MTN not paying Nigeria fine yet

November 16, 2015 8:29 am0 commentsViews: 5

MTN Executive chairman Phuthuma NhlekoJOHANNESBURG, (CAJ News) – THE Nigeria Communications Commission (NCC) has reviewed the deadline for the payment of the N1,04 trillion (US$5,2 billion) fine it imposed on MTN for defying regulatory directives.

The deadline had initially been set for today (Monday).MTN on Monday morning confirmed the deadline had been reviewed following a series of meetings with NCC.

The Executive Chairman of the company, Phuthuma Nhleko, has personally met the Nigerian authorities to continue the ongoing discussions with them regarding the fine of N200 000 for each unregistered subscriber.

These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this, MTN said.

“Although the Nigerian Communications Commission set a deadline for payment of the fine by Monday, 16 November 2015, shareholders are advised that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded, the company said.It expressed commitment to o resolving the matter together with the NCC as soon as possible saying it would update stakeholders of any material developments regarding the afore-mentioned fine.

“Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” stated MTN.

CAJ News

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