MTN has had its R72.2 billion fine issued by the Nigerian Communications Commission (NCC) reduced by R25.8 billion.

Africa’s largest mobile network operator now has to pay R46.4 billion, which is still higher than the R37.7 billion profit MTN reported at the end of the 2014 financial year.

The operator issued a statement in which it said, “MTN has received a formal letter dated December 2, 2015 from the NCC informing the company that, after considering the company’s request, it has taken the decision to reduce the fine”.

While the reduction may come as a relief to Executive Chairman, Phuthuma Nhleko, Bloomberg reports that the NCC has said the fine must be paid by 31st December.

This is not the end of the saga however, MTN has said that Nhleko will re-engage with Nigerian authorities before issuing a formal response and that, “all factors having a bearing on the situation will be thoroughly and carefully considered before the company arrives at a final decision.”

Since the fine was made public MTN share prices have dropped by as much as 25% and Chief Executive Officer Sifiso Dabengwa has stepped down “in the interest of the Company and its shareholders”.

The NCC issued the fine in October after MTN failed to shut-off unregistered SIM cards on phones on its network in Nigeria.

[Image CC by 2.0 – Warren Rohner]