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MTN has paid the final part of its N330 billion fine to the NCC

David Adeleke

May 31, 2019 8:11 PM

MTN has paid the final part of its fine to the NCC

MTN Nigeria has paid the sixth and final instalment of N55 billion to the Nigerian Communications Commission.
This completes MTN’s payment of the N330 billion negotiated settlement agreed between both parties in 2016.
MTN and the NCC reached a negotiated settlement in relation to the fine of N1.04 trillion imposed on MTN in 2015.

MTN Nigeria has paid the sixth and final instalment of N55 billion to the Nigerian Communications Commission (NCC).

This completes MTN’s payment of the N330 billion negotiated settlement agreed between both parties in 2016.

MTN and the NCC reached a negotiated settlement in relation to the fine of N1.04 trillion imposed on MTN in 2015 as a result of a dispute over the disconnection of unregistered SIM cards amongst its subscriber base.

Earlier in May, MTN Nigeria listed on the Nigerian Stock Exchange by introduction of 20.35 billion (20,354,513,050) ordinary shares at N90 per share. This listing was part of the negotiated agreement MTN had with the NCC for a reduced fine.

As it stands, the EFCC says it is investigating the company's listing books. This led to a drop in MTN Nigeria's share price.