Share

Former US attorney-general enters MTN Nigeria fine talks

Johannesburg - MTN Group has hired former US attorney-general Eric Holder to take part in talks with Nigerian regulators about settling a $3.9bn fine, according to the Nigerian Communications Commission (NCC).

Holder held preliminary talks with NCC chief executive officer Umaru Danbatta regarding the record penalty, which was imposed on Africa’s largest wireless company for missing a deadline to disconnect unregistered subscribers, the regulator’s spokesman, Tony Ojobo, said by phone on Wednesday.

The Financial Times earlier reported Holder’s involvement.

“We have consultants working for us across the globe,” MTN spokesperson Chris Maroleng said by phone, declining to comment on Holder.

MTN shares gained 0.4% to R126.14 as of 11:52 in Johannesburg, reducing the decline since the fine was made public on October 26 to 34%. That values the company at R233bn ($14.4 billion).

The penalty was originally set at $5.1bn before an appeal by MTN led to a reduction by 25%. A Lagos court said January 22 that the matter would be adjourned until March 18, allowing the two parties to reach an agreement.

Holder, a partner at Washington DC-based law firm Covington & Burling LLP, advises clients on litigation matters, including those that are international in scope and involve significant regulatory and reputational concerns, according to the company’s website. He was attorney-general from 2009 to 2015.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
24.02
-0.5%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,210.45
+0.7%
Silver
24.60
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,142
+0.7%
All Share
74,329
+0.6%
Resource 10
56,957
+2.3%
Industrial 25
103,635
+0.4%
Financial 15
16,485
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders