The Nigerian Communications Commission has reduced the
$5.2bn imposed fine on MTN Nigeria to $3.4bn for flouting
the regulatory body's directive on SIM deactivation. NCC
has also given MTN until the end of the year to pay the fine.
After the cut is the mail MTN management sent to its 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
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