The NCC had directed all telecom providers in the country to register subscribers and disconnect erring subscribers which MTN could not meet.
Shittu said this on Sunday, June 19, in Ibadan, Oyo state capital, at an award ceremony in honour of Chief Lekan Balogun, the Otun Olubadan of Ibadanland.
He said that the Federal Executive Council (FEC) decided to reduce the penalty against the telecommunications giant after realising the negative impact the burden could have on the nation, its people and the economy.
The News Agency of Nigeria (NAN) reports that the Nigerian Communications Commission (NCC) had slammed a $5. 2 billion fine on MTN for violating the directive of the regulatory body in Nigeria.
The NCC had directed all telecom providers in the country to register subscribers and disconnect erring
subscribers which MTN could not meet.
NAN reports that MTN, having failed was fined $1,000 per each of its 5.2 million affected subscribers, totaling $5.2 billion.
He said that there were pressures on FEC from different quarters, which later agreed to reduce the fine imposed on MTN to N330 billion to be paid within a period of three years.
"As far as we are concerned, the MTN issue is a closed matter.
"Nigeria as a country must move on. We must not do anything to drive away foreign investors. Foreign investments are potent means of bringing about development and wealth creation," he said.
Shittu said that the people must not forget that there were less than 500,000 telephone lines before the telecom operators came on board.
According to him, "Nigeria now has more than 152 million lines and MTN is the dominant operator in the field. It controls almost 50 per cent of the lines.
"Though, MTN violated the law and we had to penalise it. We must put a halt to the limitless crisis so that we don’t discourage foreign investors.
"That is what the Federal Executive Council has done to ensure we move ahead. We know for instance, that MTN operates in 22 countries.
“What it realiuses in Nigeria alone is more than what it realises in the other 21 countries put together,” he said.
Shittu advised the telecoms operators against taking Nigeria and their customers for granted, warning that all infractions would be appropriately sanctioned.