MTN clarifies accounting provision for fine

The Management of MTN Nigeria has clarifed that the R9287 million (N1,180,911,373,97.24) set aside in the recently released MTN Group Financial results is in accordance with the Principle of Prudence in generally accepted accounting standards. This requires that reasonable provisions be made for contingent liabilities.

Discussions with the Nigerian authorities are still ongoing and stakeholders will be advised accordingly when a settlement is reached.

MTN executive, Amina Oyagbola, speaking to the same point made by the Executive Chairman, Phuthuma Nhleko in the 2015 results announcement published earlier today said, “MTN’s auditors have required that the company make a provision in line with the International Financial Reporting Standards (IFRS).”