Read < 1 minute
Nigeria has pushed back a deadline for the MTN group to pay a 5.2 billion dollar fine.
The South African mobile phone firm was charged with failure to disconnect 5.1 million unregistered mobile phone users on its network, and was required to pay the fine by the end of Monday, November 16th.
In a statement, MTN said that Nigeria agreed not to impose the fine until negotiations were concluded.
MTN has asked former chief executive Phuthuma Nhleko to take charge for up to six months and is seeking to have the fine reduced.
Negotiations have been going on for the past two weeks. The planned fine has sent MTN’s stock price plunging by more than a fifth since it was announced on October 26 and prompted the resignation of its chief executive.
