South Africa\u2019s MTN on Tuesday said the Nigerian regulator had renewed its
\noperations and licence up to 2021 at a cost of 94.2 million dollars .<\/p>\n
MTN said that it received confirmation from the regulator that its
\noperating spectrum in the 900 MHz and 1800 MHz frequency bands had been
\nrenewed.<\/p>\n
There were media reports recently that MTN had a 5.2 billion dollars\u2019 fine
\nimposed on it by the Nigerian Communications Commission (NCC) for failing
\nto deregister SIM cards in its largest market.<\/p>\n
MTN\u2019s operating spectrum and digital mobile licence were issued in 2001,
\nand both were due to expire in February 2016.<\/p>\n
Both have now been extended to Aug.31, 2021, the firm said.<\/p>\n
\u201cWe view this extension as a demonstration of confidence in MTN\u2019s capacity
\nto continue to provide ground-breaking and innovative services to its
\ncustomers,\u2019\u2019 Akinwale Goodluck, said in a separate statement.<\/p>\n
Goodluck is MTN\u2019s corporate affairs executive.<\/p>\n
Shares in MTN, which earns 37 per cent of its revenue from Nigeria,
\ndropped by 25 per cent since the fine was announced last week.<\/p>\n
South Africa\u2019s bourse on Monday suspended trading in its stock for a few
\nhours.
\nThe firm\u2019s shares recovered somewhat in early trade on the bourse,
\nadvancing 0.9 percent to 149.50 rand.<\/p>\n
The company\u2019s largest shareholder, South Africa\u2019s Public Investment
\nCorporation, said it was concerned about MTN\u2019s alleged non-compliance with
\ntelecommunications regulations of Nigeria.<\/p>\n
The allegation was that MTN\u2019s management did not immediately disclose
\nmaterial information to the market.<\/p>\n","protected":false},"excerpt":{"rendered":"
South Africa\u2019s MTN on Tuesday said the Nigerian regulator had renewed its operations and licence up to 2021 at a cost of 94.2 million dollars . MTN said that it…<\/p>\n","protected":false},"author":1,"featured_media":43431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-43430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n