MTN N1.04trilion Fine: NCC Extends Deadline

MTN N1.04trilion Fine: NCC Extends Deadline


MTN Group on Monday said the Nigerian Communications Commission (NCC) had extended the deadline for the payment of the N1.04 trillion (5.2 billion dollars) fine imposed on it, pending the conclusion of negotiations.

In a statement in Lagos, the Group said that the Chairman of the Company, Phuthuma Nhleko, had personally met with NCC to continue the ongoing discussions regarding the fine.

It said the discussions included matters of non-compliance and the remedial measures that might have to be adopted to address it.

“Shareholders are referred to the announcements issued by the company on the Stock Exchange News Service (SENS) of the JSE Ltd on Oct. 26, 2015, Oct. 30, 2015, Nov. 2, 2015, Nov. 3, 2015 and Nov. 9, 2015, respectively.
“Shareholders were advised in the SENS announcements that the company would update them on all material developments on this matter.

“The NCC set a deadline for payment of the fine by Monday, Nov. 16, 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 MTN Group was quoted as saying.

The company said it was determined to resolve the matter with the NCC as soon as possible and would continue to update stakeholders of any material developments regarding the aforementioned fine via SENS.
The Group advised shareholders to continue to exercise caution when dealing in the company’s securities, until otherwise announced.

Efforts to get the Director, Public Affairs of NCC, Tony Ojobo to confirm the extension of payment of the fine proved abortive, as he was said to be attending a meeting.


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