Nigerian authorities have agreed that the NGN1.04 trillion (USD5.2 billion) fine imposed on MTN Group’s local unit will not be payable until negotiations between the parties have been concluded, the South African company revealed in a statement to shareholders. The Nigerian Communications Commission (NCC) had set a deadline of 16 November 2015 for the payment of the fine, which was issued to MTN Nigeria last month, after it failed to meet a deadline to disconnect around 5.1 million unregistered subscribers. In its press release, MTN reiterated that it is committed to resolving the matter with the NCC as soon as possible and it continuing discussions with Nigerian authorities. ‘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 NGN200,000 for each unregistered subscriber, the equivalent of USD5.2 billion imposed on MTN Nigeria by the NCC. These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.’
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