MTN said in a SENS announcement it is engaging with the Nigerian authorities regarding the R71-billion fine from the Nigerian Communication Commission (NCC).
The NCC imposed a fine of 1.04 trillion naira on MTN Nigeria for not disconnecting 5.1 million subscribers as required by the country’s SIM registration rules.
MTN’s share price plummeted following the news, with ratings agency Standard & Poor’s downgrading MTN’s credit rating – putting the mobile network on a watch negative.
MTN said its CEO, Sifiso Dabengwa, is engaging with the Nigerian authorities “on the regulatory aspects of this matter”.
It said MTN’s senior management and its advisers are also engaging with the JSE on the timing of its initial SENS announcement, which only happened long after the news of the fine broke.
MTN said it will update shareholders through SENS on these engagements as soon as possible.