NCC Renewing MTN’s Licence For $94.2 million - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Tuesday 3 November 2015

NCC Renewing MTN’s Licence For $94.2 million

NCC Renewing MTN's Licence For $94.2 million

Nigerian Communications Commission are renewing the license of the MTN telecommunications group as the company faces a multi-billion-dollar fine.

South African-based MTN Group said that the Nigerian Communications Commission is extending its operating license to 2021 at a cost of $94.2 million.

The Nigerian Communications Commission fined MTN $5.2 billion for failing to disconnect millions of unregistered cellphone subscribers, sparking speculation about the company’s future in Nigeria.

MTN’s share price dropped sharply and the Johannesburg Stock Exchange halted trade of its shares on Monday until the company assured shareholders that it was negotiating the fine with Nigerian authorities. Nigerian Communications Commission gave MTN until November 16, 2015 to pay the fine.

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