MTN Nigeria Fully Pays Off Negotiated Settlement, Makes Final Payment Of N55 Billion To NCC

Saturday, June 1, 2019

MTN Nigeria Fully Pays Off Negotiated Settlement, Makes Final Payment Of N55 Billion To NCC

MTN Nigeria Fully Pays Off Negotiated Settlement, Makes Final Payment Of N55 Billion To NCC

 

 

MTN Nigeria Communications Plc has paid the sixth and final installment of N55 billion to the Nigerian Communications Commission (NCC).

 

By this payment, MTN has now completed the of the N330 billion negotiated settlement agreed between the NCC and the company in 2016.

 

In a release, Funso Aina, Senior Manager, External Relations of MTN Nigeria quoted MTN’s Chief Corporate Relations Officer, Tobechukwu Okigbo as saying that the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

 

“We are very pleased to have completed the payment of the N330 billon 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.”

 

Recall that MTN Nigeria incurred the fine after it contravened Nigeria’s SIM registration regulations, and was initially slammed a fine of  N1.04 trillion in 2015, which was later reduced to N330 billion after successful negotiations.

 

The Nigerian Communications Commission had given MTN Nigeria up to May 31, 2019 to pay the balance of the debt. 

 

MTN was mandated to make a balance payment of N280 billion in six tranches. This was in addition to the goodwill payment of N50 billion earlier made by the telco to the Government.

 

MTN commenced the payment with N30 billion, paid into the NCC’s Treasury Single Account on 10th June, 2016. Subsequent payments include N30 billion on 31st March, 2017, N55 billion on 31st March, 2018, N55 billion on 31st December, 2018; N55 billion on 31st March, 2019, and now the last installment of N55 billion.

 

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