Friday, 31 March 2017

MTN To Pay Additional N30Bn Fine To Federal Government

MTN has made an additional payment of N30 billion ($98 million) to the Nigerian government.
The money is part of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards.

Africa’s largest telecoms company has already paid N80billion of the total fine, said a source who confirmed the latest payment to Reuters on Thursday.

The heavy fine is due for payment in six instalments over three years.

MTN Nigeria was originally fined $5.2 billion last October for failing to deactivate more than five million unregistered SIM cards.

The fine was reduced in a settlement that paved the way for MTN to list its subsidiary on the Nigerian Stock Exchange.

Nigeria has been cracking down on unregistered SIM cards, concerned that they are used for criminal activity in a country fighting an insurgency by Islamist militant group, Boko Haram.

MTN, which operates in 20 countries, had set aside $600 million last year to pay the fine.

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