MTN has until 16 November to pay USD5.2bn fine

2 Nov 2015

The Nigerian Communications Commission (NCC) has given MTN Group until 16 November to pay a NGN1.04 trillion (USD5.2 billion) fine imposed on the firm’s local mobile unit last week, Reuters reports. The regulator said MTN failed to meet a deadline to disconnect around 5.1 million unregistered subscribers, and as such was fined NGN200,000 for each SIM card, adding that the mobile market leader was the only cellco that did not comply with the directive. MTN is currently in discussions with the NCC and other Nigerian authorities to resolve the matter, while the South African firm also faces a Johannesburg Stock Exchange investigation into the timing of the announcement of the penalty; MTN’s confirmation came after news reports of the fine, but South African companies are required to immediately disclose any price-sensitive information.

Nigeria, MTN Group, MTN Nigeria, Nigerian Communications Commission (NCC)