MTN pays N235bn of N330bn fine to FG

Telecom provider, MTN Nigeria Communications Limited, has paid a total of N235billion out of the N330billion fine imposed on it in 2015 by the Nigerian Communications Commission (NCC).

NCC had in October 2015 imposed a fine of N1.04trillion on MTN for irregular registration of 5.2 million subscribers.

But after prolonged negotiation with both the regulatory agency and the government, the company had the fine reduced to N330billion.

Prof Umar Danbatta, Executive Vice Chairman of NCC, confirmed the payment in an interview with journalists in Abuja on Monday on the side-lines of a valedictory press briefing by Minister of Communications, Mr Adebayo Shittu.

He said the resultant effect of dispute between the government and the Telecom company is that Nigerians now have the opportunity to own part of the mobile telecommunications network following the public listing of the company at the Nigeria Stock Exchange (NSE) last Thursday.

“We have succeeded in empowering Nigerians to own, control and manage one of the dominant telecommunication companies in the country by MTN listing in the Nigerian Stock Exchange,” Danbatta said.

“Arising from the settlement agreement reached with MTN through the payment of N330bn to government coffers of which they have paid N235billion remaining the last tranche.

Public listing was one of the conditions arrived at with MTN before the Federal Government agreed to reduce the penalty to N330billion. The government also accepted to spread the payment of the fine in tranches spread over a period of three years.