The Nigerian Communications Commission has reduced its fine on MTN Nigeria to N674 Billion Naira ($3.4 million or ±R48.5 billion).
MTN received a letter dated 2 December 2015 from the NCC stating it took the decision to reduce the fine on MTN Nigeria from the original N1.04 trillion to N674 billion. The fine has to be paid by 31 December 2015.
The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015.
“We are 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,” said MTN.
“It is essential for MTN to follow due process to ensure the best outcome for the company, its stakeholders, and the Nigerian Authorities.”
Shareholders were advised to exercise caution when dealing in MTN’s securities until a further announcement is made.