Ahead of the November 16 deadline for it to pay a hefty fine of $5.2 billion (N1.04 trillion), mobile telecommunications service provider, MTN, on Monday announced that Nigeria has soft pedaled pending the conclusion of ongoing negotiations.
“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 Group said in a statement issued from its South Africa headquarters on Monday.
“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this”, it added.
The Nigerian Communications Commission, NCC, imposed the penalty on MTN – Africa’s biggest mobile company – for failing to disconnect 5.1 million unregistered subscribers, a key policy aimed at preventing militant Islamists and criminal elements from using mobile phone services.
The South African bourse suspended trading in the company’s shares after the fine was announced on October 26.
