Buhari, Zuma to Discuss MTN’s $5.2Bn Fine in S/Africa

President Muhammadu Buhari and President Jacob Zuma, his South African counterpart, are to meet in Johannesburg this week to discuss MTN's $5.2 billion fine.

Both leaders are expected to meet to discuss the fine on the side-lines of the Forum of China-Africa Co-operation on December 4-5 at the Sandton Convention Centre.

Nigeria’s SIM card registration process is created to curb terror and criminal threats in the country.

Sunday Times, a South African newspaper, reported that the China-Africa forum would provide robust discussions on trade.

The news of the planned meeting comes after Nigerian officials this week said that Buhari would make the final decision on the fine.

The Nigerian Communications Commission slapped the telco with a hefty 1.04 trillion naira fine (or $5.2bn) for allegedly failing to adhere to the body's instruction to cut off all unregistered sim cards.

Sifiso Dabengwa, MTN's group chief executive officer subsequently quit while the company's former CEO, Phuthuma Nhleko, was then appointed as executive chairperson and charged with the responsibility of tackling the fine.

The fine, which Denmark-based Strand Consult said is the biggest of its kind in history, has rattled the South African headquartered MTN whose share price shed about fifth of its value amid the penalty. Over the past year, it is trading down by 31,2%.