Nigerian authorities will not enforce a $5.2 billion fine on South
Africa’s MTN until negotiations have been concluded, the
telecommunications company said on Monday.
The company, 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, the company added.
MTN on Sunday denied reports that it had asked to settle the fine in staggered payments.
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