Presidency To Decide On MTN Fine

Owing to the absence of a board and concerns over national security, the Nigerian Communications Commission (NCC) is awaiting the directive of presidency on whether to insist on the payment of the N1.04 trillion ($5.2 billion) it imposed on MTN Nigeria, accept staggered payments as offered by the firm, or reduce the fine all together.

This is just as the network operator’s parent company in South Africa – MTN Group – announced  monday that it had secured more time to negotiate the fine that has shaved almost a quarter of the market value from Africa’s biggest mobile phone company in the past three weeks.

“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,” MTN said in a statement from Johannesburg monday.

NCC had previously set a deadline of November 16 for settlement of the penalty.
It imposed the levy on MTN for failing to meet a deadline to disconnect 5.2 million unregistered subscribers earlier this year.

Credit: ThisDay

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