African telecoms goliath MTN wins reprieve over immense Nigerian fine

Johannesburg (AFP) - South African telecoms monster MTN has won a reprieve on the installment of an enormous $5.2 billion fine forced on the organization in Nigeria to consider transactions, the cell telephone administrator said Monday.

The Nigerian Communications Commission (NCC) slapped the punishment on Africa's biggest telecoms firm to fail to deactivate 5.1 million unregistered SIM cards, sending its offer value falling and prompting the renunciation of CEO Sifiso Dabengwa.The due date for the fine to be paid was November 16, however the organization reported that the NCC had concurred that it won't be payable until the end of transactions went into by acting official executive Phuthuma Nhleko, who has tackled Dabengwa's part for six months.

"Shareholders are educated that the official director concerning the organization, Mr Phuthuma Nhleko, has by and by met with the Nigerian powers to proceed with the progressing exchanges with them in regards to the fine," the announcement said.

"These talks incorporate matters of resistance and the healing measures that may must be received to address this.

"Shareholders are exhorted that the Nigerian powers have, without preference, concurred that the forced fine won't be payable until the transactions have been finished up."

Nigeria, Africa's most crowded nation, is MTN bunch's biggest market where it had more than 62.8 million endorsers by the second quarter of this current year.

The Johannesburg Stock Exchange (JSE) has dispatched an examination concerning MTN for "conceivable insider exchanging" before the organization declared it had been hit by the fine.

The test could bring about South Africa's bourse administrator slapping MTN with another weighty punishment or result in criminal accusations.