MTN gets extension to pay $5.2 bn penalty

MTN South Africa
Telecom network operator MTN has received an extension for paying $5.2 billion penalty till concluding its ongoing discussion with the telecom regulator in Nigeria.

The decision follows a meeting between MTN Chairman Phuthuma Nhleko and senior officials at the Nigerian Communications Commission. 16 November was the last date to pay $5.2 billon, one of the top penalties in the history of Africa.

MTN Nigeria is facing the $5.2 billion fine for not disclosing certain unregistered subscribers. The fine is N200,000 for each unregistered subscriber.

“Although the Nigerian Communications Commission (NCC) set a deadline for payment of the fine by Monday, 16 November 2015, Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded,” said MTN in a statement issued on Monday.

Last week, the African telecom operator announced the decision of CEO Sifiso Dabengwa to step down as the CEO of MTN Group taking accountability for the MTN Nigeria issue.

Baburajan K
[email protected]