MTN Asks for 'Leniency' on $5.2Bn Nigeria Fiine

South Africa's MTN has written to authorities in Nigeria asking for "leniency" and requesting a review of a $5.2 billion fine imposed on the telecoms provider for failing to cut off unregistered SIM card users, a regulatory source said on Tuesday.

MTN sent a copy of the letter addressed to telecommunications regulator NCC to Nigeria's presidency, the source said, without providing specific details about the review. A second source confirmed MTN had sent a letter.

It would be recalled that the Nigerian Communications Commission (NCC) had imposed the penalty on the South African-based firm for failing to disconnect users with unregistered SIM cards.

NCC initially asked MTN to disconnect between 10 and 18.6 million users but MTN told the regulator it had 5.2 million unregistered users on its network, the NCC source said.

The heavy fine has raised worries about doing business in Nigeria whose finances have been hit by falling crude oil prices.

Investors have seen risks growing in the west African country as new leader Muhammadu Buhari shows little sign of following up on promises of economic reform.