Just hours to the enforcement of the fine slapped on MTN Nigeria by the government, information has arrived that Nigerian authorities will not enforce a $5.2 billion fine on South Africa’s MTN until negotiations have been concluded.
MTN, which earns 37 percent of its revenues in Nigeria, last week appointed former chief executive Phuthuma 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, said they company as they denied reports that it had asked to settle the fine in staggered payments.
