MTN's six-month battle with Nigeria over payment of a record fine has cost the company its seven-year status as Africa's highest-valued telecommunications operator to rival Vodacom. MTN's market capitalisation was R238-billion at the market close in Johannesburg yesterday, trailing Vodacom's R248-billion. This year marks the first time the rankings have been reversed since Vodacom first sold shares in an initial public offering in 2009.MTN's shares have declined 32% since October 26, when the record $5.2-billion Nigerian fine was made public. While the penalty was later reduced to $3.9-billion, the South African company has yet to agree to a payment. CEO Sifiso Dabengwa resigned in November, to be replaced on a temporary basis by his predecessor, Phuthuma Nhleko. Vodacom has gained 12% in the same period."The problem is all the uncertainties hanging over MTN's head," Irnest Kaplan, a telecommunications analyst at Vunani Securities, said. "The market needs to know who the next CEO will be, but most importantly the market needs to be updated on the fine negotiations and if there has been any progress. Markets do not like uncertainty."..