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| MTN |
According to TechCentral, MTN will challenge the $3.9 billion fine imposed on it by the Nigerian Communications Commission (NCC).
In a statement to shareholders today, MTN said it decided to take this route after exhausting all other options to have the fine reduced.
MTN said that
“All factors having a bearing on the matter have been thoroughly and carefully considered, including a review of the circumstances leading to the fine and the subsequent letters received from the NCC.”
“MTN Nigeria, acting on legal advice, has resolved that the manner of the imposition of the fine and the quantum thereof is not in accordance with the NCC’s powers under the Nigerian Communications Act and therefore there are valid grounds upon which to challenge the fine.”
According to the report from TechCentral, MTN has told its lawyers to “proceed with legal action in the federal high court in Lagos to seek the appropriate relief.”
The group added that they have been advised that
“in the current circumstances, in line with the lis pendens rule (pending legal action), the parties are enjoined to restrain from taking further action until the matter is finally determined. This is consistent with previous judicial decisions in Nigeria.”
Although December 31, 2015 has been given to MTN to pay the fine in full, the group still maintains their stand that they will
“continue to engage with the Nigerian authorities to try and ensure an amicable resolution in the best interests of the company, its stakeholders and the Nigerian authorities.”
It was earlier said this month that, the NCC agreed to reduce the fine from $5.2 billion to $3.9 billion, although initial reports claimed in error that the fine was reduced to $3.4 billion.
Phuthuma Nhleko, the former group CEO is acting as executive chairman while still taking on CEO responsibilities until a replacement is found.
As an MTN customer, what’s your say on this?
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