MTN says it will not have to meet Monday’s fine deadline

November 16, 2015, 12:30pm

By TGM Digital, Business Day Live. Photo: EPA/Kim Ludbrook 

MTN Nigeria will not have to meet Monday’s deadline to pay a $5.2bn fine imposed by the Nigerian Communications Commission (NCC).

The cautionary statement was necessary‚ the company said‚ as shareholders had been advised in previous Sens announcements "that the company would update shareholders on all material developments on this matter".

The timing of the company’s initial announcement of the fine on the JSE platform is being investigated.

"Shareholders are advised that the executive chairman of the company‚ Phuthuma Nhleko‚ has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine‚" it said.

"These discussions include matters of noncompliance and the remedial measures that may have to be adopted to address this."

The penalty was imposed after MTN failed to meet a deadline to disconnect improper SIM cards in Nigeria.

"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 aforementioned fine via Sens.

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

TMG Digital