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MTN NIGERIA PAYS PART OF THE IMPOSED FINE BY NCC

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IN an interview with The Executive Vice Chairman at NCC,Prof Umar Danbatta on monday in Abuja, He comfirmed that MTN Nigeria Communication Limited has paid N235bn out of the N33obn  fine imposed on them in August 2015 by  the Nigerian Communications Commission who is the industry regulatory body.

The Vice Chairman said this on the side-lines of a valedictory press briefing by Minister of Communications, Mr Adebayo Shittu.

Mr Danbatta said that Nigerians now have an opportunity to invest in the Mtn network  by way acquiring shares following the public listing of the company at the Nigeria Stock Exchange last Thursday.

The NCC boss said, “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”.

“Arising from the settlement agreement reached with MTN through the payment of N330bn to government coffers of which they have paid N235bn remaining the last tranche.”

IN October 2015, NCC imposed a fine of N1.04tn on MTN for irregular registration of 5.2 million subscribers.
But after much negotiations with the NCC and the Nigerian Government,the said fine was reduced to N330bn.

The federal government reduced the fine partly because Mtn agreed to public listing and they also agreed to pay the fines in installments  over a period of three years.

The telecommunications company  fulfilled  their part of the bargain last week , more than 20 billion shares of the company was listed on the Nigerian Stock Exchange at N90 per share.

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