Telecoms giant says fine 'waived' by NCC, deadline postponed

According to various media reports, MTN has announced that the Nigerian Communications Commission (NCC) has dropped the November 16 (today) deadline for the payment of the N1.4 trillion fine imposed on it by the Commission.

The company was initially given till November 16 to pay the $5.4 billion fine imposed on it by the NCC, but the Nigeria CommunicationsWeek reports that the telecoms giant has stated that the Commission has agreed with the company that the fine will not be paid until the end of negotiations negotiations currently being carried out by the company’s new chairman, Phuthuma Nhleko, who has taken on resigned CEO, Sifiso Dabengwa’s role for the next six months.

READ: New boss, Phuthuma Nhleko hints at $5.2 billion fine reduction

"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. These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this. 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 the statement according to reports.

Nigeria is MTN’s biggest market and the company has already lost about $4.2 billion in value after news of the fine imposed on it by the NCC broke.

The South Africa-based company was fined N1.04 trillion for failing to deactivate unregistered SIMs despite the Commissions directives.