BUSINESS
MTN Pays Nigeria N110b Out of N330 billion Fine
The Nigerian Communications Commission says telecommunication giant, MTN Nigeria has paid a total of N110 billion into the coffers of the federal government out of the N330 billion fine imposed on it.
Executive Vice Chairman of the NCC, Prof. Umar Danbatta, disclosed this at a workshop on Code of Corporate Governance organised by the commission in Kano on Thursday.
NCC had in October 2015 imposed a fine of N1.04 trillion on MTN for irregular registration of subscribers.
However, after prolonged negotiation with both the regulatory agency and the Federal Government, the company had the fine reduced to N330 billion.
Danbatta said the matter had been resolved with an agreement for settlement over a three-year period signed between the agency and MTN.
He said the payment was spread over a three-year period because the intention was not to snuff life out of MTN.
He however disclosed that the commission was rejigging its regulatory activities to ensure that telecommunications’ consumers get value for their money.
The NCC boss said, “Current evaluation report of the state of the industry suggests that whilst not understating the impact of other external and fiscal issues confronting the sector, that most challenges negatively affecting the health of operators in the sector today are attributable to poor governance issues.
“It is currently rejigging its regulatory oversights in the areas of ensuring that consumers get cost effective value for money spent on telecommunication services; and that service delivery by providers are qualitative and efficient.
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