The Nigerian Communications Commission (NCC) has reduced the $5.2 billion hefty fine slammed on the giant telecommunications company MTN Nigeria – by a third – to $3.4 billion, for flouting the regulatory body’s directive on SIM deactivation, after exhaustive negotiations.
The telecommunications regulator has also given MTN until the end of the year to pay the fine.
Read the mail MTN management sent to it’s staff below:
“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 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.