The Nigerian Communications
Commission (NCC) says the MTN Group has nine days left to pay up its N330
billion fine, which has a deadline of May 31.
In October 2015, the regulator
slammed MTN a fine of N1.04 trillion following failure to cut off five million
unregistered subscribers after a deadline set by NCC, in agreement with major
telcos in the country.
The fine was eventually reduced
to N330 billion with a condition that MTN will list on the Nigerian Stock
Exchange (NSE) — a condition that was met last Thursday.
At the time, MTN was given a
deadline of November 16, 2015, to pay the fine, but a compromise was reached by
the regulator and MTN for a later date.
In a statement this week NCC
disclosed that MTN had N275 billion and has N55 billion to go.
“Following a negotiated reduction
of the N1.04 trillion fine on MTN Nigeria to N330 billion and in line with the
staggered payment arrangement, MTN has, so far, paid N275 billion to the
Federal Government,” NCC said.
“Part of the fallout of the
negotiated terms of payment of the fine is the listing of MTN on the Nigerian
Stock Exchange (NSE), and this is being done.
“What this means, according to
the staggered arrangement, is that May 31, 2019 would be the deadline for the
telecoms company to pay the sixth and final tranche of the balance of N55
billion.
“After six months of negotiation
and re-negotiation over the fine which led to the reduction to N330 billion, it
was agreed that MTN would pay a balance of N280 billion in six tranches.”
“This was in addition to the
‘goodwill’ payment of N50 billion earlier made by MTN to the government.”
NCC said “MTN began the payment
structure with the payment of N30 billion into NCC’s Treasury Single Account
(TSA) with the Central Bank of Nigeria (CBN) 30 days from the date of the
agreement dated June 10 2016″.
“Subsequently, MTN paid N30
billion on March 31, 2017; N55 billion on March 31, 2018; N55 billion on
December 31, 2018 and on March 31, it paid N55 billion.”
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com