MTN pays N55bn final instalment of N330bn fine to NCC

MTN pays N55bn final instalment of N330bn fine to NCC

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

With this development, the telecom giant said the final instalment completes its payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016.

In a statement on Friday evening, MTN’s chief corporate relations officer, Tobechukwu Okigbo, said, the completion of the fine was the outcome of active collaboration between the NCC and MTN.

He said, “We are very pleased to have completed the payment of the N330 billion negotiated settlement with the NCC.”

“We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes.

“I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

It will be recalled that NCC in October 2015, fined MTN N1.04 trillion following failure to cut off five million unregistered subscribers after a deadline set by NCC for the excercise elapsed.

The fine was eventually reduced to N330 billion with a condition that MTN will list on the Nigerian Stock Exchange (NSE).

The telecom giant met the condition when it listed its shares with the Nigeria Stock Exchange recently.

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