NCC postpones payment of MTN fine

In from Timothy Enietan-Matthews . . .
Temporary respite came the way of telecommunications giant, MTN, as the Nigerian Communications Commission (NCC) has acceded to its pleas that the N1.4trillion ($5.2 billion) fine imposed on it be paid at the end of ongoing discussion with the Federal Government.
The company announced this in a statement on Monday, adding that the NCC has pushed back Monday’s deadline for payment of the fine until talks have been concluded.
The statement reads: “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.

Read also: N1.04tn fine: It’s D-Day for MTN

“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.”
“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.”

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