MTN-NCC Payment Of N1.4Trillion Fine Shifted Till After Conclusive Negotiations

For those of us that have been following this issue, you will recall that NCC fine MTN because they failed to block unregistered SIM cards worth 5.2Million.

However, the Nigerian Communication Commission (NCC) has finally come to an agreement with the no 1 mobile telecommunication network MTN to pay the fine of N1.4trillion ($5.2 billion) which will be effective after an ongoing discussion with Federal Government as regards N200,000 fine for each unregistered SIM card.

Meanwhile MTN also brought to the fore of the general public that, NCC has shifted the payment deadline till all the necessary negotiations is brought to a final conclusion.

The statement reads below:

Although the NCC set a deadline for payment of the fine by Monday, 16 November 2015 (today), 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.

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 of N200,000 for each unregistered subscriber (the fine), the equivalent of $5.2 billion imposed on MTN Nigeria by the Nigerian Communications Commission (NCC). These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.

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

MTN is committed to resolving the matter together with the NCC as soon as possible and will continue to update stakeholders of any material developments regarding the afore-mentioned fine via SENS.

We will keep you abreast with all the latest as it unfolds.