MTN Group CEO Sifiso Dabengwa is in discussions with the Nigerian Authorities over the $5.2 billion (R71 billion) fine by the Nigerian Communications Commission (NCC), the country’s telecoms watchdog. By Staff Writer
The proposed fine by the NCC relates to the timing of the disconnection of 5.1 million MTN Nigeria subscribers who were disconnected in August and September 2015 and is based on a fine of 200, 000 Naira (R14 000) for each unregistered subscriber.
“The Group CEO is engaging with the Nigerian authorities on the regulatory aspects of this matter,” MTN informed investors on Friday morning.
MTN’s licence in Nigeria expires in June 2016.
Furthermore, MTN may be probed by the JSE for not disclosing the Nigerian fine on time to its shareholders.
MTN said on Friday its managers were also in talks with the JSE.
“In addition senior management of the company and its advisors are currently engaging with the JSE Limited on the timing of the aforementioned SENS announcement. The Company will update shareholders through SENS on these engagements as soon as possible,” said MTN.
But one local analyst had this to say about the fine on Twitter:
MTN fine is "like imposing a sentence of 400 years imprisonment for a traffic offence." https://t.co/fWqXtKzPWC (via @TCMaree)
— Paul Theron (@paul_vestact) October 29, 2015
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