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MTN Group Limited-Further Update On The Fine Imposed By The Nigerian Communications Commission
MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1993/001411/07)
Instrument Code: MTN04 ISIN: ZAG000078619
(“MTNH”) or (“the Company”)
Further update on the fine imposed by the Nigerian
Communications Commission (NCC) and renewal of cautionary
announcement
On 3 December 2015 noteholders were informed that MTN Group
Limited (“MTN Group” or “the Group”) had received a formal
letter dated 2 December 2015 from the NCC (the First Letter)
informing the Group that, after considering the Group’s request,
it had taken the decision to reduce the fine imposed on the MTN
Nigerian business from the original N1,040,000,000,000 (One
Trillion, Forty Billion Naira) (the Original Fine) to 674
Billion Naira, which had to be paid by 31 December 2015. The
fine relates to the late disconnecting of 5.1 million MTN
Nigerian subscribers in August and September 2015. This was a
reduction of 35% of the Original Fine.
Late on 3 December 2015, the day after receipt of the First
Letter, the Group received a further letter from the NCC dated 3
December 2015 (the Second Letter). The Second Letter, which was
stated to supersede the First Letter, informed the Group that
the fine had actually been reduced by 25% to 780 Billion Naira
and not by 35% to 674 Billion Naira, as was stated in the First
Letter. The payment date remained 31 December 2015.
Neither the First Letter nor the Second Letter sets out any
details on how the reduction was determined.
The Group is carefully considering both the First Letter and the
Second Letter, and the Executive Chairman of the Group, Phuthuma
Nhleko, will immediately and urgently re-engage with the
Nigerian Authorities before responding formally, as it is
essential for the Group to follow due process to ensure the best
outcome for the Group its stakeholders and the Nigerian
Authorities, and accordingly all factors having a bearing on the
situation will be thoroughly and carefully considered before the
Group arrives at a final decision.
Noteholders are therefore advised to continue to exercise
caution when dealing in the Company’s securities until a further
announcement is made.
Fairland
4 December 2015
Debt Sponsor
The Standard Bank of South Africa Limited
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