N330B FINE: MTN TO PAY N30B WITHIN EIGHT DAYS

Reading Time: 2 minutes

[MTN]–As part of the N330 billion fine MTN, the telecommunication giant, is currently paying to the Federal Government, it is expected to pay N30 billion in the next eight days.

Government had confirmed the earlier payment of N80 billion to its coffers in December last year, as part of the fine, which has been staggered till 2019.

According to checks, the N30 billion, which is due for payment by March 31st, will put the amount paid so far by the South African company to N110 billion.

According to Today, the amount paid so far included the “goodwill” payment of N50 billion in December 2015 and another N30 billion on June 10, 2016. In line with terms of the resolution, the balance of N280 billion would be paid by MTN in six tranches between 2016 and May 31, 2019.

Other tranches of the payment include that MTN will pay on March 31, 2017 (N30 billion), March 31, 2018 (N55 billion), December 31, 2018 (N55 billion), March 31, 2019 (N55 billion) and the balance of N55 billion on May 31, 2019.

The payments are expected to go into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).

An MTN official, who spoke in confidence on the telephone yesterday, simply said the telecommunications operator is abiding with the terms of the staggered payment pattern.

The telecommunication company had in 2015 been fined $5.2 billion (N1.04 trillion) for failing to deactivate more than five million unregistered subscriber identification module (SIM) cards, some of which were allegedly linked to the Boko Haram insurgents, causing mayhem in the North East.

The fine was first reduced to N780b and later to 330b after a series of interventions and negotiations, which lasted about six months, including a meeting with President Muhammadu Buhari, and his South African counterpart, Jacob Zuma, in March 2016 in Nigeria.




Copyright 2017 The Page. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thepageng.com as the source.

Comments

comments

Leave a Reply

Your email address will not be published. Required fields are marked *