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MTN Nigeria fine: payment deadline temporarily set aside

MTN Nigeria fine: payment deadline temporarily set aside.

In the most recent shareholder update by MTN, the mobile operator confirmed that it remains in discussion with the Nigerian Communications Commission (NCC) regarding the US5.2bn fine imposed on MTN Nigeria and authorities have agreed to waiver today's payment deadline.

According to a statement issued by MTN, executive chairman Phuthuma Nhloko has met with the Nigerian authorities and discussions remain ongoing regarding the fine of N200,000 for each unregistered subscriber.

It also stated that authorities have agreed to side-line the payment deadline of 16 November until the conclusion of negotiations.

"Although the Nigerian Communications Commission ("NCC") set a deadline for payment of the fine by Monday, 16 November 2015, 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," the statement reads.

"MTN is committed to resolving the matter together with the NCC as soon as possible and will continue to update stakeholders of any material developments regarding the afore-mentioned fine via SENS," it continues.

The company advises shareholders to continue to exercise caution when dealing in the Company's securities until a further announcement is made.

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