Nigeria has allegedly put negotiations with MTN on hold over
the record US$3.9billion fine imposed on it pending the outcome of an investigation
by the House of Representatives.
According to Bloomberg, Spokesman of the Communications
ministry, Victor Oluwadamilare said that until the lawmakers “are through with
their investigation, nothing can be done.”
The Nigerian Communications Commission (NCC) imposed a $5.2billion
fine (reduced to $3.9billion) against MTN Nigeria last year for failing to
disconnect more than 5million unregistered SIM cards.
MTN will hold its annual general meeting of shareholders on
Wednesday afternoon, where the interim Executive Chairman, Phuthuma Nhleko, is
expected to provide an update of developments not only in Nigeria but across
the group, which operates in 22 countries across the Middle East and Africa.
MTN’s share price has fallen by 43 per cent year-on-year as
a result of impact of the fine.
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