MTN Group: No deal yet with Nigeria on ₦1.04 trillion fine

MTN Group: No deal yet with Nigeria on ₦1.04 trillion fine

MTN Group: No deal yet with Nigeria on ₦1.04 trillion fine

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South Africa’s MTN Group has confirmed that the mobile phone giant is yet to resolve the N1.04 trillion fines imposed on its Nigerian subsidiary, MTN Nigeria, with the government of Nigeria.
Technology Times had on Sunday November 1, 2015 exclusively broke the news of the N1.04 trillion fines imposed on MTN Nigeria by the Nigerian Communications Commission (NCC) over alleged failure to deactivate unregistered SIM cards on its network.
The mobile phone giant also cautioned its shareholders on the controversial Nigeria fines that have impacted its market performance in South Africa since the news broke in Nigeria.
According to MTN Group, “shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.”
During the week, Mr Sifiso Dabengwa, Group CEO of MTN Group was reported to have led a delegation of the mobile phone’s company’s top brass to hold talks with Nigerian authorities to resolve the matter.
MTN Group CEO and President, Sifiso Dabengwa
MTN Group CEO and President, Sifiso Dabengwa
Meanwhile, MTN Group yesterday cautioned against speculations that it has reached a resolution with the Nigerian government over the matter.
“MTN wishes to clarify and place on record that the company continues to engage constructively with Nigerian authorities at all levels.
However, the company has noted, with concern, the speculation and false information in the media. MTN particularly cautions against reports purporting that the company has agreed a resolution with the NCC on the fine. It is false as no resolution has yet been reached. MTN continues to engage the authorities in Nigeria on this matter”, the mobile phone company said in statement issued Tuesday from its headquarters in Johannesburg, South Africa.
MTN Group says it has conducted its business above board in Nigeria where it has operated for over a decade.
“To this end, all stakeholders are reminded that MTN will inform them of any material developments in our engagements with Nigerian authorities via the Stock Exchange News Service of the JSE Limited (SENS). Shareholders have also been asked to exercise caution when reacting to information that has not been released by the company”, the company statement says.
According to the mobile phone company, “it is also important to note that MTN has operated in Nigeria for over a decade. In this time, and as in the other markets where we have a presence, MTN has conducted its business in accordance with established principles related to sound corporate governance.
“As a company which owes its founding and growth to the emerging world, we are conscious of our responsibility to invest in the growth of local economies and development of communities wherever we operate. Nigeria is no different. Since launching more than a decade ago, we have made significant investments in connecting customers to our network. We take these responsibilities and obligations very seriously.”
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