MTN pays back N50 billion to Nigerian Communications Commission

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Shareholders were advised on 22 January 2016 that the above-mentioned matter came up for hearing before the Federal High Court in Lagos, Nigeria when the judge adjourned the matter to 18 March 2016 in order to enable the parties to try and settle the matter.

Pursuant to the ongoing engagement with the Nigerian Authorities, MTN Nigeria has today made an agreed without prejudice good faith payment of 50 Billion Naira (USD250 million) to the Federal Government of Nigeria on the basis that this will be applied towards a settlement, where one is eventually, hopefully arrived at.

In an effort to achieve an amicable settlement, MTN has agreed to withdraw the matter from the Federal High Court in Lagos.

Phuthuma Nhleko, MTN Group Executive Chairman and MTN Nigeria Director is continuing to lead the team engaging the Nigerian Authorities with a view to settling the matter.

Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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