MTN TO CHALLENGE NIGERIA FINE IN COURT
NEGOTIATIONS WITH NIGERIAN AUTHORITIES TO REDUCE THE $3.4 BILLION FINE SHOW NO RESULTS South African telecoms giant MTN announced late Thursday that it intends to mount a legal challenge to the $3.4 billion fine imposed by Nigeria’s telecommunications regulator. The fine was initially fixed at $5.2 billion when it was first announced on Oct. 26, but MTN has been able to negotiate that down to $3.4 billion as of Dec. 3. However, negotiations to reduce the fine further have failed to yield any result. “All factors having a bearing on the matter have been thoroughly and carefully considered, including a review of the circumstances leading to the fine and the subsequent letters received from the NCC,” the company said in a statement issued to its shareholders. The firm said it had instructed its lawyers to proceed with “legal action in the federal high court in Lagos to seek the appropriate relief”. The statement added: “MTN Nigeria, ac...