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Nigeria cuts drastic fine for MTN to $3.4 billion

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Staff writer ▼ | December 3, 2015
The Nigerian Communications Commission (NCC) reduced imposed fine to $3.4 billion to be paid until the end of the year.
MTN Nigeria
Communications   MTN has received a formal letter with new fine
MTN has received a formal letter dated December 2, 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 Nigerian business from the original N1,040,000,000,000 to N674 Billion Naira which has to be paid by December 31, 2015.

The fine relates to the late disconnecting of 5.1 million MTN Nigerian 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.

Shareholders are therefore advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made.