Business

MTN makes final payment of N55bn to complete N330bn NCC fine

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

This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016 over MTN’s failure to cut off five million unregistered subscribers.

According to the company’s Chief Corporate Relations Officer, Tobechukwu Okigbo, the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

READ ALSO: SIM REGISTRATION FINE: NCC gives MTN May 31 deadline to pay N55bn balance

He said, “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 time frames.

“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 the NCC had in a statement last week given MTN up till today (May 31) to complete the staggered payment.

“Part of the fallout of the negotiated terms of payment of the fine is the listing of MTN on the Nigerian Stock Exchange 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 N55bn,” it stated.

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!