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MTN engages on Nigerian fine

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The MTN group is engaging with Nigerian authorities on the massive R71-billion fine imposed on the telecommunications operator earlier this week.
The company has issued a cautionary announcement, advising CEO that the Group CEO is engaging with the Nigerian Communications Commission (NCC).
In addition senior management and company advisors are currently engaging with the JSE on the timing of the SENS announcement whereby MTN alerted shareholders to the fine.
On Tuesday this week, MTN issued a SENS announcement that the Nigerian Communications Commission (NCC) yesterday imposed a 1,04-trillion naira – about R71-billion or $5,2-billion – fine on its Nigerian operation.
The fine relates to the timing of the disconnection of 5,1-million MTN Nigeria subscribers who were disconnected in August and September 2015.
The total amount is based on a fine of 200 000 niara for each unregistered subscriber.