Telecommunication giant, MTN Nigeria Communications Plc , has finally paid off the N330 billion fine imposed by the Nigerian Communications Commission (NCC).
The final payment means that MTN has completed the N330 billion infraction fine and no longer owes the Federal Government.
The development was disclosed by MTN Nigeria’s Chief Corporate Relations Officer , Tobechukwu Okigbo . According to him, the successful resolution of the fine was as a result of strong collaboration between the company and the NCC.
“We are very pleased to have completed the payment of the N330 billion negotiated settlement with the NCC. We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes.
“I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”
Back Story – In October 2015, NCC imposed a fine of N1.04 trillion fine on the telecom giant for non-compliance with a deadline set by the commission to disconnect all non-registered sim cards. The move by NCC followed accusations by mobile phone users that the regulator had failed to bring operators to account for poor services to subscribers.
Meanwhile, NCC later reduced the fine to N780 billion in December 2015, having taken into consideration the interest of the stability of the telecom sector. The fine was further reduced to N330 billion, even as MTN agreed to be listed on the Nigeria Stock Exchange (NSE). These agreements have now been fulfilled by MTN, including its Listing of 20.3 billion Shares in May 2019.