Nigerian Officials have postponed the deadline for MTN to pay for the $5.2 bn fine for their inability to cancel services to 5.1 Million unregistered users.
The deadline which was originally set for November 16th for settlement of fine by the communication's giant has been waived due to negotiation taking place between the regulators at the Nigerian Communications Commission and MTN.
In a statement on Monday, by the Johannesburg based company, "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,”
“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.”
For most, it seems like the damage has already been done as MTN shares have taken a nose dive since the Nigerian authorities fined MTN on October 26th. This coincided with the resignation of the current CEO, Mr Sifiso Dabengwa a week ago
Chairperson Phuthuma Nhleko, 55, agreed to take over at MTN as the next CEO and has met with regulators at NCC to further the negotiation process.
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