October 20, 2017

MTN and NCC finally resolve fine impasse

Paul AdepojuJun 10, 20163min

MTN today announced it has reached an agreement with the Nigerian government over the hefty fine the Nigerian Communications Commission (NCC) slammed on the network last year.

MTN in a statement issued today and made available to TechCity said it has agreed to pay a total cash amount of Naira 330 billion over three years (the equivalent of US$ 1.671 billion at the official exchange rate and US$902 million at the Lagos Parallel Market Rate) to the Nigerian government in full and final settlement of the matter payable as set out as follows:

Naira 30 billion on 8 July 2016

Naira 30 billion on 31 March 2017

Naira 55 billion on 31 March 2018

Naira 55 billion on 31 December 2018

Naira 55 billion on 31 March 2019

Naira 55 billion on 31 May 2019

MTN has also agreed to take immediate steps to ensure the listing of its shares  on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of the settlement agreement.

The network also promised to always ensure full compliance with its license terms and conditions as issued by the NCC.

MTN Group Executive Chairman Phuthuma Nhleko said “he expresses his thanks and gratitude to the FGN for the spirit in which the matter was resolved and believes this is the best outcome for the Company, its stakeholders, the FGN and the Nigerian people and that the relationship between MTN, the FGN and the NCC has been restored and strengthened”.

Paul Adepoju

Paul ADEPOJU is a Nigerian freelance journalist, managing editor, blogger and published writer (3 books already). He has vast experience working with various media organizations in Africa, Asia, Europe and America. He covers stories on various genres and for various audiences. He is the managing editor of HealthNewsNG.com which is Africa's leading health news website; he also manages IBPulse.com, a city blog that focuses on happenings in his home town of Ibadan, southwest Nigeria. He has won several awards including Nigeria's Vanguard Newspaper's Young Nigerian Making The Difference award; a certificate of recognition from UNESCO and Goi Peace Institute in Japan; a finalist at the International Press Institute's Young Nigerian Journalist of the Year award; and was the only African finalist in the NetImpact/FedEx Global Access Essay Competition.



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