Nairametrics| MTN Nigeria has paid the second installment of ₦30 billion ($98 million) as part payment to the Federal Government, of the ₦330 billion fine imposed on it by the Nigerian Communications Commission (NCC) for failing to disconnect about 5.1 million unregistered SIM cards.
The company, which was originally fined $5.2 billion (₦1.04 trillion) in October 2015, had the NCC slash the fine to ₦330 billion, after consultations that lasted for over eight months. The NCC also agreed a staggered payment arrangement which will last till May 31, 2019.
So far, MTN has paid ₦80 billion of its total fine. It paid ₦50 billion last year, as “goodwill” payment to show the NCC that is was serious, and then ₦30 billion today.
Here is MTN’s scheduled payments
- MTN is expected to pay a further ₦30 billion on March 31, 2018;
- Another ₦55 billion on December 31, 2018;
- A further ₦55 billion on March 31, 2019 and
- The final ₦55 billion on May 31, 2019.
Asides from the payment, MTN, Africa’s largest telecommunications company, was billed to enlist its subsidiary, MTN Nigeria, on the Nigerian Stock Exchange.