MTN Nigeria: Shareholders must exercise caution

MTN Group CEO & President, Sifiso DabengwaBy SAVIOUS KWINIKA

JOHANNESBURG, (CAJ News) – THE MTN Group reported its Chief Executive Officer, Sifiso Dabengwa, was now part of negotiations to resolve its problems in Nigeria, where its unit has been heavily fined.

The Nigeria Communications Commission earlier this week slapped MTN Nigeria with a landmark fine equaling US$5,2 billion for the mobile network operator’s failure to disconnect unregistered clients.

“Further to the SENS (Stock Exchange News Service) announcement which the Company issued on 26 October 2015 relating to this matter shareholders are advised that the Group CEO is engaging with the Nigerian authorities on
the regulatory aspects of this matter,” the company stated on Friday.

Notifying shareholders from its Johannesburg head office, it said in addition, senior management of the company and its advisors are currently engaging with the Johannesburg Stock Exchange Limited on the timing of the
aforementioned SENS announcement.

“The Company will update shareholders through SENS on these engagements as soon as possible. Shareholders are therefore advised to exercise caution when dealing in the company’s securities until a further announcement is
made.”

MTN shares priceshave taken a tumble following the fining of its Nigeria entity.

CAJ News

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