{"id":175322,"date":"2015-12-18T08:24:57","date_gmt":"2015-12-18T08:24:57","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=175322"},"modified":"2015-12-18T08:24:57","modified_gmt":"2015-12-18T08:24:57","slug":"mtn-to-dispute-huge-nigeria-fine-in-lagos-court","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/12\/mtn-to-dispute-huge-nigeria-fine-in-lagos-court\/","title":{"rendered":"MTN to dispute huge Nigeria fine in Lagos court"},"content":{"rendered":"<p>MTN Group\u00a0will challenge a $3.9bn\u00a0Nigerian fine in court after resolving that the penalty that\u2019s wiped 28% off the company\u2019s value wasn\u2019t within the powers of the country\u2019s telecommunications regulator to impose.<\/p>\n<p>[contextly_sidebar id=&#8221;TmrPZIa4ZSwIbuq8ec8uiBqUo5WnkVxt&#8221;]Africa\u2019s biggest phone company will also continue to engage with the Nigerian authorities to try and ensure an amicable resolution, MTN said in a statement on Thursday.<\/p>\n<p>Pending the court hearing, neither party should take further action until the matter is resolved, the company said.<\/p>\n<p>\u201cThere are valid grounds upon which to challenge the fine,\u201d MTN said.<\/p>\n<p>\u201cAccordingly MTN has followed due process and has instructed its lawyers to proceed with an action in the Federal High Court in Lagos seeking the appropriate reliefs.\u201d<\/p>\n<p>The Nigerian Communications Regulator imposed the penalty on MTN for failing to meet a deadline to disconnect 5.1 million unregistered subscribers as security agencies seek to fight crime in a country with poor identity records.<\/p>\n<p>Chairperson Phuthuma Nhleko is leading negotiations with the NCC after Chief Executive Officer Sifiso Dabengwa resigned.<\/p>\n<p>The initial fine of $5.2bn was reduced by 25% to $3.9bn earlier this month, with a payment deadline set for December 31.<\/p>\n<p>NCC spokesperson Tony Ojobo declined to comment on MTN\u2019s plan to challenge the fine.<\/p>\n<p>MTN shares gained 6.3% to R138.20 rand at the close in Johannesburg, the highest since December 3. That values the company at R255bn.<\/p>\n<p>&#8211;<\/p>\n<p>Credit:\u00a0 News24<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MTN Group\u00a0will challenge a $3.9bn\u00a0Nigerian fine in court after resolving that the penalty that\u2019s wiped 28% off the company\u2019s value wasn\u2019t within the powers of the country\u2019s telecommunications regulator to impose. [contextly_sidebar id=&#8221;TmrPZIa4ZSwIbuq8ec8uiBqUo5WnkVxt&#8221;]Africa\u2019s biggest phone company will also continue to engage with the Nigerian authorities to try and ensure an amicable resolution, MTN said in [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":93910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[20,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MTN to dispute huge Nigeria fine in Lagos court - Citi 97.3 FM - Relevant Radio. 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[contextly_sidebar id=&#8221;TmrPZIa4ZSwIbuq8ec8uiBqUo5WnkVxt&#8221;]Africa\u2019s biggest phone company will also continue to engage with the Nigerian authorities to try and ensure an amicable resolution, MTN said in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2015\/12\/mtn-to-dispute-huge-nigeria-fine-in-lagos-court\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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