria should not put their desire to make profits above security concerns.
MTN, Africa’s largest mobile operator, has been fined $3.9 billion in Nigeria – its biggest market by sales – for failing to disconnect users of unregistered SIM cards.
The company, which makes about 37 percent of its revenue from Nigeria, is awaiting a ruling after launching a December court challenge over the fine, which equates to more than twice its annual average capital spending over the past five years.
Buhari made this observation when he met with members of the Nigerian community in Abu Dhabi, where he was attending an energy summit.
It would be recalled that the Nigerian Communications Commission imposed an initial fine of $5.2 billion on MTN based on a $1,000 penalty for each phone line but was reduced to a lesser amount.
MTN said its Nigerian business is likely to report about $955 million in annual profit after tax.