HomeTech NewsMTN's Fine Reduced As NCC Agrees To Payment By Installment

MTN’s Fine Reduced As NCC Agrees To Payment By Installment

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After nearly six months of negotiation and re-negotiation over the N1.04 trillion fine imposed on MTN Nigeria by the Nigerian Communications Commission, the MTN’s fine was on Friday reduced to N330 billion.

This amount includes the “goodwill” payment of N50 billion earlier made by MTN to the government. The balance of N280 billion will be made in six tranches.

By the terms of agreement, MTN will pay N30 billion into NCC’s Treasury Single Account with the Central Bank of Nigeria 30 days from the date of the agreement dated June 10, 2016.

Here are other dates of payments:

• March 31, 2017 -N30 billion
• March 31, 2018 – N55 billion
• December 31, 2018 – N55 billion
• March 31, 2019 – N55 billion
• May 31, 2019 – N55 billion

The agreement and resolutions were signed by Executive Vice Chairman of the NCC, Prof. Umar G. Danbatta; the NCC Secretary, Felix Adeoye; the Chief Executive of MTN, Fredinand Moolman; and MTN’s Company Secretary, Uto Ukpanah.

It was witnessed by Tony Ojobo, NCC’s Director of Public Affairs; Usman Malah, Chief of Staff to the EVC, NCC; Helen Obi, Assistant Director, Legal, NCC; and Amina Oyagbola, Corporate Executive, MTN.

It was also agreed that MTN shall undertake the following:

  • Tender an apology in line with the apology previously tendered in correspondences relating to this matter to the Government of Nigeria and Nigerians within the one month of the execution of this Agreement;
  • Subscribe to the voluntary observance of the Code of Corporate Governance for the Telecoms Industry and would ensure compulsory compliance when the said Code is made mandatory for the telecommunications industry; and
  • Undertake to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of this Settlement Agreement.
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Both parties agreed that these terms of settlement cannot be altered, varied, annulled or modified in any respect, except by writing duly executed by both parties and the terms of settlement constitute all the terms and conditions of the settlement and supersede and replace any previous offers, representations and terms.

It will be recalled that the NCC on October 20, 2015 imposed a fine of N1.04 trillion on MTN for infraction of the provisions of the Nigerian Communication Commission (Registration of the telephone subscribers) Regulations, 2011 for failure to disconnect 5.1 million improperly registered lines within the prescribed deadline.

Source: TheEagleOnline

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