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MTN hopes to reduce Nigerian fine

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The MTN group hopes to have its $5,2-billion fine by the Nigerian Communication Commission (NCC) reduced.
Executive chairman, Phuthuma Nhleko, has met with the Nigerian authorities over the fine of $200 000.00 imposed for each unregistered subscriber.
“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this,” according to a statement from MTN.
Although the NCC set a deadline for payment of the fine by today (16 November 2015), MTN states that Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded.
“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 fine,” the company states.
MTN advises shareholders to exercise caution when dealing with the company’s shares.