The Nigerian Communications Commission
has reduced the $5.2bn imposed fine on MTN Nigeria to $3.4bn for
flouting the regulatory body’s directive on SIM deactivation. NCC has
also given MTN until the end of the year to pay the fine. After the cut
is the mail MTN management sent to its staff
“The
Nigerian Communications Commission (NCC) reduces imposed fine to US$3.4
billion equivalent and further cautionary announcement.
Shareholders are advised that, after further engagements with the Nigerian Authorities, the NCC has reduced the imposed fine.
MTN
has received a formal letter dated 2 December 2015 from the NCC
informing the Company that, after considering the Company’s request, it
has taken the decision to reduce the fine on the MTN Nigeria business
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 Nigeria
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, as 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.” As we
committed to you previously, and in the spirit of our Vital Behaviour of
Complete Candour, we will keep you updated as the matter unfolds. As we
enter the busy year-end period in our business, I encourage you to
continue focusing on our customers and strive to keep our promise to
provide the bold, new Digital World to them.
Regards,
Phuthuma
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