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Business - March 31, 2017

Fine: MTN Pays another N30bn

Telecommunications giant, MTN has made another N30 billion to the federal government as a part settlement of the N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards.

Quoting an MTN source, Reuters said the telco made the payment in fulfilment of agreement with the government to pay the fine in tranches.

Africa’s largest telecoms company has already paid N80 billion of the total amount owed, the source said.

The fine is due for payment in six installments over three years, MTN has explained.

MTN Nigeria was originally fined $5.2 billion last October for failing to deactivate more than five million unregistered SIM cards, but the fine was reduced in a settlement that paved the way for MTN to list its subsidiary on the Nigerian Stock Exchange (NSE).

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