Home BUSINESS MTN Nigeria finally agrees to pay N1.04trn fine

MTN Nigeria finally agrees to pay N1.04trn fine

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MTN has agreed to pay the N1.04 trillion fine slammed on it last week by Nigerian Communications Commission (NCC). MTN was fined for violating the NCC’s directive on SIM deactivation.

Series of meeting were held between MTN management team from South Africa and Nigeria with the Vice President, Prof. Yemi Osinbajo.

It is perceived that MTN may have agreed to pay the fine to sustain the interest of its telecoms business.

Industry sources who confirmed the new arrangement, disclosed that the federal government is already yielding to the plea, which according to him, was part of the agreement reached at the series of meeting held at the weekend in Nigeria.

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“There have been series of meeting at the Presidency between the Vice President Osinbajo and MTN team both from South Africa and the Nigerian arm. MTN wanted a waiver considering their level of investments in the country, but government did not buy the idea of waiver. Instead, I think there will be concession, but certainly not a waiver. At the conclusion of the meeting, the MTN people negotiated on how to stagger the payment. The Presidency is even angry because MTN was a signatory to the regulation, but they are failing to comply with rules.”, the source added.

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The NCC had said that MTN would not escape the fine, owing to the enormity of its implication to national security.

NCC had MTN submit to the terms when it was stated that MTN would risk withdrawal of its licence if its fails to comply with the fine.

NCC said it had consistently engaged Mobile Network Operators, (MNOs) to strictly adhere to the regulations and its business rules in the registration of their subscribers.

Following several engagements, the Commission had confirmed various cases of violations of the regulations and sanctioned appropriately.

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