ITRealms:
Investigations by ITRealms revealed that further to the announcement issued by the company via the Johannesburg Stock Exchange (JSE) on 4 December 2015, shareholders were advised that 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 Nigerian Communications Commission (NCC).
Also, ITRealms reports that MTN Nigeria acting on legal advice has resolved that the manner of the imposition of the fine and the quantum thereof is not in accordance with the NCC’s powers under the Nigerian Communications Act and therefore there are valid grounds upon which to challenge the fine.
MTN, thus insisted it has followed due process and has instructed its lawyers to proceed with an action in the Federal High Court in Lagos seeking the appropriate reliefs.
“MTN is advised that in the current circumstances in line with the lis pendens rule (pending legal action) the parties are enjoined to restrain from taking further action until the matter is finally determined. This is consistent with previous judicial decisions in Nigeria,” part of the advice read.
In addition, ITRealms reports that notwithstanding this action MTN would continue to engage with the Nigerian Communications Commission to try and ensure an amicable resolution in the best interests of the company, its stakeholders and the Nigerian authorities.
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