The Nigerian Communications Commission has reduced the $5.2bn imposed
fine on MTN Nigeria to $3.4bn for flouting the regulatory body's
directive on SIM deactivation. NCC has also given MTN until the end of
the year to pay the fine. After the cut is the mail MTN management sent
to its staff
“The Nigerian Communications Commission (NCC) reduces imposed fine to
US$3.4 billion equivalent and further cautionary announcement.
Shareholders are advised that, after further engagements with the Nigerian Authorities, the NCC has reduced the imposed fine.
MTN has received a formal letter dated 2 December 2015 from the NCC
informing the Company that, after considering the Company’s request, it
has taken the decision to reduce the fine on the MTN Nigeria business
from the original N1,040,000,000,000 (One Trillion, Forty Billion Naira)
to N674 Billion Naira which has to be paid by 31 December 2015.
The fine relates to the late disconnecting of 5.1 million MTN Nigeria
subscribers in August and September 2015.
The Company is 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, as
it is essential for the Company to follow due process to ensure the best
outcome for the Company, its stakeholders and the Nigerian Authorities
and accordingly all factors having a bearing on the situation will be
thoroughly and carefully considered before the Company arrives at a
final decision.
Shareholders are therefore advised to continue to exercise caution when
dealing in the Company’s securities until a further announcement is
made.”
As we committed to you previously, and in the spirit of our Vital
Behaviour of Complete Candour, we will keep you updated as the matter
unfolds. As we enter the busy year-end period in our business, I
encourage you to continue focusing on our customers and strive to keep
our promise to provide the bold, new Digital World to them.
Regards,
Phuthuma
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Title : NCC reduces MTN fine from $5.2bn to $3.4bn, deadline December Ending.
Description : The Nigerian Communications Commission has reduced the $5.2bn imposed fine on MTN Nigeria to $3.4bn for flouting the regulatory body'...
