Mobile telecommunications company, MTN, has been given a two months extension to settle with the Nigerian authorities over the $3.9 billion fine imposed on it by the Nigerian Communication Commission (NCC) in 2015.
On Friday, A Federal High Court in Lagos sat over the case and adjourned it to 18 March 2016. A statement by the telecom giant, said that the two months extension was to enable the parties to try and settle the matter out of court.
“If the parties are unable to reach a settlement the matter will then proceed on that date‚” the company said. It therefore advised the company shareholders to exercise caution when dealing in the Company’s securities until a further announcement is made.
Business Day reports that MTN had gone to court to challenge the fine in court‚ as it argued that the size of the fine and the way it was imposed were not in accordance with the Commission’s powers under the Nigerian Communications Act.
MTN Nigeria maintains that the penalty is substantially larger than it’s annual profits.
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