MTN Group on Monday said Nigerian Communications Commission (NCC) has extended the deadline for the payment of the N1.04 trillion ($5.2 billion) fine imposed on it, pending the conclusion of negotiations. It did not specify any new deadline for payment.
Mr Phuthuma Nhleko, Chairman of the Company, said in a statement obtained by NAN in Lagos that he had personally met with NCC to continue the ongoing discussions regarding the fine.
It said that the discussions included matters of non-compliance and the remedial measures that might have to be adopted to address it.
“Shareholders are referred to the announcements by the company on the Stock Exchange News Service (SENS) of the JSE.
“Shareholders were advised in the SENS announcements that the company would update them on all material developments on this matter.
“NCC set a deadline for payment of the fine by Monday, Nov. 16, 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,’’ the MTN Group is quoted as saying.
The company said it was determined to resolve the matter with NCC as soon as possible and would continue to update stakeholders of any material developments regarding the afore-mentioned fine via SENS.
The Group advised shareholders to continue to exercise caution when dealing in the company’s securities, until otherwise announced.
Efforts to get the Director, Public Affairs of NCC, Mr Tony Ojobo to confirm the extension of payment of the fine proved abortive, as he was said to be attending a meeting.
– NAN