South Africabased Telecommunications company, MTNGroup, formerly M-Cell which has grown to be a dominant force in Nigeriahas just announced that more than five million Nigerian subscribers have stopped using their MTNlines.
The company recently publicly declared a very low increase in subscriber growth and they blamed this on stiffer competition unlike before and the tougher regulations now in place in the Nigerian market.
The company announced that in the last three to four months, they have witnessed a 0.95 increase in users below the 25 they witnessed same time last year.
The Telecomms giant’s Chief Executive Sifiso Dabengwa, added that their subscriber base in Nigeriahas fallen as a result of over five million users been disconnected because of their failure to register their sim cards. “Aggressive price competition, weakening macroeconomic conditions in most of our markets and unfavourable exchange rate movements continued to impact financial performance for the quarter,” he said.