SIM Infraction: MTN Finally Pays Remaining N55bn

• SIM Infraction: MTN Finally Pays Remaining N55bn

MTN Nigeria Plc has finally paid the remaining balance of N330 billion SIM infraction fine levied against the communication company by the Nigerian Government.

Africa’s largest telecommunication company paid N55 billion remaining balance on Friday to beat May 31, 2019 deadline given by the Nigeria Communications Commission (NCC).

MTN Nigeria was fined N1.04 trillion in 2015 for failing to disconnect 5.1 million unregistered SIM amid security threat.

The telecom giant got the fine reduced to N330 billion in 2016 after South African president intervened on its behalf.

MTN Nigeria has now completed the N330 billion payment on Friday.

“Specifically, MTN began the payment structure with the payment of N30bn into NCC’s Treasury Single Account with the Central Bank of Nigeria 30 days from the date of the agreement dated June 10, 2016,” NCC had said.

“In the agreement reached by the parties involved, in a way to avoid a decision that is likely to cripple business interest of the operators the commission regulates, it was also agreed that MTN shall apologise to Nigerians, subscribe to the compulsory observance of Code of Corporate Governance for the telecom industry; as well as undertake immediate steps to ensure its listing on the NSE.”

Speaking on the state of MTN fine payment at the valedictory service organised for the Minister of Communications, Adebayo Shittu, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said the Commission had succeeded in empowering Nigerians “to control, manage and own telecommunications companies in Nigeria by owning shares in MTN Nigeria.”