MTN said on Thursday that it is considering a $1.8-billion reduction in the penalty handed down to it by the Nigerian Communications Commission (NCC).
The company in the morning advised shareholders “that‚ after further engagements with the Nigerian authorities‚ the NCC has reduced the imposed fine”.
It said it had received a formal letter — dated December 2 — saying that‚ “after considering the company’s request‚ it has taken the decision to reduce the fine on the MTN Nigerian business” from the original $5.2-billion to $3.4-billion.
“The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015‚” the company said.
MTN‚ who would have until December 31 to pay‚ “is carefully considering the NCC’s reply‚ however‚ the executive chairman‚ Phuthuma Nhleko‚ will immediately and urgently re-engage with the Nigerian Authorities before responding formally.
“Shareholders are therefore advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made‚” it said.
MTN to engage Nigerian authorities on fine reduction
The company in the morning advised shareholders “that‚ after further engagements with the Nigerian authorities‚ the NCC has reduced the imposed fine”.
It said it had received a formal letter — dated December 2 — saying that‚ “after considering the company’s request‚ it has taken the decision to reduce the fine on the MTN Nigerian business” from the original $5.2-billion to $3.4-billion.
“The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015‚” the company said.
MTN‚ who would have until December 31 to pay‚ “is carefully considering the NCC’s reply‚ however‚ the executive chairman‚ Phuthuma Nhleko‚ will immediately and urgently re-engage with the Nigerian Authorities before responding formally.
“Shareholders are therefore advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made‚” it said.
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