The South Africa telecom firm, MTN Group has said it is expected to announce a negative financial report for the outgone year due largely to the N330 billion fine from the Federal Government of Nigeria.
The telecommunications firm, which makes a third of its revenue in Nigeria, yesterday in Johannesburg, said it expected a headline loss, and would issue a further trading statement on the likely margin of loss.
Already, MTN had cough out N80 billion to the coffers of government after an agreement was reached for a staggered payment plan. The balance of N250 billion is to be made in six tranches not later than May 31, 2019.
By the terms of agreement, the telecoms firm is to pay N30 billion to the Federal Government by March 31, 2017. In March 31, 2018, it is also to pay another N55 billion and on December 31, 2018, it will part with another N55 billion. Subsequently, on March 31, 2019, it will pay yet a tranche of N55 billion while the balance of N55 billion is to be defrayed on May 31, 2019.
