NCC reduces imposed fine on telecom giant to $3.4 billion

Nigerian Communications Commission, NCC, has reduced its record fine on MTN to $3.4 billion dollars shortly after President Muhammadu Buhari met with South Africa's President Jacob Zuma.

It was gathered that after further engagements with the Nigerian Authorities, the NCC has reduced the imposed fine.

READ:Buhari, Zuma to meet $5.2 billion fine

In a statement released for the company, it was gathered that MTN received a formal letter dated 2 December 2015 from the NCC informing the Company that, after considering the Company’s request, it had taken the decision to reduce the fine on MTN from the original N1,040,000,000,000 (One Trillion, Forty Billion Naira) to N674 Billion Naira which has to be paid by 31 December 2015. The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015.

The Company is carefully considering the NCC’s reply. However, the Executive Chairman Phuthuma Nhleko will immediately and urgently re-engage with the Nigerian Authorities before responding formally.

This is because it is essential for the Company to follow due process to ensure the best outcome for the Company, its stakeholders and the Nigerian Authorities and accordingly all factors having a bearing on the situation will be thoroughly and carefully considered before the Company arrives at a final decision.

Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.