The Nigerian Communications Commission (NCC) has finally agreed to reduce the N1.04 trillion fine imposed on MTN Nigeria to N330 Billion after about six months of negotiation.
According to the Head of Public Affairs and Communications of NCC, Tony Ojobo, the amount includes the ”goodwill” payment of N50 Billion made before now to the Federal Government.
The terms of payment shows that a balance of N280 Billion will be effected in six tranches with the next payment of N30Billion to be paid into NCC’s Treasury Single Account with the Central Bank of Nigeria (CBN) within 30 days from June 10, 2016 which was the date of the agreement.
The other agreed date of payments are March 31,2017 – N30 Billion, March 31,2018-N55Billion,December 31,2018-N55Billion,March 31,2019-N55Billion while the balance of N55billion will be made on March 31,2019.
Also in the agreement, it was agreed that MTN will tender an apology within one month of the execution of this agreement, will comply with the Code of Code of Corporate Governance for the Telecommunications industry, take immediate steps to be listed on the Nigerian Stock Exchange as soon as possible.
This fine imposed on MTN was as a result of the failure of the company to disconnect 5.1 million subscribers who were improperly registered within the required deadline in 2015 which made NCC to impose a fine of N1.04 Trillion on the firm on October 20, 2015