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MTN said to its shareholders on Thursday during a market update that the Nigerian Communications Commission (NCC) has agreed to reduce the $5.2bn fine charged to the telecom. A fine charged as a result of the telecom failing to disconnect some five million SIM cards in Nigeria.

The fine charged by NCC to MTN now stands at $3.4bn, and the telecom needs to pay the sum by December 31 2015. MTN has also announced changes in its management; former CEO rendered his resignation amid the multi-billion dollar fine in Nigeria. On Thursday, again MTN announced that Michael Ikpoki the MTN Nigeria CEO and head of regulatory and corporate affairs Akinwale Goodluck have resigned.

MTN Nigeria’s former Chief Operating Office and Chief Financial Officer, Ferdi Moolman will replace the outgoing CEO. Amina Oyagbola will take the position of MTN Nigeria’s head of regulatory and corporate affairs.

The turmoil currently rocking MTN Group made its share price fall by a fifth.

Related: Nigeria’s $5.2 billion Fine on MTN Nigeria Prompts President Zuma and President Buhari Meet up

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