The Nigerian Communications Commission has taken a decision concerning its hefty fine on telecommunications giant, MTN Nigeria.
MTN CEO, Phuthuma Nhleko
MTN Nigeria has been offered a reprieve as Nigerian authorities will not enforce the $5.2 billion fine on South Africa’s MTN until negotiations have been concluded, the telecommunications company said on Monday.
This is coming after days of negotiation by the telecommunication's new executive chairman Phuthuma Nhleko with top NCC executives for a stand-down on the hefty fine.
The company, which earns 37 per cent of its revenues in Nigeria, last week appointed former chief executive, Nhleko as executive chairman for six months to negotiate with Nigerian authorities to get more favourable terms on the fine for failing to disconnect 5.2 million unregistered SIM cards.
“Although the Nigerian Communications Commission set a deadline for payment of the fine by Monday, 16 November 2015, 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,” MTN said in a statement today.
"MTN and Nigeria are still in negotiations," the company added.
MTN on Sunday denied reports that it had asked to settle the fine in staggered payments.