Nigeria has renewed MTN’s operating licence for the country’s 900MHz and 1.8GHz frequency bands from February 2016 to August 2021 for a fee of $94.2 million.
The renewal is coming on the heels of the $5.2 billion fine on the Telecom Company by the Nigeria Communication Commission.
MTN in a statement said that the amount “is payable as a spectrum fee for the five-year extension period by no later than 31 December 2015 and is conditional upon MTN fulfilling all its regulatory obligations.”
“We view this extension as a demonstration of confidence in MTN’s capacity to continue to provide ground-breaking and innovative services to its customers,” MTN’s corporate affairs executive Akinwale Goodluck, told Reuters.
In addition to its digital mobile licence, MTN holds a unified access licence and a 3G spectrum licence.
MTN, which earns 37percent of its revenue from Nigeria, was fined $5.2-billion by the Nigerian Communication Commission last week for failing to deregister SIM cards in the Nigerian market which led to the South African bourse temporarily suspending trade in MTN’s stock on Monday after the company allegedly
failed to immediately disclose material information to the market.
MTN’s largest shareholder, the Public Investment Corporation, expressed concerns over MTN’s alleged non- compliance with Nigeria’s telecommunications regulationsand with claims that MTN’s management did not immediately disclose material information to the market.
Meanwhile, top ranking management team of MTN from South African are in Nigeria for talks with Nigerian authorities on ways of resolving the $5.2 billion fine.
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