Tech MTN Nigeria has fulfilled more than 50% of its fine

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The government lauded MTN Nigeria for paying N55 billion as the second tranche of the fine without default

MTN Nigeria has fulfilled more than 50% of its fine play

EVC NCC, Prof Umar Garba Danbatta, speaking during a courtesy visit by the Board and Management of MTN Nigeria in Abuja, Monday, April 9, 2018

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The telecommunication giant, MTN Nigeria has paid more than 50% of the fine hammered on it by the country's regulatory agency in 2015, bringing the total sum paid to N165 billion, Nigerian government revealed.

Prof. Umar Danbata, Executive Vice Chairman of the Nigerian Communications Commission (NCC) made the disclosure on Monday, April 9, 2018, when he received a delegation of MTN executives in his Abuja office.

The commission lauded MTN Nigeria for paying N55 billion as the second tranche of the fine without default.

“Part of the fine was paid not more than two weeks ago, we received a cheque of N55 billion. So far, MTN has paid more than 50% of the fine, which translates to N165 billion and they have not defaulted.

“This payment they are making is consistent with the terms of the agreement reached,” Danbatta disclosed.

 

MTN Nigeria working visit to Nigeria's regulatory agency

Pascal Dozie, the Chairman MTN Nigeria, in his comment said the company was in the country to have a touch and feel the relationship with Nigeria, as Nigeria is of great importance to their operations.

He noted that a visit to NCC also offered the opportunity to pay the commission a courtesy call to discuss issues in the telecommunications sector.

Listing on the Nigerian Stock Exchange

The company said the process of listing on the Stock exchange will be completed by the end of 2018.

Rob Shuter, MTN Group CEO stated this in an interview in Lagos on Tuesday, April 10, 2018.

We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” Shuter said.

Nigerian government hit MTN with a record $52 billion fine in 2015

MTN Nigeria incurred a record $5.2 billion fine in October 2015 over their failure to deactivate 5 million unregistered SIM cards.

After a series of diplomatic negotiations, the government reduced the fine to $1 billion (N330 billion), payable over the three years on the terms that MTN enlists on the Nigerian Stock Exchange (NSE).

The first payment of N33 billion was made on March 31, 2017.