MTN asked South African government to help with R71 billion fine: report

The Sunday Times has reported that MTN is meeting with Nigerian officials at the highest level to fight the R71 billion fine, and that it enlisted the help of the South African government for the negotiations.

This news follows a SENS announcement by MTN on 30 October that it was engaging with the Nigerian authorities regarding the 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 negative credit watch.

MTN said its CEO, Sifiso Dabengwa, is engaging with the Nigerian authorities “on the regulatory aspects of this matter”.

MyBroadband asked MTN for comment regarding the fine in Nigeria, but the company did not provide feedback.

In related news, the City Press reported that the kidnapping of former Nigerian finance minister Olu Falae may have aggravated the fine.

According to the report, MTN numbers were used by the kidnappers to negotiate a ransom for Falae.

More on MTN

MTN loses R63 billion in value in less than a week

MTN messed up with R71 billion fine: analysts

Latest news

Partner Content

Show comments

Recommended

Share this article
MTN asked South African government to help with R71 billion fine: report