The Nigerian Communications Commission, NCC has extended the deadline for the payment of the N1.04 trillion fine imposed on MTN pending the conclusions of further negotiations between both parties.
Although the NCC set an initial deadline of November 16th, 2015 for the payment of the fine arising from MTN’s failure to disconnect unregistered customers.
According to a statement issued by MTN, Executive chairman Phuthuma Nhleko has met with the Nigerian authorities and discussions remain ongoing regarding the fine of N200,000 for each unregistered subscriber.
“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.”
The company’s shares have lost almost a quarter of their value since the fine was made public on October 26, while CEO Sifiso Dabengwa announced his resignation a week ago.
However, MTN has said that it was “committed to resolving the matter together with the NCC as soon as possible, and will continue to update stakeholders of any development regarding the aforementioned fine by SENS”