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N1.04 TRILLLION FINE: MTN OFFERS N50 BILLION OUT OF COURT SETTLEMENT

 

MTN Nigeria today said it has paid N50 billion to the government towards “towards an amicable resolution” of the impasse sparked by the N1.04 trillion fine imposed against the mobile phone company for non-registration of over 5.2 million subscribers.
In the last quarter of 2015, MTN Nigeria Communications Limited, the local mobile telephony unit of MTN Group of South was fined the sum of N1,040,000,000,000 (one trillion forty billion naira) by the Nigerian Communications Commission (NCC) for its failure to deactivate 5.2 million improperly registered MSISDN (SIMs), the telecoms watchdog said
Subsequently the fine was adjusted by 25% to N780 Billion, “an amount that was considered inimical to the survival of the business. MTN Nigeria subsequently sought judicial determination as a means of protecting the local ecosystems valued and supported by MTN’s business”, according to the mobile phone company.
CEO, MTN Nigeria, Ferdi Moolman, also confirmed that the mobile phone company today withdrew its case against the NCC at the Federal High Court of Lagos “in response to a request by the authorities”.