Friday, 10 June 2016
MTN finally agrees to pay N330billion ($1.67 billion) of Nigeria Fine
South Africa's MTN Group said on Friday it will pay 330 billion naira ($1.67 billion) over three years to the Nigerian government to settle a fine.
In October, Nigeria originally fined the mobile phone operator $5.2 billion for failing to disconnect users in Africa's most populous nation.
The NCC had in October 2015 sanctioned MTN, Nigeria’s largest mobile operator, for failing to disconnect 5.1 million improperly registered lines within the prescribed deadline in compliance with its regulatory directive to telecom operators in the country.
The penalty was based on N200, 000 fine imposed for every unregistered SIM card in use on any telecom operator’s network.
Although the fine was subsequently reduced by 25 per cent to N780 billion, MTN Nigeria failed to pay the penalty.
The company later filed a suit at the Federal High Court, Lagos to challenge the Nigerian government’s action.
The court gave both parties until March 18, 2016 to reach an amicable out-of-court settlement over the matter.