Image Credit: premiumtimesng
Image Credit: premiumtimesng
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Shareholders were advised on 22 January 2016 that the above-mentioned matter came up for hearing before the Federal High Court in Lagos, Nigeria when the judge adjourned the matter to 18 March 2016 in order to enable the parties to try and settle the matter.

Pursuant to the ongoing engagement with the Nigerian Authorities, MTN Nigeria yesterday made an agreed without prejudice good faith payment of 50 Billion Naira (USD 250 million / 850 billion UGX) to the Federal Government of Nigeria on the basis that this will be applied towards a settlement, where one is eventually, hopefully arrived at. In an effort to achieve an amicable settlement, MTN has agreed to withdraw the matter from the Federal High Court in Lagos.

Phuthuma Nhleko in his capacity as Executive Chairman of MTN Group and a director of MTN Nigeria continues to lead the team engaging the Nigerian Authorities with a view to settling the matter.

Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.