The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, has disclosed that MTN Nigeria Communications Plc has paid a total N235 billion out of the N330 billion fine imposed on it by the industry regulator.
Danbatta disclosed this during an interview with some newsmen in Abuja. According to him, the telecom operator has so far been making efforts to meet up with the mandate that resulted from the sim registration dispute between the telco and NCC.
Danbatta further disclosed that not only has the telco paid N235 billion out of the N330 billion fine, Nigerians now have the opportunity to co-own part of the mobile telecommunications network, following its recent public listing on the Nigerian Stock Exchange (NSE).
“We have succeeded in empowering Nigerians to own, control and manage one of the dominant telecommunications companies in the country by MTN listing on the Nigerian Stock Exchange.
“This is arising from the settlement agreement reached with MTN through the payment of N330bn to the government coffers of which they have paid N235bn thereby remaining the last tranche.
“MTN has been listed on the NSE and Nigerians can now buy shares and through this Nigerians will be financially empowered and socially transformed.” -Danbatta
It would be recalled that in August 2015, NCC imposed a fine of N1.04 trillion on MTN as a result of irregular registration of some 5.2 million subscribers.
Following a series of negotiations between the telco, the regulatory agency, and the Federal Government, the MTN fine was eventually reduced to N330 billion.
About the company: MTN Nigeria Communications Plc remains the leader in the Nigerian telecoms industry. As of February 2019, the company recorded the highest number of mobile internet subscribers. The company’s subscriber base increased by 41% to 46.5 million.
MTN Nigeria Communications Plc’s shares are currently trading at N131.70, a major jump compared to its N90 listing price just last week.