By InvestAdvocate

Lagos (INVESTADVOCATE)-South African telecoms giant MTN said on Monday, Nigerian authorities has delayed the enforcement of $5.2 billion fine slammed on it until negotiations have been concluded.

The company said it has advised shareholders that Phuthuma Nhleko, its executive chairman has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine of N200, 000 for each unregistered subscriber, the equivalent of $5.2 billion imposed by the Nigerian Communications Commission (NCC).

MTN added the discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.

“Although the Nigerian Communications Commission (“NCC”) set a deadline for payment of the fine by Monday, 16 November 2015, shareholders are advised that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded,” MTN said in a statement on Monday.

MTN affirmed it’s committed to resolving the matter together with the NCC as soon as possible and will continue to update stakeholders of any material developments regarding the afore-mentioned fine via Stock Exchange News Service (SENS) of the JSE Limited.

The South African telecoms giant advised its shareholders to continue to exercise caution when dealing in the company’s securities until a further announcement is made.

The company on Sunday refuted reports that it had asked to settle the fine through installment  payments.