Negotiations are still ongoing between MTN and the Nigerian telecoms regulatory body, Nigerian Communications Commission (NCC) despite widespread reports that the telecommunication giant had agreed to pay the $5.2bn (N1.4tr) fine.
Meetings between MTN, led by the management team from South Africa, and NCC began over the weekend with the Nigerian newspaper, Vanguard reporting today that an agreement had been reached to pay the full amount albeit using a staggered payment model.
Bloomberg Business reports
The fine was imposed by the NCC for MTN’s failure to deactivate 5.1 million unregistered sim cards before the August 11th deadline. The amount is based on a charge of N200,000 ($1000) per unregistered sim card.
At the news of the fine, which is half of MTN’s 2015 estimated revenues, the telecommunications giant’s market value dropped almost 20% over the course of four days.
The fine is due to be paid by November 16th.