Share this:

Like this:

Like Loading...
" />
Published On: Mon, Feb 19th, 2018

$330bn Fine: NCC confirms $110bn payment by MTN

Share This
Tags

MTNBy Etuka Sunday

The Nigerian Communications Commission (NCC) has confirmed a payment of $110billion as fine by Telecoms giant, MTN.
The Executive Vice Chairman/Chief Executive Officer, NCC, Prof. Umar Danbatta confirmed this at the NCC Zonal Sensitisation Workshop on the Code of Corporate Governance for the Tecommunications Industry in Kano.
Recall, MTN and NCC settled their differences over the $3.4 billion (N1.4 trillion) fine imposed on the telecoms giant in October 2015.
After almost six months of negotiation, both parties agreed that MTN pays only N330 billion from the N780 billion it was earlier reduced to.
The amount includes the “goodwill”payment of N50 billion by MTN to the federal government.
In line with terms of the resolution, the balance of N280 billion would be paid by MTN in six tranches on or before May 31, 2019.
However, Prof. Danbatta confirmed that the $110billion paid was a part payment of the $330billion as agreed by the both parties.

He added that the payment of the fine was spread over a three-year period because the intention was not to snuff life out of MTN.
He said the commission was however, rejigging its regulatory activities to ensure that telecommunications consumers get value for their money.
NCC is “rejigging its regulatory oversights in the areas of ensuring that consumers get cost-effective value for money spent on telecommunications services; and that service delivery by providers are qualitative and efficient,”he said.
He noted that the failure of Etisalat was not caused by the Commission. Adding, that the Commission intervened to ensure stability in the taking over by the 9mobile.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

%d bloggers like this: