MTN Nigeria has paid N30 billion to the federal government as part settlement of the N330 billion fine imposed on the MTN group for failing to disconnect unregistered SIM cards
MTN paid N80 billion of the fine to FG in December 2016, bringing the amount paid so far to N110 billion. The group is required to pay the fine in six instalments over a three-ear period.
MTN was slammed with a fine of $5.2 billion in October 2016 upon failing to deactivate over five million unregistered users on its network. The fine was, however, reduced in a settlement that saw MTN list its subsidiary on the Nigerian Stock
Exchange.
Though MTN had reportedly earmarked the sum of $600 million to offset the fine, the group recorded a loss in 2016 while blaming the fine for its business downturn.