Nigerian Communications Commission, NCC, has reduced its record fine on MTN From $5.2billion to $3.4 billion dollars shortly after President Muhammadu Buhari met with South Africa’s President Jacob Zuma.
Below is a statement MTN Sent to it’s 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
