MTN Group pays 50% of its Nigerian fine

MTN Group pays 50% of its Nigerian fine

Nigeria’s telecom regulator, the National Communications Commission, NCC, said MTN Nigeria has paid about N165 billion of its N330 billion regulatory fines.

Umar Danbatta, Executive Vice Chairman of the NCC said the regulator is pleased with the company’s diligence in redeeming its pledge to defray the fines over some period of years.

‘’I am happy to inform you that our agreement with MTN on how and when to pay the fine has been adhered to.

“Just last month, March, we received a cheque of N55 billion from MTN as part of the fine payment plan.

“This brought the total fine paid by MTN Nigeria to N165billion, that is about half of the fine.

“It is a whopping sum of money and they have not defaulted and these payments they are making is consistent with the terms of agreement we reached with them ‘’ he said.

It could be recalled that MTN Nigeria, the group’s local unit in Africa’s largest economy was fined a whopping 1.5 trillion for not deactivating about 5.1 million lines as directed by the NCC in 2014.

According to its continuous agreement on the fine, the company has promised to pay the remaining N280 billion in six tranches. There are disclosures as to how many months or years will be required for the full payment.

MTN is Nigeria’s largest mobile carrier but its fortunes came under pressure after it agreed to pay N330 billion which led to its first full year loss in 2016.