Payment of MTN Fine on Hold

The payment of the fine imposed on MTN Nigeria Ltd by the Nigerian Communications Commission (NCC) has been put on on-hold pending the outcome of the discussion between the regulator and the new management of the telecom firm. MTN was due to pay the fine on November 16, 2015.NCC fined MTN $5.2 billion for failing to deactivate 5.1 million unregistered SIM cards in Nigeria. The fine led to the resignation of the CEO, Sifiso Dabengwa.A statement from MTN, on Monday, revealed that NCC has given MTN the leeway to pay the fine after negotiation with the new management board.The statement said: “Shareholders are advised that the executive chairman of the company, Mr Phuthuma Nhleko, has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine.”“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.“Shareholders are advised that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded.”