The Nigerian Communications Commission (NCC) has given MTN Nigeria a deadline of 16 November to pay the N1.4 trillion fine imposed on it for failing to disconnect the sim of 5.1 million subscribers who did not register their details as at when due.
This came as the JSE Limited (formerly Johannesburg Stock Exchange) where MTN is registered in South Africa, launched an investigation into the timing of the operator’s announcement of its penalty.
According to a report, the spokesman for the NCC was quoted as saying that the outcome of the discussion may affect the date.
A statement by MTN said its CEO is still in talks with the Nigerian authorities and its senior management and advisers are also talking to JSE, after the announcement of the fine knocked around 20 percent off the company’s stock price.
“That’s why they are having the discussion so that they can reach a solution,” the spokesperson said.
In his reaction, head of the regulatory division of JSE, Andre Visser, said “the investigation will follow due process to establish whether there have been any breaches of the listings requirements and can be a lengthy process.”
Under South African capital markets rules, companies are required to immediately warn shareholders of price-sensitive information.