In the midst of its Nigerian strife, MTN’s operating licence for the country’s 900MHz and 1.8GHz frequency bands has been extended from February 2016 to August 2021 for a fee of $94 million.
The amount “is payable as a spectrum fee for the five-year extension period by no later than 31 December 2015 and is conditional upon MTN fulfilling all its regulatory obligations,” the company said in a statement.
“We view this extension as a demonstration of confidence in MTN’s capacity to continue to provide ground-breaking and innovative services to its customers,” MTN’s corporate affairs executive Akinwale Goodluck, told Reuters.
In addition to its digital mobile licence, MTN holds a unified access licence and a 3G spectrum licence.
The South African-based operator is also in talks with Nigerian authorities regarding a $5.2 billion fine for failing to register the personal details of 5.1 million subscribers.
Earlier, the Johannesburg Stock Exchange (JSE) suspended trading in MTN shares, pending an announcement by the company. Trading is due to resume today.