The MTN Group has revealed that it is willing to more than double it’s investment spending in Nigeria in this fiscal year despite the huge fine it has to pay to the Nigerian government.
MTN will be spending $726.13 million to upgrade its network in Nigeria, according to information posted on its website. The telecom giant agreed pay a heavily reduced fine of $1.7 billion, or a third of the initial penalty, in a settlement with Nigeria for missing a deadline to deactivate more than 5 million unregistered SIM cards.
MTN is the largest mobile phone operator in Nigeria with 57 million subscribers, and the country accounts for about a third of its revenues.
MTN’s plan will see the roll out of 3G network population coverage from 67.23 percent to about 90 percent, the presentation said. The aggressive rollout of fibre to six Nigerian cities by the end of 2016 will enable the connections.
The company also said it expected higher revenues in Nigeria supported by reconnecting subscribers and the introduction of new services in May.
