June 30, 2016 IBOMLLC Team

MTN To Pay Nigeria FG $283 Million as First Tranche To The Formerly $3.678 Billion Fine Reduced to $1.167 Billion

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

MTN Nigeria has announced N30 billion ($106.1 million) payment to the Nigeria Federal Government (NFG). As a first tranche of the N1.04 trillion ($3.68 billion) fine, that was later reduced to N330 billion ($1.167 billion).

This first tranche of $283 million payout will be in addition to the previous N50 billion ($251 million) paid to the NFG. MTN Nigeria has so far paid out N80 billion ($282.94 million) to the NFG. The penalty came about as a result of the telecom failure to comply with the Nigerian Communications Commission (NCC) regulation to have all SIM cards registered.

MTN Nigeria failed to cut off about 5.1 million unregistered SIM cards on its network, leading to the NCC slapping it with a $5.2 billion fine. That was later negotiated downwards to the $3.68 billion.

In other development, MTN Nigeria won the recent 2.6GHz spectrum auction by the NCC. The telecom shelled out another N18.96 billion ($67.06 million) to the NFG to that effect. According to the NCC, the 2.6GHz spectrum will guarantee the telecom superior performance for wireless networks like the 4G LTE services.

NCC confirmed that …read more

Read more here:: MTN To Pay Nigeria FG $283 Million as First Tranche To The Formerly $3.678 Billion Fine Reduced to $1.167 Billion

      

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