As the controversy over the N1.4 trillion fine on MTN lingers, the Nigerian Communications Commission (NCC) has given MTN Nigeria a deadline of 16 November to pay the fine imposed on it for failing to register the personal details of 5.1 million subscribers.

This deadline is coming after the South Africa’s stock
exchange, JSE Ltd, launched an investigation into the
timing of the operator’s announcement of its penalty.

According to a report, the spokesman for the
Nigerian Communications Commission, the country’s telecoms watchdog, 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 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.
The report also said Nigeria’s presidency and internal
security agency are involved in the talks.

As for the JSE probe, the head of the regulatory
division, 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.

Meanwhile, Fitch Ratings has revised MTN Group’s
outlook to negative, owing “to the risk of a significant
cash outflow due to a substantial fine imposed on
MTN’s Nigerian operations, which could increase
leverage and pressure MTN’s credit metrics.”