March 21, 2019

MTN gets some reprieve

MTN gets some reprieve

South African mobile phone firm MTN Group said Nigeria has pushed back a Monday deadline for it to pay a $5.2 billion fine for failing to cut off unregistered SIM cards until talks with authorities have concluded. The planned fine has sent MTN’s stock price plunging by more than a fifth since it was announced on Oct. 26 and prompted the resignation of its chief executive.

MTN, which has asked former chief executive Phuthuma Nhleko to take charge for up to six months, is seeking to have the fine reduced and has been in discussions with high-ranking officials from the Nigerian Communications Commission and the Nigerian presidency for the past two weeks.

[More wahala for MTN, slammed with N500m copyright violation suit]

“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 on Monday. Read more


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