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MTN Wins Respite Over $5.2bn Fine

AFP | Johannesburg November 16, 2015 Last Updated at 14:02 IST

MTNSouth African telecoms giant MTN has won a respite on the payment of a massive USD 5.2 billion fine imposed on the company in Nigeria to allow for negotiations, the mobile phone operator said today.

The MTN has won a respite on the payment of a huge $5.2 billion fine imposed on them by the Nigeria Communications Commission(NCC), the telecoms giant said today.

NCC slammed a penalty on the Africa’s largest telecoms firm for failing to deactivate over 5 million unregistered subscribers.
The deadline for the fine to be paid was today, November 16 but the company announced that the NCC had agreed that it will not be payable until the end of negotiations entered into by acting executive chairman, Phuthuma Nhleko, who took over from the former group CEO who recently resigned
“Shareholders are advised that the executive chairman of the company, Mr Phuthuma Nhleko, has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine,” the statement said.

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

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